There are 111 commercial banks, 49 merchant banks and 45 other banks with their offices in Singapore. Commercial banks in Singapore are categorised into two types- 1) Local Banks and 2) Foreign Banks. Local Singapore Banks are divided into full banks and defunct banks. Foreign banks in Singapore are divided into full banks, qualifying full banks, wholesale banks and offshore banks.
Below you’ll find list of all popular banks in Singapore.
Popular Banks in Singapore
- American Express Bank
- Australia and New Zealand Banking Group Limited (ANZ)
- Bangkok Bank
- Bank of America
- Bank of China
- Bank of East Asia
- Bank of India
- Bank of Singapore
- Bank of Tokyo-Mitsubishi UFJ
- BNP Paribas
- CIMB Bank
- Citibank International Personal Bank Singapore
- Credit Agricole
- Credit Suisse
- DBS Bank
- Deutsche Bank
- GIC Private Limited
- Hong Leong Finance
- Hongkong and Shanghai Banking Corporation
- ICICI Bank
- Indian Overseas Bank
- Industrial and Commercial Bank of China (ICBC)
- JPMorgan Chase Bank
- Merrill Lynch
- Oversea-Chinese Banking Corporation (OCBC)
- POSB Bank
- PT Bank Mandiri (Persero) Tbk.
- PT Bank Negara Indonesia (Persero) Tbk.
- RHB Bank
- Royal Bank of Scotland
- Skandinaviska Enskilda Banken
- Standard Chartered Bank
- State Bank of India (SBI)
- State Street Bank and Trust Company
- The Islamic Bank of Asia
- UBS Bank
- UCO Bank
- United Overseas Bank (UOB)
List of Banks in Singapore
American Express Bank Singapore
American Express Bank, abbreviated as Amex, is an internationally acknowledged American multinational (NY based) banking corporation, which has its prominent presence in Singapore. Its main office in Singapore is located at 16 Collyer Quay, Hitachi Tower, Singapore, 049318. Wholly administered by American Express Group, the commercial bank offers a series of financial products, solutions and services to thousands of its valued clients in Singapore.
Apart from private and corporate banking, consumer credit, business finance, corporate finance the banking enterprise also offers finest solutions for risk management investment solutions. One of the top demanding services of Amex is American Express Card. It offers varieties of credit card options like Cash-back Cards, Personal Cards, Singapore Airlines Credit Cards, Corporate Cards and Dining Credit Cards to its Singaporean clients.
Special Financial Products and Services
- Membership reward programs
- American Express mobile app
- International wire-based remittance
- Comprehensive online services
Account holders of DBS, UOB or OCBC, Singapore banks can pay their American Express Card bills through those websites. The bank has more than 200 Self-service Automated Machines in 900+ AXS stations located across the Singapore island.
Bangkok Bank Singapore
Embarking on its commercial journey on 30th March 1957 merely with 14 staff and small set up at South Bridge Road, as of today, the Singapore operation of Bangkok Bank is administered from its own multistoried bank building situated at 180 Cecil Street. Since foundation, it has grown in multi-folds and has been accredited by the Monetary Authority of Singapore (MAS) with licensing to operate as a commercial bank in Singapore.
Bangkok Bank Singapore branch offers a wide array of commercial banking services to its southeast Asian clients. The products and services can be categorized as under:
- Savings Deposits
- Current Accounts
- Fixed Deposits
- Call Accounts
- Commercial Lending
- Letters of Guarantee
- Short-term Loan solutions
- Long term Loans
- Misc Services
- Trade Finance/ Import Services
- Import Letter of Credit/ Import Document collection
- Invoice based Financing
- Air Waybill Endorsements
- Shipping Guarantees
- Export Services
- Confirmation of Letters of Credit
- Bank Guarantee
- Foreign Exchange Services
- Online Banking
Acknowledged as one of the most consistent banking institutions born in Indonesia, Bank Mandiri has been committed to provide proactive, state-of-the-art and full-fledged financial solutions to its clients in Singapore. Among the first five overseas banks introduced by Bank Mandiri, Indonesia, Singapore is one major. The branch is operational under its offshore banking license approved by Singapore’s Monetary Authority on 31st July 1999.
