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List of Top 10 Banks in Singapore

Banks thrive in Singapore. One of the major drivers of development in Singapore is its banking industry. This is largely because the government of Singapore has always crafted its laws and policies in such a way that takes into account diversity and economy. 

These laws and policies attracted investors from all over the world that resulted in Singapore becoming a banking hub in Southeast Asia.

It is worthy to know that Singapore has over 200 banking entities despite its small geographical area. The banking sectors’ assets reached approximately US$2 trillion in the year 2013.

Below are the top banks in Singapore and these banks’ stories of origin and expansion. Each successful bank in Singapore is the product of the government’s attractive policies, Singapore’s strategic location and years of hard work and consistency.

1. Development Bank of Singapore

The government of Singapore instituted the leading financial service in the country in 1968. The Development Bank of Singapore (DBS) is a Singapore bank which has more than 100 offices and branches in the country alone. Aside from being one of the most popular banks in Singapore, DBS has also made its name known all over Southeast Asia.


From 2009-2017, Development Bank of Singapore was listed among the World’s Safest Banks by the Global Finance magazine. It also sustains its title as the largest bank in Southeast Asia.

It has hundreds of branches and offices in its neighboring countries like the Philippines, China, Japan, United Arab Emirates (UAE), Indonesia, Hong Kong, South Korea, India, to mention a few. Up to this day, Development Bank Singapore continues to expand its banking operations all over the world.

Development Bank Singapore is a recipient of a long-term credit rating of Aa1 from Moody’s and this signifies the bank’s world class performance. Its banking services include investment banking, equity and debt financing, asset management, consumer banking, brokerage services and capital market services. It attends to the needs of both personal and corporate clients.

Profits & Assets

In 2019, DBS has total profits of $4.3 billion and a total assets of $451.6 billion according to Forbes’ report.


2. Post Office Savings Bank (POSB)

It was in 1877 that the Post Office Savings Bank was instituted in Singapore. It has, since then, been among the oldest banks in Singapore. The Development Bank of Singapore decided to acquire POSB Singapore in 1998. As a consequence, POSB became a subsidiary of this popular bank in Singapore.

POSB Singapore’s operations allow clients to deposit and withdraw cash at any Post Office in the country.


POSB received the Asset Triple A Digital Awards 2018, Retail Banker International Asia Trailblazer Awards 2018 and the Global Finance Award 2018.

Profits & Assets

POSB operates more than 132 banks, numerous counters at supermarkets and other shopping centers, and has more than 675 ATMs within Singapore. Its assets are approximately $25 billion.

3. United Overseas Bank

The United Overseas Bank (UOB) is formerly called the United Chinese Bank that was established in 1935. The change to its current designation transpired in 1965, just before Singapore achieved its independence. Exceeding 500 branches across 19 different Southeast Asian countries, the United Overseas Bank is now the third largest bank in the region. 

United Overseas Bank has so much financial services to offer. Among these are various personal as well as commercial banking products and services. It also specializes in providing competent asset management- and private banking- related services. On top of these amazing products, UOB also offers insurance packages.


Its high quality performance over the years is proved by its receipt of Moody’s award of a credit rating of Aa1. UOB was also awarded Best SME Bank in Singapore and in Asia Pacific during the International Excellence in Retail Financial Services Awards 2020.

Profits & Assets

According to Forbes, UOB has a total profit of $3.2 billion and a total assets of $300.8 billion in the year 2019.

4. Oversea-Chinese Banking Corporation (OCBC Bank)

With  branches and offices across 18 countries, the Oversea Chinese Banking Corporation is placed as the second largest bank in Southeast Asia in terms of controlling total assets after the Development Bank of Singapore (DBS).

The history of the Chinese Banking Corporation is quite interesting as there were originally three banks in Singapore that merged and eventually formed it in 1932. These three then separate banks in Singapore were the Ho Hong Bank, the Chinese Commercial Bank and the then single Oversea Chinese bank.


In 2019, it was awarded the Best Private Bank in Singapore. In the same year, it also garnered the Best Bank in Asia-Pacific. It was also among the World’s 50 Safest Banks and among the World’s Top 10 Commercial Banks in 2016. The OCBC Bank is rated AA-, Aa1 and AA- by Fitch, Moody’s and Standard Poor’s, respectively.

Profits & Assets

Forbes reported in 2019 that OCBC Bank has a total profit of $3.6 billion and a total assets of $365.7 billion.

5. Standard Chartered Bank

Standard Chartered Bank is a British financial institution. Its existence is traced back as early as 1858, making it among the largest banks in the world.

It operated its first branch in Singapore in the year 1859 and just after four (4) years of banking operations, the Standard Chartered Bank qualified to receive the Qualifying Full Bank (QFB) license. Its subsequently becoming a full bank has paved the way for Standard Chartered Bank to expand its operations  to a whole new level.

Among its wide range of banking products and services are corporate finance, foreign exchange, cash management, trade finance, securities services, debt capital markets, and lending. It offers these aforementioned products specifically but not limited to corporate and institutional clients. To widen its market, the bank’s Private Banking Division is particularly designated to provide private banking services.


