The Top 10 Banks in Singapore Gaining Maximum Interest are the Development Bank of Singapore (DBS),Overseas Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB)followed by other local and foreign banks in Singapore listed in the article with their structure & financial status.
Singapore’s market is one of the finest and best places for many public banks house of world bank singapore and financial institutions singapore to create their historical bank rankings landmark and to boom their horizon. The Government’s trending policies and support are the most vital reasons for which many foreign banks have structured their subsidiary in Singapore.
It is a paradise location for banks in singapore for foreigners, local and foreign country banks in Singapore which allows them to connect around the globe with ease. The perfectionist standard of living of people in Singapore has created a substantial market for banks to employ.
That assembles Singapore as the “banking hub, a place of convergence ”. And in the year 2013, the total volume of assets of the banking quarter in Singapore numbered around US $2 trillion.
Table of Contents
- List of Top 10 Banks in Singapore
- FAQ – Top 10 Banks in Singapore
Overview & Financial Structure of Top 10 Banks in Singapore
Before peeking into the Top 10 Banks in Singapore there are above 150 Top banks in Singapore providing their banking services that can be categorized into major two roots with subdivisions. Below is the list of banks in singapore.
There are primarily listed 6 local banks in Singapore. Among them, the top 3 local banks are the Development Bank of Singapore(DBS), Overseas Chinese Banking Corporation(OCBC), and United Overseas Bank (UOB).
The 150+ foreign banks across the world are marking their mark in Singapore which are further subdivided into different categories.
- Full Banks – There majorly 27 full-time working banks. ABN Amro, BNP Paribas, and HSBC are the most notable among them.
- Wholesale Banks – The Capital City is framed with 53 wholesale banks. Barclays Bank, ING Bank, and National Australia Bank are the most significant.
- Offshore Banks – There are significantly 37 offshore Singapore-based banks. Korea Development Bank, Bank of Taiwan, etc. are noticeable on the list.
- Merchant Banks – There are around 42 merchant banks in Lion City, Singapore. Axis Bank, Credit Suisse Singapore Ltd., etc. are citable.
List of Top 10 Banks in Singapore
- DBS Group (banks of all banks)
- Overseas Chinese Banking Corporation
- United Overseas Bank
- Bank of Singapore
- Citibank Singapore
- CIC Singapore
- HSBC Singapore
- Maybank Singapore
- Standard Chartered Bank
- RHB Bank
Development Bank Of Singapore
The largest bank in Singapore that aquires total equity acquired by DBS Bank at the end of June 2017 was S$ 486.699 billion. As one of the biggest financial corporations in Asia, this bank is ranked at the top of this list. In March 2017, the bank generated a net profit of S$1.2 billion. It serves 4.6 million customers and employs around 22,000 people. Marina Bay Financial Centre is the bank’s headquarters.
Overseas Chinese Banking Corporation (OCBC)
Based on total assets acquired,for the investment banking singapore (sgx: o39)is the second-ranking bank. The total assets acquired by this bank at the end of June 2017 were S$ 429.601 billion. At the end of March 2017, customers owed S$221.5 billion. It was established in 1932. It has a presence in over 18 countries and a total of 600 branches all around the world. About 30,000 people work here. It has its headquarters in Chulia Street.
United Overseas Bank
In terms of total assets acquired, UOB is the third top bank. The total assets acquired at the end of June 2017 were S$ 344.414 billion. The bank made a net profit of S$807 million at the end of March 2017. In 1935, it was founded. It currently has 500 branches in over 19 countries, employing about 25,000 people. The bank’s headquarters are located at Raffles Place
Bank of Singapore
Bank of Singapore is a subsidiary of OCBC; but as a subsidiary, it’s still huge. The total assets acquired by the bank at the end of April 2017 were $115.94 billion. Global Finance and Asian Private Banker named the bank the best private bank from 2011 to 2016. The headquarter of the bank is located on Market Street. Many branches are located in Hong Kong, Manila, London, and Dubai.
This bank is the first American institution to have settled in Singapore more than a century ago, in 1902. It has since grown to become one of the biggest employers in Singapore and presently employs over 10,000 people. Furthermore, it boasts over 1500 customer touch-points and 20 branches all across the city-nation. The bank also covers multiple business units such as Citi Commercial Bank and Citi Global Consumer Banking with services ranging from personal loans, time deposits, health insurance, and travel insurance. Its headquarter is located at Temasek Avenue.