One of the major service areas of Mandiri bank Singapore is its active participation in lending services that boost business relationship among business enterprises operating in Singapore and Indonesia. It meets working capital needs to project completion finance and other commercial funding facilities to its banking clients. The bank specializes in
- Trade finance
- Fixed income bonds and securities
- Treasury services
- Deposit services
- Investment loan/ working capital loan
- Mandiri Securities
- Remittance services
- Securities and Capital market
Situated in Asia Square Tower 2, the Indonesian bank is committed to offer the best professional management oriented banking services to all its overseas banks.
Bank of China, Singapore
Incepted in 1936, BOC or Bank of China, Singapore Branch is outfitted with the nation’s Qualifying Full-Bank Licensure to operate in Singapore. With over 22 outpost branches and more than 200 ATMs spread over prominent city places in Singapore, the 80 years veteran team of banking experts has been activated to offer a full range of financial solutions to its consumers from Singapore, China and other places.
Bangkok branch Singapore is the pioneering bank in its category to bring forth the full range of RMB services for its esteemed customers. The Services include-
- RMB Deposit
- RMB Loans
- RMB Remittance
- RMB Cash Exchange
- RMB Clearing
- RMB Finance and Trade Settlement
- RMB bond underwriting and distribution
- RMB Wealth Management Products
- RQFII investment services
- Deposit of local and foreign currency and remittance
- Personal loans
- Wealth management services
- Credit card
- Debit card
- Unit trust / Insurance products
- Foreign exchange
- Mortgage loans and investments
- International trade services,
- Trade finance/ corporate lending,
- Syndication loans/ structured finance,
- Investment advisory/ custodian service,
- Investment banking
- Asset management
- & RMB services
Bank of India Singapore
Bank of India, a major Indian banking counterpart started its operation in Singapore on 4th June 1951. With a wholly computerized banking system, the banking group is supported with Domestic as well as ACU licenses. Apart from general banking services it offers specialized solutions for individuals and business merchants in Singapore.
Key services include:
- Commercial/ Corporate finance
- Forex trading
- Investment in major currencies and advisory
- Remittance of varied banking products through BOI’s 4963+ branches with CBS facility
The bank has a superfast remittance centre at 120 Serangoon Road and centrally located Central business office in Singapore.
Bank of Singapore
Founded in 2010, Bank of Singapore is a Singapore based wholly owned private banking wing under OCBC Bank management. Formerly acknowledged as ING Asia Private Bank, the banking group was acquisitioned by OCBC in 2009 and renamed as Bank of Singapore. With over 1800 employees working under it, the prominent banking group offers services to its clients through a very strong network of branch offices and ATMs, counting an office located in the Dubai International Financial Centre, representing branches in Manila and Dubai and a full-fledged area office in Hong Kong. In London, it offers client services through OCBC’s London office. Apart from general banking services offered by its parent bank, its specialized banking services include
- Personalized wealth management
- Investment solutions
- Lending products and services
- Estate planning and management
- Financial Analysis and consultancy for international equities
The core market area of Bank of Singapore, Rated AA1 by Moody’s is spread across Southern Asia, Middle East (Gulf countries) and Greater China. As on Dec 2016, it is estimated to hold AUM (asset under management) worth of $79 billion.
BNP Paribas Bank Singapore
BNP Paribas, the distinguished global banking group established its main branch in Singapore in way back 1968. Equipped with 2,000 + employees, BNP Paribas Singapore operates as similar to a regional service hub for BNP in its Southeast Asian operation. This regional hub oversees operation of all BNP branches and its subsidiaries scattered in countries like Indonesia, Thailand, Malaysia, Vietnam, and the Philippines.
Located at 168, Robinson Road, Calyon is a Calyon Financial group company as well as a key member of Crédit Agricole Group Singapore. The financial establishment offers specialized services to its clients on varied financial products, services and brokerage. In 1987, the financial group was established in the name of Carr Futures with three offices situated in Chicago, Singapore and Paris.
Later in 1997, this was acquired by Crédit Agricole and further rebranded as Calyon Financial. Subsequently, it is on 2nd Jan 2008, Calyon Financial was amalgamated with NEWEDGE AND FIMAT. After the merger, both companies came in a single platform and formed CALYON Credit Agricole CIB, a full licensed bank in Singapore.
Based Singapore the financial group offers a comprehensive range of banking products and services international commodity traders, importers and refiners apart from the community of Singapore. The services include-
- Corporate and investment banking
- Fixed income
- Trade finance facilities
- Capital market
Citibank International Personal Bank Singapore
Citibank International Personal Bank Singapore, also known as Citibank IPB Singapore is a key division of Citibank Singapore Limited. The IPB branch offers specialized banking services to individuals who are desirous to invest their money in other countries by means of offshore banking.