It is one of the highest-rated banks globally. Aside from the QFB license, Standard Chartered Bank also received the Best Digital Bank in Hong Kong Award at the International Excellence in Retail Finance Services Awards 2020. It also received A1/Stable from Moody’s, A/Stable from Standard & Poor’s and A/Stable from Fitch Rating.

Profits & Assets

With over 1,200 banks all over the world, the Standard Chartered generates approximately 90% of its profits from its operations in Asia alone. It maintains a powerhouse in Singapore by establishing not less than 17 branches in the country.

In 2019, it has total profits of $1.9 billion and a total assets of $720.4 billion according to Forbes.


6. Citibank

In 1812, Citibank was originally instituted and called as the City Bank of New York. Almost a century after its establishment, specifically in the year 1902, Citibank started operating in Singapore. Its designation was not Citibank but International Banking Corporation. It has, since then, become one of the most trusted and biggest banks in Singapore.

Currently, Citibank has approximately 2,600 branches operating across 160 nations worldwide. Among its known financial services, especially in Singapore, include deposit accounts, insurance, mortgages, charge cards and investment banking.


In 2017, Citibank was awarded the following: ‘Best Bank —  Global’ by The Asset Triple A Country Awards, ‘Best International Bank’ in Singapore by Asiamoney, ‘Best Bank in Singapore’ by Euromoney and lastly, ‘Best Foreign Bank in Singapore’ for 20th year by FinanceAsia.

Profits & Assets

Data in 2016 show that Citibank has total profits of $14,910,000,000 and total assets of $1,792,000,000,000.


It is a British or Hong Kong multinational financial intermediary. HSBC is known to be one of the largest banks in the world today. The said bank first operated in Singapore in the year 1877.

Its early presence in Singapore allowed opportunities for reconstruction and rebuilding programs to materialize in the country during the post-World War II period. Loans were generously extended to the government of Singapore to support its rehabilitation efforts after the war. HSBC Singapore also helped the private sector to start over again.

The HSBC banks are ubiquitous with more than 4,000 branches operating across 70 different countries. HSBC banks also received the Qualifying Full Bank (QFB) license that enables them to offer a wide range of financial and banking products and services. These services include trustee services, private banking, investment banking, commercial banking, retail banking, capital markets services, wealth management and insurance services.


HSBC is awarded the Covered Bond House of the Year. It is also the World’s Best Bank for Sustainable Finance and the recipient of the Excellence in Leadership in Asia Award during the Covid-19 pandemic.

Profits & Assets

Forbes recorded in 2019 that HSBC has total profits of $3.8 billion and total assets of $2,917.8 billion.

8. State Bank of India (SBI)

The State Bank of India is the largest commercial bank in India. Its Singaporean bank is also a recipient of the Qualifying Full Bank (QFB) license. Such license allows SBI Singapore to provide both corporate and individual clients various range of banking services which include the following: mortgage loan services, asset management, insurance, retail banking services, investment banking and savings and deposit accounts.


Aside from the QFB license, SBI also won the awards for Best Trade Finance Bank and Leading Counterparty Bank in India in 2013.

Profits & Assets

According to Forbes, SBI has total profits of $2 billion and total assets of $559.9 billion in 2019.

9. Barclays Bank

Having operated in 40 countries, Barclays is a British multinational financial intermediary which has a regional hub in Singapore. Its Singapore branch is considered as its biggest branch in the whole of Asia.

As an international financial center, the Singapore government has always made overseas bank a viable banking option for the country by crafting progressive international policies. As a result, Barclays Bank Singapore became one of the top private banking businesses in the whole of Asia.


Just this year, Barclays is Euromoney’s recipient of ‘UK’s Best Bank’ award, ‘UK’s Best Investment Bank’ award and the ‘Excellence in Leadership in Western Europe — for Covid response’ award.

Profits & Assets

Barclays Bank’s total profits and total assets are £2,828,000,000 and £1,213,000,000,000, respectively, in the year 2016.

10. Bank of China

And the last but not the least is the Bank of China. It was instituted in 1912. Aside from being the biggest state-run commercial bank in China, the Bank of China is also among the top banks in the entire Singapore. In terms of market capitalization, the Bank of China ranks 5th in the whole world. It first instituted its Singapore office in 1936.


At present, the Bank of China in Singapore possesses a Qualifying Full Bank (QFB) license. For this reason, it offers a wide array of financial services that accommodate both foreign and local currencies.

Among these financial services are remittance, wealth management services, personal loans, charge cards, foreign exchange trading, corporate lending, asset management, securities investment and management, investment banking, and trading financing.

Profits & Assets

Records of Forbes in 2019 show that the Bank of China has total profits of $27.2 billion and total assets of $3,387 billion.


Knowing these top banks in Singapore is a good starting point. Deepen your knowledge about these banks and their respective product offerings through Instant Loan. 

Instant Loan is a finance directory website that provides matching services between borrowers and banks or loan providers. To make it easier for you, Instant Loan has listed each one of the top banks in Singapore together with their addresses and their website links. 

Let the information on these banks provided to you by this article serve as a guide in deciding which among these top banks in Singapore to patronize. Surely, these banks will not disappoint. These banks’ hard-earned international financial awards and licenses already speak for their banking competence and trustworthiness.

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