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Please update this article to reflect recent events or newly available information. This is a list of banks with operations in Singapore. Location of incorporation is provided in brackets for foreign 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. 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. 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. There are presently 119 foreign commercial banks in Singapore, of which 28 are Full banks, 54 are Wholesale banks, and 37 are Offshore 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. 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.
EFTPOS network from 1 July 2002. 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. Banca Monte dei Paschi di Siena S. 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. Bank of Singapore renamed Singapore Island Bank”.
DBS to wind down Islamic banking unit”. Far Eastern Bank completes merger with UOB”. Wholesale banking licence for EFG in Singapore”. 2 Operates under UOB’s brand name. 2009년 6월 30일 네이버 여행 서비스가 종료되었습니다. This article needs additional citations for verification. Bank of Bahrain and Kuwait B.