At this moment, Citibank IPB Singapore has only one operating branch located in Capital Square.
A division of the American major banking group Citibank N.A.; the Citibank Singapore Limited got incorporation in Singapore on 28.June 2004. Since then, the world’s largest banking specialist group has multiplied its business operation in this foreign Island in a distinct way. The bank has its headquarters located at Asia Square while the main branch building is standing at the famous Capital Square.
DBS Bank Singapore
Founded in 1968, DBS bank is a Singapore based banking and financial service enterprise in Asia. With a global business footprint, the banking group is operational in 18 countries worldwide.
Hong Leong Bank
Based in Malaysia, Hong Leong Bank Berhad one of the renowned financial services groups in the world map which has significant market presence in Hong Kong, Singapore, Vietnam, China and Cambodia.
The technology driven bank also known as “HLB” or “the Bank” has been listed in Bursa Malaysia boasts the traditional Malaysian culture and entrepreneurship customs in its everyday business.
HongKong and Shanghai Banking Corporation
HSBC’s banking operation in Singapore commenced in 1877 with the initiation of opening the foremost branch by The Hongkong and Shanghai Banking Corporation Limited, its associate bank. Being one of the pioneering banks to support Singaporeans have exclusive banking services, the role of HSBC has been spontaneous when it comes to Singapore’s economy and fiscal services over the centuries. As a qualifying full banking establishment, HSBC Singapore these days offers a series of world standard banking and fiscal solutions in Singapore including
- wealth management;
- corporate banking
- individual and commercial loan,
- investment and private banking;
- credit cards;
- trustee services;
- capital market and securities services.
With its early presence in Singapore market, it has contributed a lot toward the development of home sector business enterprises, institutional and retail group customers apart from providing banking needs to private customers. Outfitted with its corporate headquarters at Collyer Quay, where the first office was set-up, numbers of branches and ATM counters HSBC Singapore boasts a very strong, enriched banking network on this Island.
When it comes to the world’s largest banking and financial groups, no wonder HSBC takes a significant place. HSBC initiated its foremost bank in Singapore in the year 1877, during the time when Singapore’s port was considered as the largest one connecting business people between Hong Kong and Kolkata.
ICBC Singapore Branch
The ICBC’s Singapore branch (Industrial and Commercial Bank of China) was established and started functioning in 1993. It is the foremost overseas subsidiary unit of ICBC. Located at 6 Raffles Quay #01-01 Singapore 048580 the ICBC Singapore is one of the successful banking groups in this biggest business hub that could properly utilize it’s commercial fertility and geographical benefits in its growth by offering unmatched banking products and services to the nation. The services offered by CBC in Singapore include
Personal current account
By opening a personal current account in ICBC Singapore one can transfer funds to and fro any place through US or Singapore dollar and other currencies without hassle
Wide range of Remittance Services
RMB remittance settled in advance
Remittance sent by Singapore Dollar can be received in China beneficiary in RMB
FX remittance in original currency
Fast remittance service for different currencies
Abroad study financing
An exclusive banking product offered by ICBC for Chinese students desirous to studying abroad
Personal FX Fixed Deposit
One can open a multi currency fixed-deposit account in ICBC Singapore for a minimum period and get the advantage of depositing USD, EURO, and Australian Dollar with higher interest rate.
A wide range of currency exchange services offered for US dollar, HK dollar, RMB, Euro, Australia dollar, Sterling pound, Japanese yen, Thai baht or Malaysian ringgit and so on.
Personal Fax Trading
Just by opening a personal account in ICBC, you can place an order via fax and the Singapore Branch will follow all your instructions including exchange rate on a particular day.
ICICI Bank Singapore
ICICI Bank Singapore is a part of India based ICICI Bank. It caters it’s Singapore customers with 3 ICICI Bank Singapore branches.
