List of banks in Singapore

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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)

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.

Local banks

In a bid to encourage consolidation of the local banking industry to form larger banking conglomerates 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 6 today.

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.[1]

Local Full Bank EFA Incorporated in Local address ACU SGS
English Other languages
Bank of Singapore (part of OCBC) 新加坡银行 Yes Singapore 63 Market Street Yes No
DBS Bank Limited 星展银行有限公司 Yes Singapore 12 Marina Boulevard Yes Pri
Far Eastern Bank Limited (part of UOB) 远东银行有限公司 No Singapore 156 Cecil Street No No
Oversea-Chinese Banking Corporation Limited (OCBC) 华侨银行有限公司 Yes Singapore 65 Chulia Street Yes Pri
United Overseas Bank Limited (UOB) 大华银行有限公司 Yes Singapore 80 Raffles Place Yes Pri

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
Keppel Bank Limited 吉宝银行有限公司 Singapore 1998 Merged with Keppel TatLee Bank
Tat Lee Bank Limited 达利银行有限公司 Singapore 1998 Merged with Keppel TatLee 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
International Bank of Singapore Singapore - Merged into Overseas Union Bank
Bank of Singapore 新加坡银行 Singapore - Belongs to Oversea-Chinese Banking Corporation as parent company and subsequently renamed into Singapore Island Bank. Not to be confused with present Bank of Singapore which is renamed from another bank ING Asia Private Bank

[2]

Foreign banks

There are presently 119 foreign commercial banks in Singapore, of which 28 are Full banks, 54 are Wholesale banks, and 37 are Offshore banks.

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.

Foreign full Bank EFA Incorporated in Local address ACU SGS
English Local language
American Express Bank Limited (Now under Standard Chartered Bank)   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 50 Collyer Quay 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, The 東亞銀行有限公司 Yes Hong Kong SAR 137 Market Street Yes No
Bank of India   Yes India 138 Robinson Road Yes No
Bank of Tokyo-Mitsubishi UFJ 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
Hongkong and Shanghai Banking Corporation Limited, The 香港上海滙豐銀行有限公司 Yes Hong Kong SAR 21 Collyer Quay Yes No
Hong Leong Bank Berhad 丰隆银行 Yes Malaysia 20 Collyer Quay Yes No
Indian Bank இந்தியன் வங்கி No India 3 Raffles Place No No
Indian Overseas Bank இந்தியன் ஓவர்‌ஸீஸ் வங்கி No India 64 Cecil Street No No
JPMorgan Chase Bank, National Association   Yes United States 168 Robinson Road Yes Sec
PT Bank Mandiri (Persero) Tbk.   No Indonesia Asia Square Tower 2 Yes No
PT Bank Negara Indonesia (Persero) Tbk.   No Indonesia 39 Robinson Road Yes No
RHB Bank Berhad   Yes Malaysia 90 Cecil Street Yes Sec
Southern Bank Berhad **Now CIMB Bank   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

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 licence 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. In 2012, MAS announced new changes to the QFB scheme, requiring QFBs who are "important to the domestic market to locally incorporate their retail operations". Further, such QFBs, whose home countries have Free Trade Agreements with Singapore, will be able to operate up to 50 places of business.

Qualifying Full Bank EFA Incorporated in Local address ACU SGS
English Local language
Australia and New Zealand Banking Group Limited   Yes Australia Raffles Place Yes Pri
BNP Paribas   Yes France 20 Collyer Quay Yes No
Citibank International Personal Bank Singapore (Citibank Singapore Limited) 新加坡花旗銀行國際個人銀行 Yes Singapore 23 Church Street Yes Yes
Citibank Singapore Limited 美国花旗银行新加坡分行 Yes Singapore 3 Temasek Avenue Yes No
HSBC 香港上海滙豐銀行有限公司 Yes Hong Kong SAR 21 Collyer Quay Yes Pri
Malayan Banking Berhad MayBank   Yes Malaysia 2 Battery Road Yes Sec
Standard Chartered Bank 渣打银行 Yes United Kingdom 6 Battery Road Yes Pri
State Bank of India Yes India 135 Cecil Street Yes No
ICICI Bank Limited   Yes India 9 Raffles Place Yes No
Bank of China 中国银行 Yes China 4 Battery Road Yes Sec
Industrial and Commercial Bank of China 中国工商银行 Yes China 4 Battery Road Yes Sec

Wholesale banks

Wholesale bank licences were first issued in December 2001 to replace the "Restricted Bank (RB)" licence as a reflexion 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.

