Welcome to this post about the top 10 best Banks in Singapore, we will reveal the best bank in Singapore, investment banks in Singapore, oldest and most valuable financial institutions via Afrokonnect.
Financial market in Singapore is one of the best places for many banks to make their mark and expand their horizons because it is so competitive. The following are some of the factors that contributed to their accomplishments:
The assistance and policies provided by the government are the most important factors that have led to the establishment of numerous branches of international banks in Singapore.
It is in a very advantageous strategic location, which makes it possible for financial institutions to easily connect with other parts of the world.
The extremely high living standards that Singaporeans enjoy have made the country an excellent market for financial institutions to serve.
Because of this, Singapore is often referred to as a “banking hub”, in addition, the total assets of the banking sector in Singapore amounted to approximately $2 trillion US dollars.
Organizational Makeup of Singapore’s Banks – Best Investment banks in Singapore in 2024
There are more than 150 of the best banks, if we want to group things, we can put the banking system into categories:
Development Bank of Singapore, the Overseas Chinese Banking Corporation, and the United Overseas Bank are considered to be the top three local banks.
In addition, they are capable of being separated into a variety of subcategories. There are approximately 27 banks that are completely full.
Among these, the three most important are ABN Amro, BNP Paribas, and HSBC. Approximately 53 financial institutions fall under the category of wholesale banks.
Notable financial institutions include Barclays Bank, ING Bank, and National Australia Bank. Approximately 37 financial institutions fall into the category of offshore banks.
Notable financial institutions include the Korea Development Bank and the Bank of Taiwan, among others. The Republic of Singapore is home to approximately 42 different merchant banks.
The names Axis Bank and Credit Suisse Singapore Ltd., among others, come to mind.
Best Biggest banks in Singapore in 2024
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DBS Group – Singapore dbs bank
DBS is one of the largest corporations in the financial sector in Asia. At the end of June, this bank had accumulated a total of 486.699 billion Singapore dollars worth of assets.
The accumulated net profit was $1.2 billion Singapore dollars. It has approximately 4.6 million clients that it serves.
This location employs close to 22,000 people. This financial institution’s main office can be found in the Marina Bay Sands complex in Singapore.
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Overseas Chinese Banking Corporation:
At the end of June, this bank had accumulated a total of S$ 429.601 billion worth of assets through various acquisitions. By the end of March, the total amount of the loans taken out by customers was S$221.5 billion.
The year 1932 marks the beginning of its existence. It is present in over 18 countries, and it has a total of 600 branches spread out across the entirety of the globe.
Approximately 30,000 people are employed here. This particular financial institution’s main office can be found on Chulia Street.
Best Biggest Banks in Singapore in 2024
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United Overseas Bank:
At the end of June, this bank had accumulated a total asset value of S$344.414 billion through its acquisitions.
The accumulated net profit amounted to 807 million Singapore dollars. In the year 1935, it was first established.
It is present in over 19 countries, and it has a total of 500 branches spread out across the entirety of the globe. Approximately 25,000 people are employed here. This financial institution’s main office can be found at Raffles Place Number Four.
Top Investment banks in Singapore
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Bank of Singapore:
Bank of Singapore is a subsidiary of OCBC, but despite its status as a subsidiary, it is still quite large.
At the end of April, the total assets that the bank has acquired come to a total of $115.94 billion.
From 2011 to 2016, both Global Finance and Asian Private Banker ranked it as the best private bank in their respective publications.
This financial institution’s primary office can be found on Market Street. A large number of Bank of Singapore branches can be found in Hong Kong, Manila, London, and Dubai respectively.
Best Investment banks in Singapore in 2024 – Singapore bank account
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Citibank Singapore:
Citibank Singapore, ranked number five, was the first American bank to open its doors in Singapore. It was established in the year 1902, which puts its age at approximately 115 years.
Because it is one of the largest employers in Singapore, this bank has more than 10,000 staff members working for it.
It has more than 1500 points of contact with customers and more than 20 branches in Singapore. Additionally, it operates multiple business divisions, such as Citi Commercial Bank, Citi Global Consumer Banking, and many others.
It offers a diverse selection of services including individual loans, time deposits, personal health insurance, travel insurance, and many others. Temasek Avenue is where its headquarters can be found today.
Top Investment banks in Singapore
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CIC Singapore:
It first opened its doors in 1984, and ever since then it has served as the administrative center for Asia and the Pacific. The Marina Bay Financial Centre serves as the location of the company’s headquarters.
Treasury, corporate finance, structured finance, private banking, and other products and services related to finance are among the many that are on offer from this company.
The provision of banking services to small and medium-sized enterprises (SMEs) is where they place their primary emphasis; In addition, they provide clients in Singapore with the most comprehensive wealth management solutions possible.
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Best offshore banks in Singapore in 2024
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HSBC Singapore:
HSBC Singapore comes in at number seven on our list because it is one of the oldest top banks.
It was first established in the year 1877, which places its age at approximately 140 years. It has approximately three thousand people working for it.
In addition to its more than ten branches located all over Singapore, the bank operates forty automated teller machines (ATMs) throughout the country. Collyer Quay serves as the location of the company’s headquarters.
Customers have access to a comprehensive selection of personal and commercial banking products, as well as insurance options, when they bank with HSBC.
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Maybank Singapore:
The Maybank Singapore is the eighth largest bank in Singapore, Maybank Singapore is a relatively old bank; it was established in the year 1960, which is approximately 57 years ago.
Over 1800 people are employed by the company, and they provide a wide range of services to customers in Singapore,
Including current and savings accounts, Islamic deposits, lending products, investments, and other financial products and services. It has 27 locations across Singapore where it provides its services.
Maybank has been ranked as one of the top five banks in all of ASEAN, and it holds the title of Qualifying Full Bank (QFB) in Singapore.
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Standard Chartered Bank (Singapore) – Standardchartered Singapore
The Standard Chartered Singapore is a wholly owned subsidiary of Standard Chartered PLC. Almost 150 years ago, it was founded in the city-state of Singapore.
In addition to its thirty automated teller machines (ATMs), it has over eighteen locations all over the United States.
And, it features five priority banking centers. At the moment, it possesses total assets worth S$ 33 billion, and the amount of customer loans it has is S$ 23 billion.
The Marina Bay Financial Centre serves as the location of the company’s headquarters. It was granted the license to operate as a Qualifying Full Bank (QFB) in Singapore in October 1999.
Best Biggest Banks in singapore in 2024
10. RHB Bank (Singapore):
This bank was established in 1961, making it approximately 56 years old today.
United Malayan Banking Corporation Berhad was the name of the institution at that time (UMBC). This is a universal bank, and it operates in seven different locations across the island of Singapore.
Its primary focus is on achieving the highest possible level of satisfaction among its customers.
Because of this, it is the only bank in Singapore and also in Malaysia to win the most prestigious “Best Customer Experience Management of the Year Award” in banking service.
This award recognizes excellent customer experience management in financial institutions. APCSC Hong Kong is the organization that bestows the award.
Top 10 Financial Institutions in Singapore 2024
- The DBS Group
- Overseas Chinese Banking Corporation (in Chinese)
- The United Overseas Bank (U.O.B)
- The Singaporean Central Bank
- Citibank Singapore
- CIC Singapore
- HSBC Singapore
- Maybank Singapore
- The Standard Chartered Bank
- RHB Bank
In conclusion on Biggest Banks in Singapore
This article served as a guide to a list of the top banks in Singapore, along with information regarding their organizational structure and current financial standing.
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