List of banks in Singapore explained

This is a list of banks with operations in Singapore. Location of incorporation is provided in brackets for foreign banks. There are, at present over 150 banks and deposit-taking institutions, 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 18 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 four today.

Full banks

There are presently five 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 Bank)	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
POSB (part of DBS Bank)	新加坡邮政储蓄银行	Yes	Singapore	12 Marina Boulevard	Yes	Pri
	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

Digital full banks

There are currently three local digital banks with full bank licence in Singapore. Trust Bank was jointly launched by FairPrice Group and Standard Chartered Bank on 1 September 2022.^[2] GXS Bank is owned by Grab and Singtel. MariBank is owned by Sea Ltd.

Local Digital Full Bank! rowspan="2"

Ownership	Incorporated in	Local address
English			Other languages
Trust Bank	优信银行	FairPrice Group, Standard Chartered Bank	Singapore	77 Robinson Rd, #25-00, Robinson 77, 068896
GXS Bank	GXS数码银行	Grab, Singtel	Singapore	3 Media Close, #09-03, 138498
MariBank	马里银行	Sea Ltd	Singapore	1 Fusionopolis Walk, #15-01, South Tower Solaris, 138628

Defunct banks

English name	Other language name	Incorporated in	Closed	Fate
Bank of Singapore	新加坡银行	Singapore	-	Merged into Oversea-Chinese Banking Corporation and renamed Singapore Island Bank. Not to be confused with the current Bank of Singapore which is renamed from ING Asia Private Bank.^[3]
Chung Khiaw Bank Limited	崇僑銀行有限公司	Singapore	1999	Merged into United Overseas Bank
Far Eastern Bank Limited	远东银行有限公司	Singapore	2017	Merged into United Overseas Bank^[4]
Industrial and Commercial Bank Singapore Limited	工商银行有限公司	Singapore	2002	Merged into United Overseas Bank
International Bank of Singapore	新加坡国际银行有限公司	Singapore	1984^[5]	Merged into Overseas Union Bank
Keppel Bank Limited	吉宝银行有限公司	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
Kwong Yik Bank	新嘉坡廣益銀行	Singapore	1913	Voluntary liquidation after a bank run
Overseas Union Bank Limited	华联银行有限公司	Singapore	2002	Merged into United Overseas Bank
Tat Lee Bank Limited	达利银行有限公司	Singapore	1998	Merged with Keppel TatLee Bank
The Islamic Bank of Asia	亚洲伊斯兰银行	Singapore	2015	Merged into DBS Bank^[6]

