Top 10 Biggest Banks in Singapore in 2024
Singapore has one of the most vibrant banking sectors in the world. With strong regulations and a relatively stable financial environment, Singapore’s banks have flourished to become some of the best-known institutions in Asia and beyond. The sector consists of both local and international players, with many of them offering various services such as retail banking, corporate banking, and investment banking.
Singapore is well-known for its banking sector, which has grown at an impressive rate over the years. Banking services in Singapore have become increasingly sophisticated and competitive to meet the needs of both local and international customers. In this article, we will be looking at the top 10 banks in Singapore in 2024. We will look at each bank’s key features and compare their offerings with one another to give you a better understanding of which ones are most suitable for your financial needs.
Here is the list of the Top 10 Banks in Singapore in 2024:
1) DBS Bank
Founded: 1968
DBS Bank is the largest bank in Singapore with a market capitalization of more than $62 billion as of 2024. It is a leader in the retail banking segment, with more than four million customers and over 100 branches across Singapore. In addition, It has a strong presence in consumer banking, wealth management, and investment banking. It offers a wide range of consumer banking products including credit cards, loans, deposits, and remittances. In addition, it provides corporate banking services such as trade finance, structured investments, and debt capital markets solutions.
It also provides digital services such as mobile banking apps for customers to manage their finances conveniently from any location. It also provides corporate and institutional banking services such as project financing, treasury services, and cash management. Moreover, the bank has been actively expanding its regional network to serve customers better. With its strong presence in the Singapore banking sector, DBS has emerged as a key player offering innovative banking services.
2) Oversea-Chinese Banking Corporation (OCBC)
Founded: 1932
One of the oldest banks in Singapore, OCBC Bank is the second-largest bank in Singapore. It offers a wide range of banking services, including consumer banking, private banking, corporate and institutional banking, and wealth management. Also, it provides a wide range of personal and business banking services including deposits, loans, credit cards, insurance products, investments, and more. It also provides corporate and institutional banking services such as foreign exchange trading, structured finance, and debt capital markets solutions.
3) United Overseas Bank (UOB)
Founded: 1935
United Overseas Bank or UOB is the third-largest bank in Singapore based on its market capitalization. UOB offers a wide range of banking products and services, including consumer banking, private banking, wealth management, and corporate and institutional banking. It operates more than 150 branches across Singapore and offers retail banking services such as savings accounts, current accounts, foreign currency accounts, credit cards, loans, and investments. It also provides corporate banking services such as trade finance, treasury management, working capital financing, and asset management solutions.
4) Standard Chartered Bank Singapore
Founded: 1969
Standard Chartered is a top-ranking bank in Singapore. It offers corporate banking services such as deposits, lending solutions, trade finance facilities, cash management services, and electronic financial transactions along with retail banking products. In Singapore, it offers a wide range of consumer banking products including credit cards, loans, deposits, and remittances. The bank also has operations in more than 70 countries across Asia, the Middle East, Africa, and Latin America.
5) Citibank Singapore
Founded: 1902
Citibank has been providing financial services to customers around the world for over a century now. Citibank is an international bank that operates in Singapore through its local subsidiary – Citibank (Singapore) Ltd. The bank has over 40 branches in Singapore. It provides a wide range of products including savings accounts, current accounts, debit cards, credit cards, and loan options for both retail and corporate customers. In addition, it provides corporate banking services such as trade finance, cash management, and mergers & acquisitions advice.
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6) HSBC Singapore
Founded: 1877
HSBC is one of the oldest banks in Singapore with a strong presence in both consumer and commercial banking. HSBC is one of the leading foreign banks in Singapore and offers a comprehensive range of services to retail customers, small businesses, and large corporations. It has one of the largest branch networks with more than 50 branches across the country and provides a range of retail banking products including savings accounts, investments, mortgages, credit cards, insurance, and loans. In addition, it provides corporate banking services such as global payments solutions, foreign exchange services, and structured finance solutions.
7) Maybank Singapore
Founded: 1960
One of the top banks in Singapore is Maybank which offers a wide range of services, including consumer banking, corporate and institutional banking, investment banking, and wealth management. It has over 50 branches in the country. It provides comprehensive personal banking services such as deposits, loans, mortgages, insurance products, wealth management solutions, and more. In addition, it provides corporate banking services such as project financing, structured products, and capital markets solutions. It also has international operations across 14 countries in Asia Pacific.
8) Bank of Singapore
Founded: 2010
Bank of Singapore is a private bank that provides value-added services to high-net-worth clients.  The bank offers a range of private banking services such as portfolio management, trust and estate planning, custodial services, wealth structuring, and more. In addition, it provides corporate banking solutions such as cash management, investment banking, and trade finance facilities. It also has operations in seven countries across the Asia Pacific.
9) RHB Bank Singapore
Founded: 1961
RHB is a leading player in the Malaysian banking landscape and has had a presence in Singapore since 1995. The bank offers services such as consumer banking, corporate and institutional banking, private banking, and wealth management. It provides personal banking services including deposits, savings accounts, loans, credit cards, and wealth management solutions. It also offers corporate banking services to small and medium-sized businesses.
10) Bank of (China) Singapore:
Founded: 1936
Bank of (China) Singapore is the local subsidiary of one of the largest banks in China. The bank has 12 branches in Singapore and provides a range of banking services, including deposits, loans, credit cards, insurance products, investments, and foreign exchange services. It also offers corporate banking solutions such as cash management services, trade finance facilities, and structured products. In addition, it provides asset management services for high-net-worth individuals.
The banks listed above are some of the most popular ones in Singapore that offer a wide range of products and services to individuals, businesses, and corporations. All of these banks have been operating for many years in Singapore which demonstrates their commitment to serving customers well. All these banks are well-equipped to meet customers’ financial needs.
With innovative digital solutions, competitive fees, attractive interest rates, and excellent customer service, these banks provide the ideal platform to manage finances efficiently. Thus, customers can rest assured that with any one of these banks, they will get the best value for their money. Whether you’re looking for a bank for personal or business use, any one of these institutions will be able to meet your needs.
Conclusion:
These are some of the top banks in Singapore that offer a wide range of consumer and corporate banking products and services. Each bank offers different features and services that can meet different needs of customers. Customers should take time to compare their offerings before selecting one that best suits their requirements. They should also consider factors such as interest rates, fees, service quality, and customer support when choosing a bank.
It is important for customers to select the right bank for their financial needs in order to maximize benefits and minimize losses. With a wide range of products and services, there is always an option suitable for every customer’s requirement in Singapore’s banking sector. As the economy continues to grow in Singapore, more people are likely to use these financial institutions for their banking requirements which will help boost the banking sector in Singapore.
