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Liberalising Commercial Banking and Upgrading Local Banks Fact Sheet - Commercial Banking in Singapore

17 May 1999... All banks have to be licensed by the Monetary Authority of Singapore ("MAS") to conduct banking business in Singapore. As at end April 1999, there are 142 commercial banks in Singapore.

The three categories of commercial banks in Singapore are full banks, restricted banks and offshore banks.

Full Banks

Full banks can conduct the whole range of banking business. As at end April 1999, there are 31 full licence banks, 9 of which are locally-incorporated, while the rest are branches of foreign banks.

Restricted Banks

In 1971, a new category - restricted banks - was created to accommodate the further entry of commercial banks into Singapore. Restricted banks may engage in the same range of domestic banking business as the full licence banks except that they can only have one main branch, and cannot accept Singapore dollar savings accounts and Singapore dollar fixed deposits of less than S$250,000 from non-bank customers.

As at end April 1999, there are 13 restricted banks in Singapore, all of which are branches of foreign banks.

Offshore Banks

In 1973, it was felt that Singapore's goal to become an international financial centre would benefit from the entry of more foreign banks of good standing. Another category of commercial banks - offshore banks - was created.

As at April 1999, there are 98 offshore banks in Singapore, all of which were branches of foreign banks. While these offshore banks have the same opportunities as the full and restricted banks in the foreign currency deposits business, their scope of business in the Singapore dollar retail market is more limited. Offshore banks have the following restrictions:

May not accept any interest-bearing Singapore dollar deposits from persons other than approved financial institutions;
A limit of S$300 million on credit facilities extended to resident non-bank customers; and
No sub-branches.

Local Full Banks
1	Bank of Singapore	6	Keppel TatLee Bank
2	Chung Khiaw Bank	7	Oversea-Chinese Banking Corporation
3	Development Bank of Singapore	8	Overseas Union Bank
4	Far Eastern Bank	9	United Overseas Bank
5	Industrial and Commercial Bank
Foreign Full Banks (Country of Incorporation)
1	Credita Agriole Indosuez (France)	12	Malayan Bank (Malaysia)
2	ABN Amro Bank NV (Holland)	13	Ban Hin Lee Bank Bhd (Malaysia)
3	Hong Kong and Shanghai Banking Corporation Ltd (Hong Kong)	14	HL Bank (Malaysia)
4	Bank of East Asia (Hong Kong)	15	Sime Bank Bhd (Malaysia)
5	Bank of India (India)	16	Bank of China (PRC)
6	Indian Bank (India)	17	Kwantung Provincial Bank (PRC)
7	Indian Overseas Bank (India)	18	Bangkok Bank (Thailand)
8	UCO Bank (India)	19	Standard Chartered Bank (UK)
9	PT Bank Negara Indonesia (Indonesia)	20	Bank of America (US)
10	Bank of Tokyo-Mitsubishi (Japan)	21	Chase Manhattan Bank (US)
11	Sakura Bank (Japan)	22	Citibank NA (US)

Restricted Banks (Country of Incorporation)
1	Banque Nationale de Paris (France)	8	Habib Bank (Pakistan)
2	Deutsche Bank AG (Germany)	9	Moscow Narodny Bank (UK)
3	Dresdner Bank AG (Germany)	10	Credit Suisse First Boston (Switzerland)
4	Bayerische Landesbank Girozentrale (Germany)	11	Chiao Tung Bank Co (Taiwan)
5	Banca Commerciale Italiana (Italy)	12	First Commercial Bank (Taiwan)
6	Sumitomo Bank (Japan)	13	American Express Bank (US)
7	Korea Exchange Bank (Korea)