CIC has been a part of Credit Mutuel Group since 1984 and it forms the Asia Pacific headquarters. CIC Bank’s head office in Singapore country is situated in Marina Bay Financial Centre, offering a selection of financial services such as corporate finance, treasury, private banking, and structured finance. SME banking remains at the core of their operations and customers are also provided with comprehensive wealth management solutions.
There are over ten plus branches across Singapore and 40 ATMs in the country. HSBC Singapore is one of the oldest top banks in the country. It was established in 1877, around 140 years ago. Over 3000 people work for it. Headquartered in Collyer Quay, HSBC Bank provides a wide range of personal and commercial banking products (including insurance) to clients.
In 1960, Maybank Singapore was founded, around 57 years ago. They employ over 1800 people and offer a wide range of services, including current accounts, savings accounts, Islamic deposits, lending products, investments, etc. The bank has 27 locations in Singapore and is ranked as one of the top 5 banks in ASEAN. It offers services to customers in 27 locations.
Standard Chartered Bank
standard chartered singapore bank was established almost 150 years ago as a subsidiary of Standard Chartered PLC. It has over 18 branches all across the country and 30 ATMs, as well as 5 priority banking centers. Currently, it has total assets of S$ 33 billion and loans of S$ 23 billion. The standard chartered singapore location is in Marina Bay Financial Centre. It was licensed as a Qualifying Full Bank (QFB) in Singapore in October 1999.
In 1961, United Malayan Banking Corporation Berhad (UMBC) was founded. It is a universal bank with a presence in seven locations in Singapore. It was founded 56 years ago. This bank focuses primarily on providing the best customer service to its customers. Therefore, it is the only bank in Singapore and Malaysia to win the most prestigious “Best Customer Experience Management of the Year Award” in banking services. This award is presented by APCSC Hong Kong
FAQ – Top 10 Banks in Singapore
Now that we come to the end of our list of the Top 10 Banks in Singapore. Please feel free to rate and share you opinion to list of largest banks in the world.
Which is the best bank in Singapore?
The Development Bank of Singapore (DBS) is highly rated and the best bank in Singapore.
What are the top 7 banks of Singapore?
Citi Singapore Ltd, DBS Bank Ltd, HSBC Bank (Singapore) Ltd, Maybank Singapore Ltd, Oversea-Chinese Banking Corporation Ltd, Standard Chartered Bank Singapore Ltd, and United Overseas Bank Ltd are the seven trusted banks in Singapore.
Which Banks of India are also available in Singapore?
At Present in 2023, there are 8 Indian banks present in Singapore. WhileBank of Baroda, Bank of India, Indian Bank, Indian Overseas Bank, UCO Bank, and Axis Bankhave one branch each, there are two branches of ICICI Bank and five SBI branches in Singapore.
How useful was this post?
Click on a star to rate it!
Average rating 0 / 5. Vote count: 0
No votes so far! Be the first to rate this post.
As you found this post useful...
Follow us on social media!
1) DBS. DBS is the largest bank in Singapore by assets and the 69th largest in the world.What are the big 4 investment banks? ›
As far as Roger Hoit is concerned, Among these financial institutions, the "big 4" investment banks are the industry's most influential and profitable players These banks are Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Citigroup This article will explore these institutions' backgrounds and critical features.Which is the best investment bank in Asia? ›
Maybank Investment Banking was named the Best Broker in Southeast Asia for the ninth consecutive year by the 16th Alpha Southeast Asia Best Financial Institutions Awards. Maybank IBG also bagged Asian Banking & Finance awards in two categories, namely Corporate & Investment Banking 2022 and Wholesale Banking 2022.What is the biggest bank in the world? ›
With $5.5 trillion in assets, Industrial and Commercial Bank of China Limited is the largest bank in the world, as measured by total assets. Given its size and dominance, it's no surprise that ICBC China has earned high marks for financial stability and profitability.Which bank is safest in Singapore? ›
- DBS Bank. The Development Bank of Singapore, or DBS, was there when Singapore gained independence in 1965. ...