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
Standard Chartered Singapore	渣打新加坡有限公司	Yes	Singapore^[7]	8 Marina Boulevard	Yes	No
Bangkok Bank Public Company Limited	ธนาคารกรุงเทพ	No	Thailand	180 Cecil Street	Yes	No
Bank of America, National Association	美国银行	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	印度银行	Yes	India	138 Robinson Road	Yes	No
Bank of Tokyo-Mitsubishi UFJ Limited, The	三菱東京UFJ銀行	Yes	Japan	9 Raffles Place	Yes	Sec
Calyon	东方汇理银行	Yes	France	168 Robinson Road	Yes	Sec
CIMB Bank	联昌国际银行	No	Malaysia	39 Robinson Road	No	No
Citibank Singapore	新加坡花旗银行	Yes	United States	3 Temasek Avenue	Yes	Pri
Hongkong and Shanghai Banking Corporation Limited	香港上海滙豐銀行有限公司	Yes	Hong Kong SAR	21 Collyer Quay	Yes	No
Maybank Singapore Limited	马来亚银行	Yes	Malaysia	2 Battery Road	Yes
Hong Leong Bank Berhad	丰隆银行	Yes	Malaysia	1 Wallich Street
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	摩根大通银行	Yes	United States	168 Robinson Road	Yes	Sec
Ping An Bank	平安银行	Yes	China	80 Pasir Panjang Road	Yes	Pri
PT Bank Mandiri (Persero) Tbk.	曼迪里银行	No	Indonesia	Asia Square Tower 2	Yes	No
PT Bank Negara Indonesia (Persero) Tbk.	印度尼西亚国家银行	No	Indonesia	39 Robinson Road	Yes	No
RHB Bank Berhad	兴业银行	Yes	Malaysia	90 Cecil Street	Yes	Sec
Sumitomo Mitsui Banking Corporation	三井住友銀行	Yes	Japan	3 Temasek Avenue	Yes	No
UCO Bank	优科银行	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 Maybank Singapore. 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	1 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
Maybank Singapore Limited		Yes	Malaysia	2 Battery Road	Yes	Sec
Standard Chartered Bank	渣打银行	Yes	United Kingdom	6 Battery Road	Yes	Pri
		ஸ்டேட் பேங்க் ஆப் இந்தியா	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	6 Raffles Quay	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
		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
Mega International Commercial Bank	兆豐銀行	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 merged with Commerzbank in 2009
EFG Bank^[8]		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		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	البنك العربي	No	Jordan	80 Raffles Place	Yes	No
Banca di Roma		No	Italy	9 Raffles Place	Yes	No
Banca Monte dei Paschi di Siena		No	Italy	10 Collyer Quay	No	No
Bank of Communications	交通银行	No	People's Republic of China	128 Beach Road	Yes	No
Bank of Taiwan	臺灣銀行	No	Taiwan	80 Raffles Place	Yes	No
BNY Mellon		No	United States	1 Temasek Avenue	Yes	No
Canadian Imperial Bank of Commerce		Yes	Canada	16 Collyer Quay	Yes	No
Chang Hwa Commercial Bank	彰化銀行	No	Taiwan	1 Finlayson Green	Yes	No
China Construction Bank	中国建设银行	No	People's Republic of China	9 Raffles Place	Yes	No
CIMB Bank	Kumpulan CIMB / CIMB குழுமம் / كومڤولن چيمب	No	Malaysia	7 Temasek Boulevard	Yes	No
Clariden Leu		No	Switzerland	80 Raffles Place	Yes	No
Commonwealth Bank		Yes	Australia	3 Temasek Avenue	Yes	No
Crédit Agricole		Yes	Switzerland	168 Robinson Road	Yes	No
Crédit Industriel et Commercial		Yes	France	12 Marina Boulevard	Yes	No
Banque Internationale à Luxembourg SA		Yes	Luxembourg	9 Raffles Place	Yes	No
DNB Bank ASA		No	Norway	8 Shenton Way	Yes	No
DZ Bank 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		No	Germany	3 Temasek Avenue	Yes	No
Hua Nan Commercial Bank	華南銀行	No	Taiwan	80 Robinson Road	Yes	No
International Commercial Bank of China	中國國際商業銀行	No	Taiwan	6 Battery Road	Yes	No
Korea Development Bank	한국산업은행	No	South Korea	8 Shenton Way	Yes	No
Krung Thai Bank	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		Yes	United Kingdom	1 Temasek Avenue	Yes	No
Mitsubishi UFJ Trust and Banking Corporation	三菱信託銀行	Yes	Japan	50 Raffles Place	Yes	No
Natixis		No	France	50 Raffles Place	Yes	No
Nordea Bank Finland		Yes	Finland	3 Anson Road	Yes	No
Norinchukin Bank	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
Bank Mandiri		No	Indonesia	3 Anson Road	Yes	No
Raiffeisen Zentralbank		No	Austria	One Raffles Quay	Yes	No
Royal Bank of Canada		Yes	Canada	20 Raffles Place	Yes	Sec
Shinhan Bank	신한은행	No	South Korea	50 Raffles Place	Yes	No
Siam Commercial Bank	บมจ. ธนาคารไทยพาณิชย์	No	Thailand	16 Collyer Quay	Yes	No
Skandinaviska Enskilda Banken		Yes	Sweden	50 Raffles Place	Yes	No
State Bank of India		No	India	135 Cecil Street	Yes	No

|-|Sumitomo Mitsui Trust Holdings||住友信託銀行||Yes||Japan||8 Shenton Way||Yes||No|-|Svenska Handelsbanken|| ||No||Sweden||65 Chulia Street||Yes||No|-|Toronto Dominion Bank|| ||Yes||Canada||1 Temasek Avenue||Yes||No|-|Union de Banques Arabes et Francaises|| ||No||France||6 Temasek Boulevard||Yes||No|-|Westpac|| ||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

• Citibank International Personal Bank Singapore

See also

• List of financial regulatory authorities by country

External links

• https://secure.mas.gov.sg/fid/
• Best Banks in Singapore
• Address and Contact numbers of Singapore banks
• Complete list of banks and branches in Singapore
• List of banks swift codes in Singapore

Notes and References

1. Web site: Financial Institutions Directory . mas.gov.sg . Monetary Authority of Singapore . 8 September 2018.
2. Web site: CHER . BENJAMIN . 2022-09-01 . Singapore's first digital bank Trust Bank launches . 2022-09-11 . www.businesstimes.com.sg . en.
3. Web site: 5 February 2011 . Bank of Singapore renamed Singapore Island Bank .
4. Web site: 31 August 2017 . Far Eastern Bank completes merger with UOB . 8 September 2018 . Singapore Business Review.
5. Web site: Archived copy . dead . https://web.archive.org/web/20180908130627/http://scholarbank.nus.sg/bitstream/10635/140395/1/b22599368.pdf . 8 September 2018 . 8 September 2018.
6. Web site: Yasmine Yahya . 15 September 2015 . DBS to wind down Islamic banking unit . 8 September 2018 . The Straits Times.
7. Web site: Company Profile - Standard Chartered Bank, Singapore. Institute of Banking and Finance. April 6, 2020.
8. Web site: Wholesale banking licence for EFG in Singapore. Channel NewsAsia. 24 April 2014.