Wholesale Bank EFA Incorporated in Local address SGS
English Local language
Australia and New Zealand Banking Group Limited   Yes Australia 1 Raffles Place Sec
Scotiabank   No Canada 10 Collyer Quay No
Barclays Bank PLC   Yes United Kingdom 1 Raffles Quay Pri
Bayerische Hypo- und Vereinsbank Aktiengesellschaft   Yes Germany 30 Cecil Street No
BNP Paribas Private Bank   Yes France 20 Collyer Quay No
Chiao Tung Bank Company Limited 交通銀行 No Taiwan 80 Raffles Place No
Commerzbank Aktiengesellschaft   Yes Germany 8 Shenton Way Sec
Credit Suisse   Yes Switzerland 1 Raffles Link Pri
Deutsche Bank Aktiengesellschaft   Yes Germany 6 Shenton Way Pri
Dresdner Bank Aktiengesellschaft   Yes Germany 20 Collyer Quay Sec
EFG Bank[3]   Yes Switzerland 25 North Bridge Road Pri
First Commercial Bank Limited 第一商業銀行股份有限公司 No Taiwan 77 Robinson Road No
Fortis Bank S.A./N.V.   Yes Belgium & the Netherlands 63 Market Street Sec
Habib Bank Limited   No Pakistan 3 Phillip Street No
HSBC Private Bank (Suisse) SA   Yes Switzerland 21 Collyer Quay Sec
Industrial and Commercial Bank of China 中国工商银行 No People's Republic of China 6 Raffles Quay No
ING Bank N.V.   Yes the Netherlands 9 Raffles Place Sec
KBC Bank N.V.   Yes Belgium 30 Cecil Street No
Korea Exchange Bank 외환은행 No South Korea 30 Cecil Street No
Landesbank Baden-Wuerttemberg   Yes Germany 25 International Business Park No
Mizuho Bank Limited みずほ銀行 Yes Japan 168 Robinson Road No
Moscow Narodny Bank Limited   No United Kingdom 50 Robinson Road No
National Australia Bank Limited   Yes Australia 5 Temasek Boulevard No
National Bank of Kuwait SAK الوطني No Kuwait 9 Raffles Place No
Norddeutsche Landesbank   No Germany 6 Shenton Way No
Northern Trust Company, The   Yes United States 1 George Street No
Rabobank   Yes the Netherlands 77 Robinson Road No
Royal Bank of Scotland PLC, The   Yes United Kingdom 50 Raffles Place No
Sanpaolo IMI S.P.A.   No Italy 6 Temasek Boulevard Sec
Société Générale   Yes France 80 Robinson Road Sec
State Street Bank and Trust Company   No United States 168 Robinson Road No
UBS AG 瑞士銀行 Yes Switzerland 5 Temasek Boulevard Sec
UFJ Bank Limited 株式会社UFJ銀行 Yes Japan 6 Raffles Quay No
WestLB Aktiengesellschaft   No Germany 3 Temasek Avenue Sec

Offshore banks

Offshore Bank EFA Incorporated in Local address ACU SGS
English Local language
Absa Group Limited   No South Africa 9 Temasek Boulevard Yes No
Agricultural Bank of China 中国农业银行 No People's Republic of China 80 Raffles Place Yes No
Arab Bank PLC البنك العربي No Jordan 80 Raffles Place Yes No
Banco 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 Mellon, The   No United States 1 Temasek Avenue Yes No
Bank of Taiwan 臺灣銀行 No Taiwan 80 Raffles Place Yes No
Bumiputra-Commerce Bank Berhad **Now CIMB Bank Kumpulan CIMB / CIMB குழுமம் / كومڤولن چيمب 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 Taiwan 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
Shinhan Bank 신한은행 No South Korea 50 Raffles Place Yes No
Clariden Leu   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
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 SAR 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 Taiwan 80 Robinson Road Yes No
International Commercial Bank of China, The 中國國際商業銀行 No Taiwan 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 Taiwan 80 Raffles Place Yes No
Lloyds 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
Natixis   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 Bangko Nasyonal ng Pilipinas or Pambansang Bangko ng Pilipinas No Philippines 304 Orchard Road Yes No
PT Bank Mandiri (persero) Tbk.   No Indonesia 3 Anson Road Yes No
Raiffeisen Zentralbank Oesterreich AG   No Austria One Raffles Quay Yes No
Royal Bank of Canada   Yes Canada 20 Raffles Place Yes Sec
Siam Commercial Bank Public Company Limited, The บมจ. ธนาคารไทยพาณิชย์ No Thailand 16 Collyer Quay Yes No
Skandinaviska Enskilda Banken AB   Yes Sweden 50 Raffles Place Yes No
State Bank of India   No India 135 Cecil Street 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

Merchant banks

The typical activities of merchant banks include corporate finance, underwriting of share and bond issues, mergers and acquisitions, portfolio investment management, management consultancy, personal banking and other fee-based activities. Merchant banks may not accept sight or savings deposits or borrow from the public. However, they may accept deposits or borrow from banks, finance companies, shareholders and companies controlled by their shareholders.

Representative offices of banks

External links

  1. ↑ https://masnetsvc.mas.gov.sg/FID.html
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