- Overseas-Chinese Banking Corp (OCBC) A branch of OCBC Bank. ...
- United Overseas Bank (UOB) ...
- Standard Chartered Singapore. ...
- Bank of Singapore. ...
- Citibank Singapore. ...
- HSBC Singapore. ...
- CIC Singapore.
Goldman Sachs is generally regarded as the leading investment bank in most business areas, and is the toughest Bulge Bracket investment bank to break into. Goldman has a very strong reputation within the industry and among corporations. They advise on the majority of high profile M&A deals and other major transactions.What are the top 3 investment banks? ›
- JPMorgan Chase.
- Goldman Sachs.
- BofA Securities.
- Morgan Stanley.
- Credit Suisse.
- Deutsche Bank.
Goldman Sachs & Co.
Goldman Sachs provides a wide range of investment banking, securities, and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments, and individuals. Widely...
OCBC. A leading financial services provider in Singapore and Southeast Asia, OCBC is the second largest bank in Singapore by total assets and one of the world's most highly rated banks.Which is the safest bank in world? ›
UBS is now 'the world's safest bank' for depositors because Switzerland has made it too big to fail, analyst says | Business Insider India.
The following investments are the safest: High-Yield Savings Accounts: Most high-yield savings accounts are FDIC insured, which means your money is protected in case of a bank failure. Money Market Accounts: Money market funds are FDIC-insured, just like other deposit accounts.What banks are most at risk? ›
- First Republic Bank (FRC) - Get Free Report. Above average liquidity risk and high capital risk.
- Huntington Bancshares (HBAN) - Get Free Report. ...
- KeyCorp (KEY) - Get Free Report. ...
- Comerica (CMA) - Get Free Report. ...
- Truist Financial (TFC) - Get Free Report.
If you prefer a local Singapore bank, you can go with DBS, UOB, or OCBC. It's the largest bank in Singapore and Southeast Asia in terms of size and total assets. You can get access to the bank's service everywhere and everywhen as DBS has more than 100 branches and ATMs in Singapore.
- DBS (Development Bank of Singapore)
- OCBC (Overseas Chinese Banking Corporation)
- UOB (United Overseas Bank)
Yes, you can open a Singapore bank account as a US citizen. But you need to know which banks accept US clients. Then you need to meet specific requirements and overcome an intense due diligence process. Read on for how to open Singapore bank accounts for US citizens.Can foreigners open bank account in Singapore? ›
Yes, you can. If you have an employment pass or residency, then opening a bank account as a foreigner is a straightforward process.What are the 7 banks in Singapore? ›
The seven participating banks are: Citi Singapore Ltd, DBS Bank Ltd, HSBC Bank (Singapore) Ltd, Maybank Singapore Ltd, Oversea-Chinese Banking Corporation Ltd, Standard Chartered Bank Singapore Ltd and United Overseas Bank Ltd.What are the top three banks in Singapore? ›
The cumulative total assets of Singapore's banking sector exceed $2 trillion. Monetary Authority of Singapore (MAS), established in 1971, is the central bank of the country. The three largest banks in Singapore are DBS, OCBC and United Overseas Bank. Below is a list of the largest and best banks in Singapore.Which country is best for investment banking? ›
The United States is undoubtedly one of the top countries for a career in finance, with New York City serving as a global financial hub. The finance industry in the US is extensive and diverse, with opportunities in investment banking, private equity, asset management, hedge funds, and venture capital.
- Ally Bank. ...
- Juno. ...
- Synchrony. ...
- Current. ...
- Wells Fargo. ...
- United Bank. ...
- Axos Bank. Axos Bank is an online-only bank that doesn't charge fees and offers rewards checking, savings, CDs, MMAs, and IRAs. ...
- Wise. Wise is a money transfer service that makes sending or receiving money from international countries easy.
March 10 (Reuters) - Startup-focused lender SVB Financial Group (SIVB. O) became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.What is the #1 safest investment? ›
What are the safest types of investments? U.S. Treasury securities, money market mutual funds and high-yield savings accounts are considered by most experts to be the safest types of investments available.What is a Tier 1 investment bank? ›
Abbreviation for Tier 1 executive. 3. Investment banking. Tier 1 investment banks are the largest globally across multiple product categories. They include JP Morgan, Goldman Sachs, Citigroup, Morgan Stanley and Bank of America.Which banks pay the most investment banking? ›
- Bank of America.
