- List of banks in Singapore
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 in
Singaporemay undertake universal banking, such as the taking of deposits and the provision of chequeservices and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisoryservices, insurance brokeringand capital marketservices, 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.
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.
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
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 1999to ABN AMRO, Banque Nationale De Paris (now BNP Paribas), Citibank(transferred to newly locally-incorporated Citibank Singaporeon 28 June 2004) and Standard Chartered Bank. Two new licences were issued in December 2001as part of the second phase of bank liberalisation, namely to the Hongkong and Shanghai Banking Corporationand Malayan Banking. These QFBs are permitted to operate up to 15 service locations.
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 atm5), 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.
Representative offices of banks
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