Indian Overseas Bank Singapore
Indian Overseas Bank or IOB, a nationalized Indian banking group came forward with its first foreign bank in Singapore in the year 1941. As a knowledgeable establishment in banking services immediately after its introduction, it offered a series of services to individuals and corporate sector in Singapore. It extensive banking services include
- Savings bank
- Fixed deposit
- Current account
- Retail banking
- Trade finances
- Private and corporate credit
- Comprehensive NRI services
- Merchant banking
- Cross-selling insurance product solution
- Multi-city check facility
It has its own bank multistoried premises located in Cecil street, that comes between Raffles place and China Town Metro Station. With fully automated SWIFT computerized banking mechanisms it offers customers with the great facility to use any IOB branch for currency deposit, withdrawal, remittance advantage. The depository service provided by IOB Singapore also includes Equity Trading, DP Forms and DP centres. The bank is serving this fast growing nation and major business hub for more than 6 decades.
Founded in 1964, JPMorgan Chase Singapore is acknowledged as one of the globally leading financial service providing enterprises to corporate enterprises, public sector and other institutes. Being operational in more than 100 countries the banking group boasts remarkable contribution in volunteer and philanthropic activities to ensure well-being in community life.
In the midst of Asia’s top leading banks, one is Maybank which also demonstrates it as the 4th largest banking groups in South East Asia in terms of its net worth. With crossing 2400 offices spread over 20 countries, Maybank has emerged as one of the major global banks worldwide.
In Singapore, Maybank earned certification of a Qualifying Full Bank and commenced its overseas operation in the world famous business hub in 1960 with the opening of its first branch in South Bridge Road. Over the last 5 decades of its operation in Singapore, it has earned a notable footprint in Singapore market for its immense contribution and extensive services in retail, wholesale and global business world.
Oversea-Chinese Banking Corporation (OCBC)
Headquartered in Singapore, Oversea-Chinese Banking Corporation Limited, abridged as OCBC Bank, is one of the major publicly listed banking and financial service groups in Singapore. Incepted in 1932 merging three local banks, the oldest Singaporean banking group has later been recognized as the 2nd largest financial service provider in South-East Asia by its net worth and amid the most highly-rated banks worldwide.
P T Bank Negara Indonesia (Persero) Tbk bank Singapore
The P T Bank Negara Indonesia (Persero) Tbk bank initiated its banking operation in Singapore on the 14th day of Oct’ 1955. This is the only Indonesian bank that has a license of a Full-Bank to operate in Singapore. With a very strong banking network through the city, the renowned bank of Indonesia offers the following services to Singaporeans.
- Remittance of money to and fro Indonesia and across the world
- Current account and Fixed deposits
- Attractive package to corporate and commercial lending
- Import / Export trade financing
- Treasury solutions
Apart from the above, the esteemed bank also offers a few exclusive financial products and services in Singapore, and these are:
Folks of Singapore are welcome to open their SGD or USB personal banking savings account merely with US$ 50.00 OR S$ 50.00 supported with attractive interest and facility banking.
Medical / Hospital Guarantee
For emergency hospital visits, instead of carrying cash or any kind of currency, you can get healthcare services through bank guarantee of BNI.
Backed by solid custodian services background for Eurobonds, the knowledgeable bank offers comprehensive services for safe keeping of customer securities.
The bank’s headquarter is situated at 39, Robinson Street.
Initiated its operation merely as a Post Office Savings Bank on Jan 1st, 1877, as of today POSB Bank is recognized as the oldest banking service providing groups in Singapore. Also operating as a subsidiary of DBS Bank, the major traditional public bank has been popular to Singaporeans due to its unbeatable low-cost banking services to savings bank holders, bank charge exempted services for children, students under 21 years and National Servicemen. Services offered by the oldest bank include
- Savings bank
- Current Deposits
- Fixed Deposits
- Business, Home loan and Mortgages
- Credit Cards
- Debit Cards
On 16th Nov 1998, The POS Bank (Post Office Savings Bank) was acquired wholly by DBS Bank for S$ 1.6 billion.
These days, POSB bank is operational with one of the largest numbers of local branches in Singapore, located chiefly in the suburban areas and also having the highest number of ATM counters in Singapore. The depositors of DBS bank can use Cash Deposit Machines installed by POSB Bank and vice versa.
Embarked on its business voyage in 1961 in Singapore, RHB Bank underwent a number of mergers and acquisition projects and eventually established its solid wing of banking services as UMBC widely known as RHB Bank Berhad Singapore in 1999. In 2011, it has celebrated the group’s 50 years of being in the industry as well, a growing path of success where it has offered its deep insight and excellence in financial products services for its clients.
