This is a list of banks with operations in Singapore. Location of incorporation is provided in brackets for foreign banks. There are, at present, 111 commercial banks, 49 merchant banks, 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 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 congolmerates 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 5 today.
Full banks
There are presently 6 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.
Defunct banks
Foreign banks
There are presently 106 foreign commercial banks in Singapore, of which 24 are Full banks, 40 are Wholesale banks, and 42 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.
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 Malayan Banking. These QFBs are permitted to operate up to 15 service locations.
In June 2004, the QFB license 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 atm 5 ), 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.
Wholesale banks
Wholesale bank licenses were first issued in December 2001 to replace the "Restricted Bank (RB)" license as a reflection 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.
Offshore banks
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 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
External links
- http://www.mas.gov.sg/fi_directory/index.html
- http:
Discover offshore banking benefits with HSBC International
Why bank offshore? Offshore banking benefits explained by HSBC International.
Offshore Banking,Offshore Companies - Welcome to Executive Solutions!
We can assist you with offshore banking in Hong Kong, UK, Singapore, Liechtenstein, and Cyprus. Please note that we only offer assistance with opening corporate accounts for ...
Offshore Company Formation UK - Offshore Trust, Offshore Banking ...
Offshore Company Formation, Offshore Banking Services, Company ... Offshore trust formation Shelf Companies with bank account UK Singapore, Belize, British Virgin Islands Hong kong ...
Are you eligible for offshore banking?
Most people are eligible to hold an offshore bank account, find out how to apply here.
Offshore Companies from OCRA Worldwide
OCRA focuses on utilisation of both onshore and offshore ... Offshore Banking; Offshore Trusts and Trustee Services ... Singapore. Singapore LLP; Singapore Private Limited
Offshore Banking Services | HSBC Singapore
HSBC Singapore offers you a safe-haven for your wealth, tax benefits, and global investment opportunities.
Offshore Banking Singapore, Private Banking Singapore
Offshore companies. The best guide on asset protection and tax shelter. Free information regarding Singapore and Singapore offshore bank accounts, tax free Singapore, offshore bank ...
Offshore Banking Regulations Singapore, Monetary Authority, Exchange ...
The legislation on financial regulation including offshore banking is concentrated in the following acts: Offshore Banking Act, Finance Companies Act, Insurance Act, Securities ...
Offshore Banking in Singapore
Offshore Banking Jurisdictions - Offshore Banking in Singapore
Offshore Banking in Singapore | Singapore Offshore Account @ Healy ...
Offshore banking in Singapore is a stable, reliable and reputable solution for business people conducting international trade. Healy Consultants helps clients open a Singapore ...