- March 2, 2020
- Posted by: avantconsulting
- Category: Banks
List of Full Local Banks in Singapore – Singapore is one of the key financial hubs in Asia, behind Hong Kong and Tokyo and definitely the key financial hub for South East Asia that is one of the fastest growing regions in the world comprising of the Malaysia, Indonesia, Brunei, Thailand, Vietnam, Myanmar, Cambodia, Laos and Philippines.
Being located right in the middle of the region, it not only acts as a financial hub but also an aviation hub where regional flights are connected through transit flights from other regions.
Singapore has the reputation of being a corrupt free nation and also one that has a sophisticated financial system in place to ensure good trading conditions. Singapore also has a strong rule of law that allows businesses to sign contracts in Singapore with a peace of mind.
Singapore has a list of overseas and local banks that you can choose from and this banks are usually commercial or investment banks that you can work with as a business owner or on a personal basis to get full banking services needs with them.
Local Banks are those with full license to function in all fields that you will require help with in Singapore. So lets discuss and also find out more of about the List of Full Local Banks in Singapore.
List of Full Local Banks in Singapore:
Bank of Singapore – https://www.bankofsingapore.com/
Bank of Singapore is currently a Singapore based private banking arm for OCBC Bank, another full local bank based in Singapore. The bank is previously ING Asia Private bank and was acquired by OCBC in 2009.
Bank of Singapore works closely with high networth individuals and wealthy families to provide private banking work for their clients.
The bank has its headquarters in Singapore and has branches in Dubai and Hong Kong as well as representative offices in Dubai and Manlia.
Development Bank of Singapore (DBS) – https://www.dbs.com.sg/
DBS Bank Singapore is headquartered in Marina Bay Financial Centre (MBFC) and is also know the The Development Bank of Singapore.
The bank was set up by the government of Singapore in 1968 to assist with industrial financing from the the Economic Development Board of Singapore. With over 100 branches island wide, it is one of the biggest bank in Singapore.
DBS is also the biggest bank by asset in the whole of South East Asia and one of the larger banks in the whole of Asia with strengths in consumer banking, asset management, equity and debt fund raising.
DBS Bank is mainly controlled by Temasek Holdings of Singapore and also listed on the SGX.
In 1998, DBS Bank acquired POSB bank.
United Overseas Bank (UOB) – https://www.uobgroup.com/
UOB bank is a banking company headquartered in Singapore with branches across SouthEast Asia.
Founded in 193, the bank was formed by Wee Kheng Chiang with a group of businessman.
It is currently the third largest bank in SouthEast Asia by Assets.
UOB provides corporate and personal banking services, private banking and asset management services.
Overseas Chinese Bank Corporation (OCBC) – https://www.ocbc.com/
OCBC Bank is one of the biggest banks in Singapore and was formed with the consolidation of three banks in 1932, the Chinese Commercial Bank, Oversea-Chinese Bank and Ho Hong Bank.
OCBC is ranked top 5 safest banks in the world and is also named the strongest bank in Asia for 2018 and 2019.
OCBC has more than 570 branches across the globe.
Post Office Savings Bank (POSB) – https://www.posb.com.sg/
POSB Banks is a Singapore bank offering consumer banking services and is the oldest bank in Singapore. It was established and founded in 1877.
POSB runs most of the lower cost banking services for Singaporeans for their basic banking needs. Most of the civil servants have bank accounts with POSB prior to the acquisition by DBS in 1998.
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