State Bank of India, Singapore
State Bank of India opened its first branch in Singapore in back 1977 equipped with an offshore banking license. The branch known as ‘Little India’ situation adjacent to Farrer Park MRT Station is the largest bank in Singapore from India. Subsequently, the major Indian bank earned Full Bank licensure from Singapore Authority in 2008.
The Bank of East Asia, Singapore Branch
Incorporated in Hong Kong, the Bank of East Asia presented initiated its banking operation in Singapore of being fully licensed bank with ACU (Asian Currency Unit) operation in 1952. Especially for the business group, the emergence of BEA’s Singapore Unit happened to be a windfall which helped make the most crucial commercial link between in Hong Kong and Singapore business deals covering over the ASEAN regions.
Situated in the city centre of corporate Singapore, the BEA Building, 60 Robinson Road offers a series of financial products and services matching to corporate and individual banking needs. The key services offered by BEA in Singapore include
- Retail banking
- Private banking
- Foreign currency deposits
- Commercial lending
- securities services
The Bank of Tokyo-Mitsubishi UFJ Singapore
The Bank of Tokyo-Mitsubishi UFJ commenced its banking business in Singapore in back 1959. However, its function became more aggressive in Singapore subsequent to the transition of its regional headquarters of Asia and OCEANIA from Japan to Singapore in July 2013. These days, with a well equipped major regional headquarter; The Bank of Tokyo-Mitsubishi Singapore office itself covers is commercial operation in 13 countries over South Asia, Oceania and Southeast Asia.
The bank also offers services to its clients under the brand name MUFG in Singapore and as Bank of Ayudhya (‘Krungsri’) in Thailand.
The varieties of services offered by the bank in Singapore include:
- Lending advantage in Singapore dollar as well as other popular currencies;
- All kinds of deposit accounts in Singapore dollar and other demanding currencies;
- Electronically based cash management services;
- Import-Export management, overseas remittances /ARPS;
- Treasury Services for G-7 and all Asian currencies;
- Advisory on Private Loan Securities/ Mortgages;
- Corporate/ Business finance;
- Corporate Investment and consultancy;
- Project financing, bank guarantee services;
- Merger and Acquisition project advisory and financing;
Islamic Bank of Asia
The Islamic Bank of Asia widely known as IB Asia was introduced by the major DBS Bank Singapore on 7th May 2007. While its major share is acquired by DBS, the stakeholders of IB Asia include 34 well-heeled industrialists and investors of Gulf countries. IB is the only Asia-based bank which has banking license from the Dubai International Financial Centre.
With a thorough understanding of Asian banking market, expert bankers and solid Middle Eastern banking network, IB Asia has been focused on offering customers with private banking, commercial banking, capital market, corporate finance and insurance solutions and services.
One speciality service of the bank is Islamic banking that includes Musharaka, Mudaraba, Ijarah and Istina. The bank is continually seeking for innovative solutions and banking services for its clients based on the dynamic banking concepts two distinct regions. For business people looking for Islamic Letter of Credit and financing, the banking services of IB Asia is top sought for.
UCO Bank Singapore
UCO Bank, an Indian banking group initiated its Singapore banking operation on 21st of April 1951. With over 5 decades of banking operation in the international market, as of day, UCO bank has 4 major branches in Singapore and Hong Kong. The Singapore branch of UCO Bank has supported a number of Indian banking group to foster international linkage within various countries and banking sector business.
Located in Bharat Building, UCO Bank Singapore and its branches offer the finest class of international standard banking services, products and financial solutions to its vast clientele. It also offers custom-made services to major clients, business personalities and well-heeled Singaporean families. To name a few of its services offered in Singapore include
- Fixed deposits
- Credit Cards
- Deposit safety lockers
- Commercial loan
- Current Account
United Overseas Bank
Formerly, incorporated and known as the United Chinese Bank, later in 1965 the establishment emerged as United Overseas Bank based Singapore. Followed by a string of successful acquisition projects, well organized management and committed customer services, UOB has been rated amongst the top listed banks globally, backed by Aa1 rating from Moody’s and AA-rating from Standard & Poor’s.
To name a few among UOB’s major subsidiaries include United Overseas Bank Thailand, United Overseas Bank Malaysia, United Overseas Bank China, PT Bank UOB Indonesia, Far Eastern Bank and United Overseas Bank (China). With a crisscross banking network counting 500+ offices spread over 19 countries; its business is extended in Asia Pacific, Western Europe and Northern America. It has extremely prominent business footprint in Singapore, Indonesia, Thailand, Malaysia and China.