List of banks in Singapore
From Wikipedia, the free encyclopedia
This is a list of banks with operations in Singapore. Location of incorporation is provided in brackets for foreign banks. There are, at present, 111 commercial banks, 49 merchant banks, and 45 banks with representative offices in Singapore. (EFA=Exempt Financial Adviser; ACU=Asian Currency Unit; SGS=Singapore Government Securities Market)
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[edit] Commercial banks
Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act. Since July 2001, banks were no longer permitted to engage in non-financial activities.
[edit] Local banks
In a bid to encourage consolidation of the local banking industry to form larger banking congolmerates better able to regionalise and compete with foreign banks, the government liberalised the banking sector by awarding greater liberty for foreign banks to operate in Singapore in 2001. Since then, the number of local full banks has shrunk by more than half to 5 today.
[edit] Full banks
There are presently 5 locally-incorporated full banks in Singapore, owned by three banking groups. These full banks have the liberty to provide any financial service as permitted by the Banking Act.
Local Full Bank | EFA | Incorporated in | Local address | ACU | SGS | |
---|---|---|---|---|---|---|
English | Other languages | |||||
Bank of Singapore Limited | 新加坡银行有限公司 | Yes | Singapore | 65 Chulia Street | Yes | No |
DBS Bank Limited | 星展银行有限公司 | Yes | Singapore | 6 Shenton Way | Yes | Pri |
Far Eastern Bank Limited | 远东银行有限公司 | No | Singapore | 156 Cecil Street | No | No |
Oversea-Chinese Banking Corporation Limited | 华侨银行有限公司 | Yes | Singapore | 65 Chulia Street | Yes | Pri |
United Overseas Bank Limited | 大华银行有限公司 | Yes | Singapore | 80 Raffles Place | Yes | Pri |
[edit] Defunct banks
Local Defunct Bank | Incorporated in | Closed | Fate | |
---|---|---|---|---|
English | Other languages | |||
Overseas Union Bank Limited | 华联银行有限公司 | Singapore | 2002 | Merged into United Overseas Bank |
Post Office Savings Bank | 邮政储蓄银行 | Singapore | 1998 | Merged into DBS Bank |
Keppel Bank Limited | 吉宝银行有限公司 | Singapore | 1998 | Merged with Tat Lee Bank |
Tat Lee Bank Limited | 达利银行有限公司 | Singapore | 1998 | Merged with Keppel Bank |
Keppel TatLee Bank Limited | 吉宝达利银行有限公司 | Singapore | 2001 | Merged into Oversea-Chinese Banking Corporation |
Industrial and Commercial Bank Limited | 工商银行有限公司 | Singapore | 2002 | Merged into United Overseas Bank |
[edit] Foreign banks
There are presently 106 foreign commercial banks in Singapore, of which 24 are Full banks, 35 are Wholesale banks, and 47 are Offshore banks.
[edit] Full banks
Although foreign banks with full bank licences can also offer most commercial banking services to clients compared to local banks, they are restricted in terms of number of branches and automated teller machines.
