Overview of Top Banks in Singapore
An international financial center called Singapore, whose government policies and practices are pro-business and henceforth these are the reasons for which 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 –
Singapore has only 6 local banks and the top three local banks are Development Bank of Overseas Chinese Banking Corporation, Singapore and United Overseas Bank.
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, HSBC are the most significant and the 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 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
Here is a list of the top 10 Banks in Singapore which are as follows:
4.9 (3,052 ratings)
1. Developmental Standard Chartered Bank
Developmental Standard Chartered Bank was founded in 1968 by the Singapore government and operates with more than 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, and 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 had 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 around 22,000 employees.
2. United Overseas Bank
United Overseas Bank was founded in 1935 and it’s the 3rd topmost bank. United Overseas Bank has a presence in 19+ countries and it has more than 500 branches operating. Its headquarter is situated at Raffles Pl. The Bank offers a wide range of personal as well as 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 had 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 its headquartered in Chulia Street. The Bank is the 2nd topmost banks in Singapore in terms of controlling the total assets. It has handled around SGD454.94 billion of the total assets. Overseas Chinese Banking Corporation had 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 head-quarter is in Marina Bay Financial Centre. Standard Chartered Bank provides institutional and corporate client services in cash management, trade finance, foreign exchange, securities services, debt capital markets, and corporate finance. The Bank received (QFB) Qualifying Full Bank license and it operated in Singapore with 17 branches. The group reports $1.392.64 billion in total assets and gross revenue $114.62 billion while the net profit $19.11 billion in the year 2018, the latest data that is available.
5. RHB Bank (Singapore)
RHB Bank was founded in 1961 and its headquarter is situated in Malaysia. This bank is a universal bank and it is operating 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 individual clients. The Group has handled around MYR230.21 billion of the total assets. RHB Bank had 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 headquarter is situated in Collyer Quay. HSBC Singapore services like for commercial and personal banking products (that includes insurance) to the Singapore clients. It has 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 the huge subsidiary of Overseas Chinese Banking Corporation. As of April 2017, the total assets that were acquired by this Bank was SGD115.94 billion. From 2011 to 2016, the Bank of Singapore was awarded the best private bank by Asian Private Banker and by Global Finance. The head-quarter of this bank is situated in Market Street.
Citibank has established its operations in Singapore in 1902 and its headquarter is situated in Temasek Avenue. The bank operates with a wide range of financial services to its clients. Along with those deposit accounts and investment facilities, Citibank also provides mortgages, charge cards, and insurance products. It has handled around S$34.88 billion of the total assets for the year 2017. Citi Bank had 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 which has operations in 40+ countries. Barclays Singapore office which is the biggest in Asia and it serves for all its Asian private banking as the regional hub. Barclays Bank as a group had generated net interest income around GBP19.74 billion in the year 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 headquarter is situated in the Marina Bay Financial Centre. Its parent company is Credit Mutuel Group. This bank offers a wide range of 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 Mutuel Group had generated net interest income around Euro 14.01 billion in the year 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 Top 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: