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Singapore: Authorized Institutions

 

Details of different bank charters in Singapore

Full Bank, Domestic: Unlimited branching and activities. Effectively limited to existing 3 bank groups; may not be acquired by foreign institutions.

Full Bank, Foreign -- With QFB: Foreign banks with QFB (qualifying full bank) privileges may open more branches than regular full banks -- up to 10 branches and up to 15 locations including ATM lobbies. QFBs can share their ATM networks, and can relocate their branches without special permission from the MAS.

Full Bank, Foreign -- Without QFB: Can engage in all activities including retail banking. Generally limited to a total of 5 branches and ATMs. Non-QFBs can not access debit card networks or share ATMs.

Wholesale Bank: Wholesale banks can generally do all banking business except for retail banking in Singapore dollars. Wholesale banks may have only a single office. More specifics here.

Offshore Bank: Offshore banks have powers similar to those of wholesale banks, but they are slightly more restricted in terms of retail banking in that they can not offer even high-value time deposits to Singapore residents, nor can they offer current accounts except under very limited circumstances. Offshore banks may have only a single office. Over time, the Singaporean supervisory authorities would like to migrate all remaining offshore licenses to new wholesale banking charters. More specifics here.

Representative Office: Rep offices have no balance sheets and can not originate or process transactions. However, they can act as marketing and facilitation offices for the bank, with actual transactions being executed and assets booked at another branch of the bank.

Singaporean Bank Charters Outstanding (source; MAS, Oct 2004)

 

