Updated July 29, 2023
Overview of Top Banks in Singapore
An international financial centre called Singapore, whose government policies and practices are pro-business, and subsequently, these are why many foreign banks have started operating their business and have built their branches in Singapore. Its strategic location and attractive policies make Singapore (in Southeast Asia) a banking hub. Singapore has more than 200 banks. Further, Singapore allows banks to connect to the world easily. The high standard of living has also created a huge market for financial institutions like banks to capitalize on.
One can divide Singapore’s banking system into 2 broad categories:
- Local Banks: Singapore has only 6 local banks, and the top three local banks are the Development Bank of Overseas Chinese Banking Corporation, Singapore and United Overseas Bank.
- Foreign Banks: Singapore has around more than 150 foreign banks.
And they can be further categorized into different groups:
- Full Banks: With more than 27 full banks in Singapore. BNP Paribas, ABN Amro, and HSBC are the most significant and topmost banks among these.
- Wholesale Banks: Singapore has around 53 wholesale banks. ING Bank, Barclays Bank, and National Australia Bank are among them.
- Offshore Banks: There are around 37 banks which are offshore banks that, include the Bank of Taiwan, Korea Development Bank, etc., which are mentionable.
- Merchant Banks: Around 42 merchant banks are present in Singapore. Credit Suisse Singapore Ltd., Axis Bank, etc., are noteworthy.
Top 10 Banks in Singapore
Given below is the list of the top 10 banks in Singapore:
1. Developmental Standard Chartered Bank
Developmental Standard Chartered Bank was founded in 1968 by the Singapore government and operates with over 100 branches, and is also the largest bank in Southeast Asia. It provides several services with a wide range of personal and corporate banking services and products, which include treasury, consumer banking, capital markets services, brokerage services, asset management, and equity and debt financing. Its headquarter is situated at Marina Bay Financial Centre. It has handled around SGD550.75 billion of the total assets. Developmental Standard Chartered Bank generated revenue of around SGD12.47 billion in the year 2018. In the same year, the net income of Developmental Standard Chartered Bank was around SGD5.58 billion. It employs about 22,000 employees.
2. United Overseas Bank
The third-ranked bank was founded in 1935 and has the name United Overseas Bank. United Overseas Bank is in 19+ countries, with over 500 branches operating. Its headquarter is situated at Raffles Pl. The Bank offers various personal and commercial banking services and products. It also provides asset management-related services and private banking along with insurance services. It has handled around SGD358.59 billion of the total assets. United Overseas Bank generated revenue of around SGD8.12 billion in the year 2018. In the same year, the net income of the United Overseas Bank was around SGD3.41 billion. It employs around 25,000 employees.
3. Overseas Chinese Banking Corporation
Overseas Chinese Banking Corporation was founded in 1932 and is headquartered in Chulia Street. The Bank is Singapore’s 2nd topmost bank in controlling total assets. It has handled around SGD454.94 billion of the total assets. Overseas Chinese Banking Corporation generated revenue of around SGD8.96 billion in the year 2018. In the same year, the net income of Overseas Chinese Banking Corporation was around SGD4.15 billion. It employs around 30,000 employees.
4. Standard Chartered Bank
Standard Chartered Bank, Singapore, was first established in 1859 and is a subsidiary of Standard Chartered Bank PLC, and its headquarter is in Marina Bay Financial Centre. The institutional and corporate client services offered by Standard Chartered Bank include cash management, trade finance, foreign exchange, securities services, debt capital markets, and corporate finance. The Bank received (QFB) Qualifying Full Bank license and operated in Singapore with 17 branches. The group reports $1.392.64 billion in total assets and gross revenue of $114.62 billion, while the latest available data shows a net profit of $19.11 billion in 2018.
5. RHB Bank (Singapore)
RHB Bank was founded in 1961, and its headquarters is in Malaysia. This bank is a universal bank, and it operates within 7 locations in Singapore. RHB Bank provides services such as credit facilities such as the purchase of securities, non-residential mortgages, mortgages, hire purchases, credit cards, and personal loans, as well as deposit collection, investment-related services, remittances, and general and insurance products to its clients. The Group has handled around MYR230.21 billion of the total assets. RHB Bank generated revenue of around MYR3.5 billion in the year 2017. In the same year, the net income of RHB Bank was around MYR1.95 billion. It employs around 14,790 employees.
6. HSBC Singapore
HSBC Singapore was established in 1877, and its headquarters is in Collyer Quay. To Singapore clients, HSBC Singapore services like commercial and personal banking products (including insurance). It handled around SGD22.02 billion of the total assets in the year 2017. It employs around 3,000 employees.
7. Bank of Singapore
Bank of Singapore is a huge subsidiary of Overseas Chinese Banking Corporation. As of April 2017, the total assets this Bank acquired were SGD115.94 billion. From 2011 to 2016, the Bank of Singapore was awarded the best private bank by Asian Private Bankers and by Global Finance. The headquarter of this bank is situated on Market Street.
Citibank established its operations in Singapore in 1902, and its headquarters is on Temasek Avenue. The bank operates a wide range of financial services to its clients. Citibank provides mortgages, charge cards, insurance products, deposit accounts, and investment facilities. It has handled around S$34.88 billion of the total assets for 2017. Citi Bank generated revenue of around S$658.81 million in the year 2017. In the same year, the net income of RHB Bank was around S$535.15 million.
9. Barclays Bank
A British multinational financial institution that has operations in 40+ countries. Barclays Singapore office, the biggest in Asia, serves all its Asian private banking as the regional hub. Barclays Bank as a group generated a net interest income of around GBP19.74 billion in 2018. In the same year, the net income of Barclays Bank was around GBP1.59 billion.
10. CIC Singapore
CIC Singapore was established in 1984, and its headquarters is in the Marina Bay Financial Centre. Its parent company is Credit Mutual Group. This bank offers various financial services and products such as corporate finance, treasury, private banking, structured finance, etc. It has handled around Euro 619.20 billion of the total assets. Credit Mutual Group generated a net interest income of around Euro 14.01 billion in 2017. In the same year, the net income of the Credit Mutual Group was around Euro 2.4 billion.
This has been a guide to Banks in Singapore. Here we have discussed the 10 topmost banks in Singapore with their financial structure. You may also look at the following articles to learn more –