Comprehensive List of Banks in Singapore: A Detailed Overview
Singapore, known for its robust financial infrastructure and thriving economy, is home to a diverse range of banks catering to both local and international markets. Whether you’re looking for reliable banking services, innovative financial products, or global reach, Singapore has something for everyone. In this article, we will provide a detailed and informative overview of the List of Banks in Singapore, highlighting both local and foreign banks operating within the region.
As one of the most prominent financial hubs in Asia, Singapore boasts a blend of local banks with deep-rooted history and foreign banks providing global expertise. The city-state is a financial powerhouse where banking services are trusted by millions. This article will not only give you insights into these banks but will also showcase a table of all the notable banks in Singapore.
Overview of Banking in Singapore
Singapore’s banking industry is highly competitive, efficient, and internationally recognized for its stability. The country houses three major local banks, known as the “Big Three,” which dominate the banking sector. In addition to these, there are numerous foreign banks that have established a significant presence in Singapore, offering a wide array of services tailored to businesses, investors, and individuals.
The List of Banks in Singapore is categorized into three main groups:
- Local Banks: These are Singapore-based banks that offer services primarily in the region.
- Commercial Banks: Banks that provide corporate and retail banking services.
- Foreign Banks: International banks operating in Singapore, offering services across borders.
Local Banks in Singapore
1. DBS Bank
The Development Bank of Singapore (DBS) is one of the largest and most well-known banks in Singapore. Founded in 1968, it is a government-owned bank that provides a wide range of financial services. From personal banking to corporate financing and wealth management, DBS Bank has an extensive network, offering a variety of products that cater to the needs of individuals and businesses alike.
2. Oversea-Chinese Banking Corporation (OCBC)
Another leading player in Singapore’s banking scene is the Oversea-Chinese Banking Corporation (OCBC). Established in 1932, OCBC is known for its strong customer service, innovative banking solutions, and widespread presence. OCBC offers personal, business, and investment banking services, as well as insurance products.
3. United Overseas Bank (UOB)
United Overseas Bank (UOB) is one of the largest banks in Singapore. Established in 1935, UOB provides comprehensive banking services, including retail, commercial, and corporate banking. UOB is renowned for its financial expertise and for offering a range of investment and wealth management solutions to clients across Asia.
Commercial Banks in Singapore
Apart from the major local banks, Singapore is also home to several commercial banks that have gained prominence over the years. These banks offer a mix of services from personal banking to corporate financial solutions.
4. ABN-AMRO Singapore
ABN-AMRO Singapore is a global bank offering a range of services in investment banking, corporate banking, and private banking. The bank has a strong focus on the high-net-worth individual (HNWI) segment, offering wealth management services across Asia.
5. AFC Merchant Bank
As a commercial bank, AFC Merchant Bank provides banking services that focus on business and corporate clients. Specializing in corporate finance, investment solutions, and advisory services, AFC Merchant Bank serves businesses looking for capital market expertise.
6. ANZ Singapore
ANZ is an Australian bank with a significant presence in Singapore. ANZ Singapore focuses on providing innovative solutions for business and corporate clients. The bank also offers personal banking services, wealth management, and lending solutions.
7. Arab Bank Singapore Branch
Arab Bank operates its Singapore branch to cater to the needs of individuals and businesses involved in international trade and finance. Known for its strong Middle Eastern connections, the bank offers a range of services from trade finance to private banking.
8. Citibank Singapore
As part of the global financial giant Citigroup, Citibank Singapore offers comprehensive banking services, including credit cards, loans, savings accounts, and wealth management. Citibank is recognized for its extensive reach and state-of-the-art banking technology.
9. Deutsche Bank AG Singapore Branch
With its global presence, Deutsche Bank offers services in retail, corporate, and investment banking. Deutsche Bank is well known for its wealth management services and its focus on providing cutting-edge financial solutions to clients.
10. Keppel TatLee Bank
Keppel TatLee Bank is a commercial bank known for its wide range of financial services. Offering both retail banking and corporate banking solutions, Keppel TatLee Bank has been a trusted institution for businesses and individuals in Singapore.
Foreign Banks in Singapore
Apart from the local and commercial banks, several foreign banks have chosen Singapore as their regional headquarters. These banks bring global financial expertise to the Singaporean market, serving both local and international clients.
11. American Express Bank (Now under Standard Chartered Bank)
American Express Bank has been merged with Standard Chartered Bank, continuing to offer global banking solutions through the latter. Known for its credit card services, the bank also offers retail banking and wealth management.
12. Bank of America
Bank of America offers a full range of financial services, including investment banking, wealth management, and corporate finance. The bank’s global presence and expertise make it a key player in Singapore’s financial landscape.
13. Bank of China
With its long history in Asia, Bank of China is one of the leading foreign banks in Singapore. It offers a broad range of services, including retail banking, trade finance, and investment services.
14. Bank of East Asia
Bank of East Asia is a Hong Kong-based bank that provides a wide variety of financial services in Singapore. Specializing in retail and commercial banking, the bank is well-regarded for its strong presence in the Asia-Pacific region.
15. Citibank (Foreign Bank)
With a rich history in Singapore, Citibank provides a variety of banking solutions, including personal banking, wealth management, and corporate banking services. Citibank is known for its advanced banking technology and its role in the global banking ecosystem.
16. Hongkong and Shanghai Banking Corporation (HSBC)
HSBC has established itself as one of the largest foreign banks in Singapore. Offering a wide range of banking products, including savings accounts, investments, and business banking solutions, HSBC is a household name for many individuals and businesses in Singapore.
17. JPMorgan Chase Bank
JPMorgan Chase is a global financial institution with a significant presence in Singapore. The bank offers an array of services, including investment banking, asset management, and wealth management, to clients in Singapore and beyond.
List of Banks in Singapore – Complete Table
Below is a table summarizing the List of Banks in Singapore based on their classification:
| Category | Bank Name |
|---|---|
| Local Banks | DBS Bank |
| OCBC Bank | |
| UOB (United Overseas Bank) | |
| Commercial Banks | ABN-AMRO Singapore |
| AFC Merchant Bank | |
| ANZ Singapore | |
| Arab Bank Singapore Branch | |
| Citibank Singapore | |
| Deutsche Bank AG Singapore Branch | |
| Keppel TatLee Bank | |
| OCBC (Oversea-Chinese Banking Corporation) | |
| Foreign Banks | American Express Bank (Now under Standard Chartered) |
| Bangkok Bank | |
| Bank of America | |
| Bank of China | |
| Bank of East Asia | |
| Citibank | |
| Hongkong and Shanghai Banking Corporation (HSBC) | |
| JPMorgan Chase Bank |
Conclusion
Singapore’s banking sector is as diverse as it is competitive. The List of Banks in Singapore showcases a blend of trusted local banks and well-established foreign banks that cater to the financial needs of individuals, businesses, and investors. From reliable retail banking services to global investment solutions, the banks in Singapore offer a wide range of products, making the city-state one of the top financial hubs in Asia.
If you’re looking for secure, innovative, and comprehensive banking solutions, the List of Banks in Singapore provides an excellent starting point. Whether you’re an expatriate, a business owner, or a local resident, these banks offer a variety of services that can help you manage your finances effectively.