- Goldman Sachs.
- JP Morgan.
- Morgan Stanley.
New York, New York, USA
New York City is typically considered the finance capital of the world. Many of the largest investment banks, including Goldman Sachs,14 Morgan Stanley,15 and Merrill Lynch,16 are headquartered in New York City. So too are several large banks, including Citigroup and JPMorgan Chase.
Global investment banking is dominated by U.S. banks
All five of the top ranked investment banks are American multinational investment banking firms. The two leading investment banks worldwide with regards to revenue as of December 2022 included JPMorgan and Goldman Sachs.
Culture is a bank's most valuable and riskiest asset, and should be treated as such.Which bank is safest in USA? ›
|JP Morgan Chase||$3.2 trillion|
|Bank of America||$2.42 trillion|
|Wells Fargo||$1.72 trillion|
The Lifestory Research 2022 America's Most Trusted® Bank Study found Chase the most trusted bank. The America's Most Trusted® Study is a large-scale survey of consumers in the United States that seeks to identify the brands that people trust the most within their respective industries.
Singapore is the leading financial centre in the Asia-Pacific.Are Singapore banks safe? ›
Banks in Singapore are well-capitalised and conduct regular stress tests against interest rate and other risks. Their liquidity positions are healthy, underpinned by a stable and diversified funding base. These factors will allow them to weather potential stresses from global financial developments.Can the IRS seize foreign bank accounts? ›
However, don't believe that your money is safe just because it is in an offshore bank account. The IRS can issue a levy to any bank within the US. If you're an account holder of a foreign bank that has a branch in the US, the IRS can easily issue a levy notice to the US office and empty your account overseas.What country has the strongest banking system? ›
Switzerland is a notorious worldwide standard for financial safe-havens. Switzerland and banking are almost synonymous with anyone around the world. This highly developed, multilingual European country has become the global standard for financial stability throughout several generations.What is the best safe investment right now in the USA? ›
Here are the best low-risk investments in May 2023:
Series I savings bonds. Short-term certificates of deposit. Money market funds. Treasury bills, notes, bonds and TIPS.
Most of our experts agree that one of the safest places to keep your money is in a savings account insured by the Federal Deposit Insurance Corporation (FDIC). “High-yield savings accounts are an excellent option for those looking to keep their retirement savings safe.How can I get 10% interest? ›
- Invest in Stocks for the Long-Term. ...
- Invest in Stocks for the Short-Term. ...
- Real Estate. ...
- Investing in Fine Art. ...
- Starting Your Own Business (Or Investing in Small Ones) ...
- Investing in Wine. ...
- Peer-to-Peer Lending. ...
- Invest in REITs.
By the numbers: The three banks that failed this year — Silicon Valley Bank (SVB), First Republic Bank (FRB) and Signature Bank — accounted for 2.4% of all assets in the banking sector.What banks are collapsing 2023? ›
|Bank Name, City, ST||Press Release (PR)||Closing Date|
|First Republic Bank, San Francisco, CA||PR-034-2023||May 1, 2023|
|Signature Bank, New York, NY||PR-021-2023 PR-018-2023||March 12, 2023|
|Silicon Valley Bank, Santa Clara, CA||PR-023-2023 PR-019-2023||March 10, 2023|
A new report has found that 186 banks in the US are at risk of failure due to rising interest rates and a high proportion of uninsured deposits. The research, posted on the Social Science Research Network titled 'Monetary Tightening and US Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?'
Decades of low interest rates squeezed banks' profits. Many opted to cut costs by closing branches. The pandemic triggered a massive migration to digital banking. Large banks vying for market share often acquire smaller banks to expand their footprint.Where does US bank rank? ›
|RANK||BANK NAME||TOTAL ASSETS|
|1||JPMorgan Chase||$3.20 trillion|
|4||Wells Fargo||$1.72 trillion|
|5||U.S. Bancorp||$585.14 billion|
|The Vanguard Group, Inc.||7.90%||120,967,097|
|BlackRock Fund Advisors||4.67%||71,487,300|
|SSgA Funds Management, Inc.||3.80%||58,161,904|
|T. Rowe Price Associates, Inc. (I...||3.06%||46,837,595|
- Wells Fargo.
