Top 10 Banks in Singapore Gaining Maximum Blissful Interests
The latest ranked top 10 Banks in Singapore in 2024 are the 1. DBS Bank Ltd. 2. (OCBC Bank) 3. United Overseas Bank (UOB) 4. Standard Chartered 5. Citibank is 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 as World Bank Singapore and financial institutions in 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 and local and foreign country banks in Singapore, allowing them to easily connect around the globe. 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 ”. In the year 2013, the total volume of assets of the banking quarter in Singapore numbered around US $2 trillion.
Overview & Financial Structure of Top 10 Banks in Singapore
Before peeking into the Top 10 Banks in Singapore there are above 150 Top banks in Singapore providing their banking services that can be categorized into major two roots with subdivisions. Below is the list of banks in singapore.
Local Banks
There are primarily listed 6 local banks in Singapore. Among them, the top 3 local banks are the Development Bank of Singapore(DBS), Overseas Chinese Banking Corporation(OCBC), and United Overseas Bank (UOB).
Foreign Banks
The 150+ foreign banks across the world are marking their mark in Singapore which are further subdivided into different categories.
Full Banks – There majorly 27 full-time working banks. ABN Amro, BNP Paribas, and HSBC are the most notable among them.
Wholesale Banks – The Capital City is framed with 53 wholesale banks. Barclays Bank, ING Bank, and National Australia Bank are the most significant.
Offshore Banks – There are significantly 37 offshore Singapore-based banks. Korea Development Bank, Bank of Taiwan, etc. are noticeable on the list.
Merchant Banks – There are around 42 merchant banks in Lion City, Singapore. Axis Bank, Credit Suisse Singapore Ltd., etc. are citable.
List of Top 10 Banks in Singapore
List of Top 10 Banks in Singapore
DBS Group (banks of all banks)
Overseas Chinese Banking Corporation
United Overseas Bank
Bank of Singapore
Citibank Singapore
CIC Singapore
HSBC Singapore
Maybank Singapore
Standard Chartered Bank
RHB Bank
Development Bank Of Singapore
The largest bank in Singapore that aquires total equity acquired by DBS Bank at the end of June 2017 was S$ 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$1.2 billion. It serves 4.6 million customers and employs around 22,000 people. Marina Bay Financial Centre is the bank’s headquarters.
Based on total assets acquired,for the investment banking singapore (sgx: o39)is the second-ranking bank. The total assets acquired by this bank at the end of June 2017 were S$ 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.
Citibank Singapore
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 Singapore
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.
HSBC Singapore
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.
Maybank Singapore
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.
RHB Bank
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. While Bank of Baroda, Bank of India, Indian Bank, Indian Overseas Bank, UCO Bank, and Axis Bank have one branch each, there are two branches of ICICI Bank and five SBI branches in Singapore.
