Post Office Savings Bank, Singapore
From Wikipedia, the free encyclopedia
The Post Office Savings Bank (abbreviation: POSB; Chinese: 邮政储蓄银行) was a major public bank in Singapore until its acquisition by DBS Bank in November 1998. In March 1990, it was renamed POSBank, a name retained by DBS Bank as a brandname for its consumer banking services.
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[edit] History
The Post Office Savings Bank was established on 1 January 1877 in the General Post Office Building, in Raffles Place by the British Government. The bank had a relatively glorious past; by 1951, the bank had its 100 000th depositor, and followed a slow decline after the reaching its peak in 1955.
The bank became part of the Postal Department prior to independence, and it was only after independence when the then Minister for Finance, Goh Keng Swee, who rediscovered the potential of the bank to develop the infrastructure of the infant citystate.
In 1972, the Post Office Savings Bank, or commonly referred as the POSB or POSBank by then, was made a Statutory Board under the Ministry of Communications. Prior to the consolidation, the Post Office Savings Bank Act of 1971 was passed to govern the structure and operational efficiency of the bank. In 1974, POSBank was transferred to become part of the Ministry of Finance; Credit POSB Pte Ltd was established in the same year to provide custom-tailored loans relating to HDB housing ownership.
By 1976, POSBank had one million depositors, while deposits crossed the S$1 billion mark. In 1980, it introduced the Passcard, and set-up the Principal Branch. In 1981, its first Cash-On-Line ATM opened at the Newton Branch. In 1983, its headquarters were shifted to the new 8-storey complex, the POSBank Centre at Bras Basah Road. In 1984, the current account facility was introduced, and by 1986, deposits crossed the S$10 billion mark.
The Post Office Savings Bank was renamed as POSBank as of March 1990, and subsequently fully acquired by DBS Bank on 16 November 1998, at the same time, ceased to exist as a statutory board under the Ministry of Finance. POSBank still operates one the highest number of bank branches in Singapore, especially in the suburban neighbourhoods, and operates the highest number of ATM outlets throughout Singapore. The integration of both banks allowed customers of either bank to share the facilities; DBS Bank depositors may use the Cash Deposit Machine installed islandwide in POSBank branches, likewise for POSBank depositors.
[edit] Awards
- 1996 - The National Productivity Award conferred by the National Productivity Board.