Local Full Bank | EFA | Incorporated in | Local address | ACU | SGS | |
---|---|---|---|---|---|---|
English | Local language | |||||
American Express Bank Limited | Yes | United States | 16 Collyer Quay | Yes | No | |
Bangkok Bank Public Company Limited | ธนาคารกรุงเทพ | No | Thailand | 180 Cecil Street | Yes | No |
Bank of America, National Association | Yes | United States | 9 Raffles Place | Yes | Pri | |
Bank of China Limited | 中国银行股份有限公司 | Yes | People's Republic of China | 4 Battery Road | Yes | Sec |
Bank of East Asia Limited | 東亞銀行有限公司 | Yes | Hong Kong, China | 137 Market Street | Yes | No |
Bank of India | बन्क् ऒफ़् इन्डिअ | Yes | India | 138 Robinson Road | Yes | No |
Bank of Tokyo-Mitsubishi Limited, The | 東京三菱銀行 | Yes | Japan | 9 Raffles Place | Yes | Sec |
Calyon | Yes | France | 168 Robinson Road | Yes | Sec | |
Citibank, National Association | Yes | United States | 3 Temasek Avenue | Yes | Pri | |
Hong Leong Bank Berhad | Yes | Malaysia | 20 Collyer Quay | Yes | No | |
Indian Bank | इन्डिअन् बन्क् | No | India | 3 Raffles Place | No | No |
Indian Overseas Bank | इन्डिअन् ऒवॆर्सॆअस् बन्क् | No | India | 64 Cecil Street | No | No |
JPMorgan Chase Bank, National Association | Yes | United States | 168 Robinson Road | Yes | Sec | |
P.T. Bank Negara Indonesia (Persero) TBK | No | Indonesia | 158 Cecil Street | Yes | No | |
RHB Bank Berhad | Yes | Malaysia | 90 Cecil Street | Yes | Sec | |
Southern Bank Berhad | No | Malaysia | 39 Robinson Road | No | No | |
Sumitomo Mitsui Banking Corporation | 三井住友銀行 | Yes | Japan | 3 Temasek Avenue | Yes | No |
UCO Bank | No | India | 3 Raffles Place | No | No |
[edit] Qualifying full banks
Liberalisation of the banking sector saw the government creating a new category under the foreign banks category, called the Qualifying Full Bank (QFB). The first four licences were awarded on 20 October 1999 to ABN AMRO, Banque Nationale De Paris (now BNP Paribas), Citibank (transferred to newly locally-incorporated Citibank Singapore on 28 June 2004) and Standard Chartered Bank. Two new licences were issued in December 2001 as part of the second phase of bank liberalisation, namely to the Hongkong and Shanghai Banking Corporation and Malayan Banking. These QFBs are permitted to operate up to 15 service locations.
In June 2004, the QFB license was further liberalised. QFBs are permitted to establish up to 25 service locations of which up to 10 can be branches from 1 January 2005. These banks were permitted to share their ATM networks (this was achieved with five of the QFBs through atm5), and provide services via the EFTPOS network from 1 July 2002. On the same day, they are also permitted to provide the Central Provident Fund's Supplementary Retirement Scheme and Investment Scheme accounts and to accept CPF fixed deposits.
Local Full Bank | EFA | Incorporated in | Local address | ACU | SGS | |
---|---|---|---|---|---|---|
English | Local language | |||||
ABN AMRO Bank NV | Yes | Netherlands | 63 Chulia Street | Yes | Pri | |
Citibank Singapore Limited | Yes | Singapore | 3 Temasek Avenue | Yes | No | |
BNP Paribas | Yes | France | 20 Collyer Quay | Yes | No | |
Hongkong and Shanghai Banking Corporation Limited, The | 香港上海匯豐銀行有限公司 | Yes | Hong Kong, China | 21 Collyer Quay | Yes | Pri |
Malayan Banking Berhad | Yes | Malaysia | 2 Battery Road | Yes | Sec | |
Standard Chartered Bank | Yes | United Kingdom | 6 Battery Road | Yes | Pri |
[edit] Wholesale banks
Wholesale bank licences were first issued in December 2001 to replace the "Restricted Bank (RB)" license as a reflection of greater services which may be conducted by these banks. These banks may conduct the same range of services as full banks, except that they do not deal with banking activities in the Singapore Dollar, and can only have one main branch.