- Capital One.
- Discover Bank.
- Flagstar Bank.
- Bank of America.
- Comerica Bank.
- First National Bank of Omaha.
The largest bank in the world in terms of total assets under management (AUM) as well as gross revenues is the Industrial and Commercial Bank Of China Ltd. This institution provides credit cards and loans, financing for businesses, and money management services for companies and high net worth individuals.What is the #1 bank in the country? ›
JPMorgan Chase. Headquarters: New York, N.Y. JPMorgan Chase is the largest bank in the U.S., with roughly $3.20 trillion in consolidated assets.Which is the best bank to open an account in Singapore? ›
|Savings account||Interest rates||Best for|
|UOB One||Up to 7.80%||Freelancers & self-employed|
|OCBC 360||Up to 7.65%||Growing your savings|
|Maybank Save Up||Up to 4.30%||Home, education, car loan users|
|Standard Chartered Bonus Saver||Up to 7.88%||High spenders|
Singapore Banks Dividend
Another way to evaluate is by comparing dividend yields. This amount is lower than OCBC's 5.5% but higher than UOB's 4.79%. As such, by looking at dividend yield, it could be a reason for choosing OCBC over the other two banks.
- Development Bank of Singapore (DBS)
- Oversea-Chinese Banking Corporation (OCBC)
- United Overseas Bank (UOB)
- Maybank Singapore.
- CIMB Bank Singapore.
- Post Office Savings Bank (POSB)
- Best Singapore Banks for Expats - Our Recommendations.
|Bank/Credit Union||Forbes Advisor Rating||Minimum Deposit Requirement|
|Varo Savings Account||4.3||$0|
|UFB Premier Savings||4.1||$0|
|Salem Five Direct eOne Savings||3.8||$10|
|MySavings Direct MySavings Account||3.7||$0|
There's no legal reason why you can't open a bank account in Singapore as a visitor, student or holding a Dependent pass.Can I open a bank account in Singapore from overseas? ›
Can a non-Singapore resident open a bank account in Singapore? Yes, the easiest way to access Singaporean bank details is to open a Wise Multi-Currency Account. An employment pass, Singaporean residency, or Singaporean proof of address is not required.Which bank to buy Singapore? ›
UOB is the standout performer here with year on year revenue growth of 6.7%. UOB also performed the best among the three as operating profit before allowances rose 9.7% year on year. However, DBS announced a 44.1% year on year jump in net profit, higher than UOB's 39.8% and OCBC's 35.5%.What is Citibank Singapore ranked? ›
We are proud to announce that Citibank Singapore is ranked no. 1 among banks in Singapore for Customer Experience in the Forrester's 2021 Singapore CX Index Survey. A big thank you to our customers for your vote of confidence and invaluable support.Which bank is most trusted in the world? ›
J.P. Morgan won the title of the World's Best Corporate Bank. It is an American multinational corporation with headquarters located in New York. The bank operates worldwide and is considered one of the largest banking institutions in the United States and the world.Which bank has the best interest rate? ›
- CIT Bank - 4.85% APY.
- Popular Direct - 4.85% APY.
- UFB Direct - 4.81% APY.
- TAB Bank - 4.76% APY.
- Bask Bank - 4.75% APY.
- Bread Savings - 4.65% APY.
- Salem Five Direct - 4.61% APY.
- CIBC Bank USA - 4.52% APY.
Yes, you can open a Singapore bank account as a US citizen. But you need to know which banks accept US clients. Then you need to meet specific requirements and overcome an intense due diligence process. Read on for how to open Singapore bank accounts for US citizens.Can a US resident open a bank account in Singapore? ›
Yes, foreigners can open Singapore bank accounts. However, you'll often be asked for a proof of address from Singapore, as well as your valid pass to prove you're legally in the country. If you're still based in the US a flexible multi-currency account from a specialist provider may be a better option.What is the best international bank in Singapore? ›
Best Bank for Foreigners in Singapore: OCBC. One of the best bank for foreigners in Singapore is OCBC which stand for Overseas-Chinese Banking Corporation. This bank is suitable for foreigners since it has many branches located outside Singapore too.