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.
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
The United Overseas Bank was formerly known as the United Chinese bank. It was founded in 1935 and after Singapore gained independence in 1965, it was renamed. It is the third-largest bank in southeast Asia and operates more than 500 offices in 19 countries. The bank offers a variety of personal and commercial banking solutions. They also provide private banking and asset management. They have a high-quality credit rating and have more than 200 billion in assets.
The Hong Kong/ British financial institution (HSBC) is one of the largest banks in the world. HSBC currently maintains 4000 offices in 70 Countries. Their first year of operation in Singapore was 1877 and they played a vital role in the post-world war 2 reconstructions. They are a fully qualified bank and offer a broad range of financial services. Some of these services include investment banking, insurance, trustee services, retail banking, and securities-related services. With assets over $2 trillion dollars, it is easy to see why they are among the best in the world. On this list, HSBC has the most branches around the world and this gives them a wider reach than other banks. If you need a partner among multiple countries, you might need HSBC
The bank was founded in 1812 under the name: Citi bank of New York. Currently, Citi Bank has over 2600 branches in 160 countries. Citi Bank commenced operations in Singapore in the year 1902. It set up the international banking corporation that same year and has been a dominant player in the Singaporean banking sector since then. Citi Bank offers a range of financial and banking services to its customers. They also provide mortgages, charge cards and insurance products.
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.