[edit] Offshore banks
Local Full Bank | EFA | Incorporated in | Local address | ACU | SGS | |
---|---|---|---|---|---|---|
English | Local language | |||||
ABSA Bank Limited | No | South Africa | 9 Temasek Boulevard | Yes | No | |
Agricultural Bank of China | 中国农业银行 | No | South Africa | 80 Raffles Place | Yes | No |
Arab Bank PLC | البنك العربي | No | Jordan | 80 Raffles Place | Yes | No |
Banca di Roma S.P.A. | No | Italy | 9 Raffles Place | Yes | No | |
Banca Monte Dei Paschi di Siena S.P.A. | No | Italy | 10 Collyer Quay | No | No | |
Bank of Communications | 交通银行 | No | People's Republic of China | 50 Raffles Place | Yes | No |
Bank of New York, The | No | United States | 1 Temasek Avenue | Yes | No | |
Bank of New Zealand | No | New Zealand | 5 Temasek Boulevard | Yes | No | |
Bank of Taiwan | 臺灣銀行 | No | Republic of China | 80 Raffles Place | Yes | No |
Bumiputra-Commerce Bank Berhad | No | Malaysia | 7 Temasek Boulevard | Yes | No | |
Canadian Imperial Bank of Commerce | Yes | Canada | 16 Collyer Quay | Yes | No | |
Chang Hwa Commercial Bank Limited | 彰化銀行 | No | Republic of China | 1 Finlayson Green | Yes | No |
China Construction Bank Corporation | 中国建设银行 | No | People's Republic of China | 9 Raffles Place | Yes | No |
Chohung Bank | 조흥은행 | No | South Korea | 50 Raffles Place | Yes | No |
Clariden Bank | No | Switzerland | 80 Raffles Place | Yes | No | |
Commonwealth Bank of Australia | Yes | Australia | 3 Temasek Avenue | Yes | No | |
Crédit Agrocole (SUISSE) SA | Yes | Switzerland | 168 Robinson Road | Yes | No | |
Crédit Industriel et Commercial | Yes | France | 63 Market Street | Yes | No | |
Dexia Banque Internationale à Luxembourg SA | Yes | Luxembourg | 9 Raffles Place | Yes | No | |
Dnb NOR Bank ASA | No | Norway | 8 Shenton Way | Yes | No | |
DZ Bank AG Singapore Branch | No | Germany | 50 Raffles Place | Yes | No | |
Hana Bank | 하나은행 | No | South Korea | 8 Cross Street | Yes | No |
Hang Seng Bank Limited | 恒生銀行有限公司 | No | Hong Kong, China | 21 Collyer Quay | Yes | No |
HSH Nordbank AG | No | Germany | 3 Temasek Avenue | Yes | No | |
Hua Nan Commercial Bank Limited | 華南銀行 | No | Republic of China | 80 Robinson Road | Yes | No |
ICICI Bank Limited | Yes | India | 9 Raffles Place | Yes | No | |
International Commercial Bank of China, The | 中國國際商業銀行 | No | Republic of China | 6 Battery Road | Yes | No |
Korea Development Bank, The | 한국산업은행 | No | South Korea | 8 Shenton Way | Yes | No |
Krung Thai Bank Public Company Limited | บมจ. ธนาคารกรุงไทย | No | Thailand | 65 Chulia Street | Yes | No |
Land Bank of Taiwan | 土地銀行 | No | Republic of China | 80 Raffles Place | Yes | No |
Lloyds TSB Bank plc | Yes | United Kingdom | 1 Temasek Avenue | Yes | No | |
Mitsubishi Trust and Banking Corporation, The | 三菱信託銀行 | Yes | Japan | 50 Raffles Place | Yes | No |
Natexis Banques Populaires | No | France | 50 Raffles Place | Yes | No | |
Nordea Bank Finland PLC, Singapore Branch | Yes | Finland | 3 Anson Road | Yes | No | |
Norinchukin Bank, The | 農林中央金庫 | No | Japan | 80 Raffles Place | Yes | No |
Philippine National Bank | No | Philippines | 304 Orchard Road | Yes | No | |
P.T. Bank Negara Indonesia (Persero) TBK | No | Indonesia | 9 Raffles Place | Yes | No | |
Raiffeisen Zentralbank Oesterreich AG | No | Austria | 50 Raffles Place | Yes | No | |
Royal Bank of Canada | Yes | Canada | 20 Raffles Place | Yes | Sec | |
Siam Commercial Bank Public Company Limited, The | ธนาคารไทยพาณิชย์ | No | Thailand | 16 Collyer Quay | Yes | No |
Skandinaviska Enskilda Banken AB | Yes | Sweden | 50 Raffles Place | Yes | No | |
State Bank of India | इन्डिअन् स्टटॆ बन्क् | No | India | 6 Shenton Way | Yes | No |
Sumitomo Trust and Banking Company Limited, The | 住友信託銀行 | Yes | Japan | 8 Shenton Way | Yes | No |
Svenska Handelsbanken AB | No | Sweden | 65 Chulia Street | Yes | No | |
Toronto Dominion Bank, The | Yes | Canada | 1 Temasek Avenue | Yes | No | |
Union de Banques Arabes et Francaises | No | France | 6 Temasek Boulevard | Yes | No | |
Westpac Banking Corporation | Yes | Australia | 77 Robinson Road | Yes | No | |
Woori Bank | 우리은행 | No | South Korea | 5 Shenton Way | Yes | No |