BANK LICENSE TYPE
BANK OF SINGAPORE LTD Full Charter, Domestic
DBS BANK LTD Full Charter, Domestic
FAR EASTERN BANK LTD Full Charter, Domestic
OVERSEA-CHINESE BANKING CORPN LTD Full Charter, Domestic
UNITED OVERSEAS BANK LTD Full Charter, Domestic
ABN AMRO BANK NV Full Charter, Foreign + QFB
BNP PARIBAS Full Charter, Foreign + QFB
CITIBANK NA Full Charter, Foreign + QFB
HSBC Full Charter, Foreign + QFB
MALAYAN BANKING BHD Full Charter, Foreign + QFB
STANDARD CHARTERED BANK Full Charter, Foreign + QFB
AMERICAN EXPRESS BANK LTD Full Charter, Foreign
BANGKOK BANK PUBLIC COMPANY LIMITED Full Charter, Foreign
BANK OF AMERICA, NATIONAL ASSOCIATION Full Charter, Foreign
BANK OF CHINA Full Charter, Foreign
BANK OF EAST ASIA LTD, THE Full Charter, Foreign
BANK OF INDIA Full Charter, Foreign
BANK OF TOKYO-MITSUBISHI, LTD, THE Full Charter, Foreign
CALYON Full Charter, Foreign
HL BANK Full Charter, Foreign
INDIAN BANK Full Charter, Foreign
INDIAN OVERSEAS BANK Full Charter, Foreign
JPMORGAN CHASE BANK Full Charter, Foreign
PT BANK NEGARA INDONESIA (PERSERO) TBK Full Charter, Foreign
RHB BANK BERHAD Full Charter, Foreign
SOUTHERN BANK BERHAD Full Charter, Foreign
SUMITOMO MITSUI BANKING CORPORATION Full Charter, Foreign
UCO BANK Full Charter, Foreign
AUSTRALIA & NEW ZEALAND BANKING GROUP Wholesale Bank Charter
BANK OF NOVA SCOTIA, THE Wholesale Bank Charter
BARCLAYS BANK PLC Wholesale Bank Charter
BAYERISCHE HYPO- UND VEREINSBANK Wholesale Bank Charter
BAYERISCHE LANDESBANK Wholesale Bank Charter
BNP PARIBAS PRIVATE BANK Wholesale Bank Charter
CHIAO TUNG BANK CO LTD Wholesale Bank Charter
COMMERZBANK AKTIENGESELLSCHAFT Wholesale Bank Charter
CREDIT SUISSE Wholesale Bank Charter
CREDIT SUISSE FIRST BOSTON Wholesale Bank Charter
DEUTSCHE BANK AG Wholesale Bank Charter
DRESDNER BANK AG Wholesale Bank Charter
FIRST COMMERCIAL BANK Wholesale Bank Charter
FORTIS BANK S.A./N.V. Wholesale Bank Charter
HABIB BANK LTD Wholesale Bank Charter
HSBC PRIVATE BANK (SUISSE) SA Wholesale Bank Charter
INDUSTRIAL AND COMMERCIAL BANK OF CHINA Wholesale Bank Charter
ING BANK N.V. Wholesale Bank Charter
KBC BANK N.V. Wholesale Bank Charter
KOREA EXCHANGE BANK Wholesale Bank Charter
LANDESBANK BADEN-WURTTEMBERG Wholesale Bank Charter
MIZUHO CORPORATE BANK, LTD Wholesale Bank Charter
MOSCOW NARODNY BANK LTD Wholesale Bank Charter
NATIONAL AUSTRALIA BANK LTD Wholesale Bank Charter
NATIONAL BANK OF KUWAIT SAK Wholesale Bank Charter
NORDDEUTSCHE LANDESBANK GIROZENTRALE Wholesale Bank Charter
NORTHERN TRUST COMPANY, THE Wholesale Bank Charter
RABOBANK Wholesale Bank Charter
ROYAL BANK OF SCOTLAND PLC, THE Wholesale Bank Charter
SANPAOLO IMI S.P.A. Wholesale Bank Charter
ABSA BANK LIMITED Offshore Bank Charter
AGRICULTURAL BANK OF CHINA Offshore Bank Charter
ARAB BANK PLC Offshore Bank Charter
BANCA DI ROMA S.P.A. Offshore Bank Charter
BANCA MONTE DEI PASCHI DI SIENA S.P.A Offshore Bank Charter
BANK OF COMMUNICATIONS Offshore Bank Charter
BANK OF NEW YORK, THE Offshore Bank Charter
BANK OF NEW ZEALAND Offshore Bank Charter
BANK OF TAIWAN Offshore Bank Charter
BUMIPUTRA-COMMERCE BANK BERHAD Offshore Bank Charter
CANADIAN IMPERIAL BANK OF COMMERCE Offshore Bank Charter
CHANG HWA COMMERCIAL BANK LTD Offshore Bank Charter
CHINA CONSTRUCTION BANK CORPORATION Offshore Bank Charter
CHOHUNG BANK Offshore Bank Charter
COMMONWEALTH BANK OF AUSTRALIA Offshore Bank Charter
CREDIT INDUSTRIEL ET COMMERCIAL Offshore Bank Charter
CREDIT LYONNAIS (SUISSE) SA Offshore Bank Charter
DEXIA BANQUE INTERNATIONALE A LUXEMBOURG SA Offshore Bank Charter
DNB NOR BANK ASA Offshore Bank Charter
DZ BANK AG Offshore Bank Charter
HANA BANK Offshore Bank Charter
HANG SENG BANK LIMITED Offshore Bank Charter
HSH NORDBANK AG Offshore Bank Charter
HUA NAN COMMERCIAL BANK LTD Offshore Bank Charter
ICICI BANK LIMITED Offshore Bank Charter
INTERNATIONAL COMMERCIAL BANK OF CHINA, THE Offshore Bank Charter
KOREA DEVELOPMENT BANK, THE Offshore Bank Charter
KRUNG THAI BANK PUBLIC COMPANY LIMITED Offshore Bank Charter
LAND BANK OF TAIWAN Offshore Bank Charter
LLOYDS TSB BANK PLC Offshore Bank Charter
ABN-AMRO BANK (SWITZERLAND) Rep Office
AIG PRIVATE BANK Rep Office
ALLIED BANKING CORPORATION Rep Office
AOZORA BANK, LTD. Rep Office
ARAB BANKING CORPORATION (BSC) Rep Office
BANCA POPOLARE DI ANCONA Rep Office
BANCA POPOLARE DI BERGAMO S.P.A. Rep Office
BANCO DE SABADELL Rep Office
BANK CENTRAL ASIA Rep Office
BANK FOR FOREIGN TRADE OF VIETNAM Rep Office
BANK INDONESIA Rep Office
BANK INTERNASIONAL INDONESIA Rep Office
BANQUE CANTONALE VAUDOISE Rep Office
BANQUE ET CAISSE D'EPARGNE DE L 'ETAT, LUXEMBOURG Rep Office
CAISSE DES DEPOTS ET CONSIGNATIONS Rep Office
CATHAY UNITED BANK Rep Office
CLARIDEN BANK Rep Office
COBANK, ACB Rep Office
DEVELOPMENT BANK OF JAPAN Rep Office
DEXIA CREDIT LOCAL Rep Office
DRESDNER BANK (SWITZERLAND) LTD Rep Office
EUROCLEAR BANK Rep Office
EXPORT-IMPORT BANK OF INDIA Rep Office
JAPAN BANK FOR INTERNATIONAL COOPERATION Rep Office
LAND BANK OF THE PHILIPPINES Rep Office
LGT BANK IN LIECHTENSTEIN AG Rep Office
MERRILL LYNCH BANK (SUISSE) S.A. Rep Office
NEDCOR BANK LIMITED Rep Office
NIB CAPITAL BANK N.V. Rep Office
NORDIC INVESTMENT BANK Rep Office

 

 

 

 

 

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