Major Banks in Singapore

Graphic of Merlion in front of the Singapore skyline as a boat sails by

Banks in Singapore

Singapore has made a name for itself as a world financial center. It is therefore not far fetched that they are home to the best banks in the world. It is almost impossible not to find the best financial service providers operating there. Singapore’s strategic location and attractive policies have made it the banking hub of SouthEast Asia. There are more than 200 banks currently operating in Singapore with the total sector being valued at almost $2 trillion dollars.

In this article, we will discuss the top 5 major players in the Singaporean banking sector. If you wish to engage in any business in Singapore or are looking to engage with the banking sector, you would need to know the major players in the industry. We would be talking briefly about these banks and giving a brief overview of each in the next section.

Some top Banks in Singapore

Singapore’s status as a financial center makes it home to some of the best banks in the business. These banks usually have multiple branches including international ones. Some of these banks are privately owned while others are state-sponsored. Here are five of the Top banks currently operating in Singapore:

Development Bank of Singapore

Set up in 1968, the Development Bank of Singapore is owned by the government. Abbreviated as DBS, the Bank currently has over 100 branches across Singapore. It is currently the largest bank in South East Asia and has foreign branches in China, India, Japan, Thailand, the Philippines, and Vietnam. The bank offers a variety of personal and corporate banking solutions and services. Some of these services include treasury, consumer banking, asset management, and debt financing. They have a very good credit rating and is a great bank to do business with. With an operational profit if over four billion Singaporean dollars in 2016 you can be sure you're in good hands.

OCBC Bank

Although popularly called OCBC Bank, Oversea Chinese Banking Corporation came into existence as the direct result of the merger of three banks in 1932. These banks are the Ho Hong Bank, the Chinese Commercial Bank, and Oversea Chinese bank. This merger placed OCBC as the second largest bank in South East Asia with only the Development Bank of Singapore being above it. They have offices and branches spanning 18 countries. With assets worth almost 300,000,000,000 ( 3 billion) Singaporean dollars, they are a very solid bank. If you are looking for a bank to engage in business with OCBC should be on your watchlist.


United Overseas Bank

Set up in 1968, the Development Bank of Singapore is owned by the government. Abbreviated as DBS, the Bank currently has over 100 branches across Singapore. It is currently the largest bank in South East Asia and has foreign branches in China, India, Japan, Thailand, the Philippines, and Vietnam. The bank offers a variety of personal and corporate banking solutions and services. Some of these services include treasury, consumer banking, asset management, and debt financing. They have a very good credit rating and is a great bank to do business with. With an operational profit if over four billion Singaporean dollars in 2016 you can be sure you're in good hands.

HSBC

Although popularly called OCBC Bank, Oversea Chinese Banking Corporation came into existence as the direct result of the merger of three banks in 1932. These banks are the Ho Hong Bank, the Chinese Commercial Bank, and Oversea Chinese bank. This merger placed OCBC as the second largest bank in South East Asia with only the Development Bank of Singapore being above it. They have offices and branches spanning 18 countries. With assets worth almost 300,000,000,000 ( 3 billion) Singaporean dollars, they are a very solid bank. If you are looking for a bank to engage in business with OCBC should be on your watchlist.


Conclusion

Banking is a major staple of Singapore as it is considered the financial powerhouse of Southeast Asia. There are multiple banks in Singapore but we have covered the top 5 banks available. We hope this list gives you a detailed and comprehensive insight into the banking world of Singapore.

To find out more about these banks or other banks in Singapore, you should read more extensively on them. If you wish to engage in business dealings, make sure you contact a professional who can guide you through the process.