Offshore Banks (Country of Incorporation)
1	Australia & New Zealand Banking Group (Australia)	51	Mitsubishi Trust & Banking Corpn (Japan)
2	Commonwealth Bank of Australia (Australia)	52	Norinchukin Bank (Japan)
3	National Australia Bank (Australia)	53	Sumitomo Trust & Banking Co (Japan)
4	Westpac Banking Corporation (Australia)	54	Tokai Bank (Japan)
5	Bank Austria (Austria)	55	Toyo Trust & Banking Co (Japan)
6	Bank Austria Creditanstalt International AG (Austria)	56	Cho Hung Bank (Korea)
7	Raiffisen Zentralbank Osterreich AG (Austria)	57	Hanvit Bank (Korea)
8	Bank Brussels Lambert (Belgium)	58	Korea Development Bank (Korea)
9	KBC Bank NV (Belgium)	59	Banque Int'l A Luxembourg (Luxembourg)
10	Banco do Brasil (Brazil)	60	Bank Bumiputra Malaysia Bhd (Malaysia)
11	Bank of Montreal (Canada)	61	Arab Bank plc (Middle East)
12	Bank of Nova Scotia (Canada)	62	Arab Banking Corpn (Middle East)
13	Canadian Imperial Bank of Commerce (Canada)	63	National Bank of Kuwait (Middle East)
14	Royal Bank of Canada (Canada)	64	Union de Banques Arabes et Francaises (Middle East)
15	The Toronto Dominion Bank (Canada)	65	Bank of New Zealand (New Zealand)
16	Den Danske Bank (Denmark)	66	Christiania Bank (Norway)
17	Unibank Of Denmark (Denmark)	67	Den norske Bank AS (Norway)
18	Merita Bank plc (Finland)	68	Philippine National Bank (Phillipines)
19	Societe Generale (France)	69	Agricultural Bank of China (PRC)
20	Natexis Banque (France)	70	Bank of Communications (PRC)
21	Paribas (France)	71	China Construction Bank (PRC)
22	Banque Worms (France)	72	Industrial & Commercial Bank of China (PRC)
23	Credit Lyonnais (France)	73	ABSA Bank Ltd (South Africa)
24	Union Europeenne de CIC (France)	74	Banco Santander (Spain)
25	Bayerische Hypo-und Vereinsbank AG (Germany)	75	Svenska Handelsbanken (Sweden)
26	Landesbank Baden Wurttemberg (Germany)	76	Skandinaviska Enskilda Banken (Sweden)
27	Westdeutsche Landesbank (Germany)	77	UBS AG (Switzerland)
28	Norddeutsche Landesbank (Germany)	78	Credit Suisse (Switzerland)
29	BHF Bank (Germany)	79	Bank of Taiwan (Taiwan)
30	Commerzbank AG (Germany)	80	Chang Hwa Commercial Bank (Taiwan)
31	SGZ-Bank (Germany)	81	Hua Nan Commerical Bank (Taiwan)
32	Rabobank Nederland (Holland)	82	International Commercial Bank of China (Taiwan)
33	ING Bank NV (Holland)	83	Krung Thai Bank (Thailand)
34	MeesPierson NV (Holland)	84	Siam Commercial Bank (Thailand)
35	Hang Seng Bank (Hong Kong)	85	Thai Farmers Bank (Thailand)
36	State Bank of India (India)	86	Barclays Bank Plc (UK)
37	PT Bank Ekspor Impor Indonesia (Indonesia)	87	National Westminster Bank Plc (UK)
38	Allied Irish Banks Plc (Ireland)	88	Royal Bank of Scotland Plc (UK)
39	Banca Monte dei Paschi di Siena (Italy)	89	Lloyds Bank plc (UK)
40	Banca Nazionale del Lavoro (Italy)	90	Bank of New York (US)
41	Cariplo Bank (Italy)	91	Morgan Guaranty Trust Co of New York (US)
42	Unicredito Italiano (Italy)	92	NationsBank NA (US)
43	Sanoaolo - IMI S.p.A. (Italy)	93	Bankers Trust (US)
44	Banca di Roma (Italy)	94	Bank of Hawaii (US)
45	Sanwa Bank (Japan)	95	BankBoston, NA (US)
46	Asahi Bank (Japan)	96	First National Bank of Chicago (US)
47	Dai-Ichi Kangyo Bank (Japan)	97	Northern Trust Company (US)
48	Daiwa Bank (Japan)	98	Republic National Bank of New York (US)
49	Fuji Bank (Japan)
50	Industrial Bank of Japan (Japan)

Last modified on 25/02/2011