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Singapore banks can be classified into 111 commercial banks, 49 merchant banks and 45 banks with representative offices in Singapore.
Commercial banks in Singapore take up universal banking. Some of the Local banks are Bank of Singapore, DBS Bank Ltd, Far Eastern Bank Ltd, United Overseas Bank Ltd. Presently there are 106 Foreign Commercial Banks in Singapore of which 24 are Full Banks, 35 are Wholesale banks, and 47 offshore banks. Some more branch offices of renowned banks are located in Singapore like American Express Bank, Bangkok Bank Public Company Ltd, Bank of America, Bank of China, Bank of India, Indian Oversees bank, UCO Bank, Southern Bank and JP Morgan Chase Bank.
Liberalization of banking sector saw the government formed a new category under the foreign banks called the Qualifying Full Bank. The first four licensed banks were ABN AMRO, Citibank, Standard Chartered bank and Banque Nationale de Paris.
Wholesale bank license were given in 2001 to replace the restricted bank license because of greater service these banks produce. Some of wholesale Singapore Banks are Scotia Bank, Australia and New Zealand Banking Group, Berclays Bank, Commerzbank, Deutsche Bank, Korea Exchange Bank and many more to name.
However the best Singapore banks among all that experience the maximum of customers are ABN AMRO, AFC Merchant bank, Bank of India, Singapore, May bank, OCBC, Offshore Financial Services, SG Private Banking Asia Pacific, The Association of Banks In Singapore, Union Europeene de CIC and United Oversees Group.
Banking and Banks in Singapore is a service industry that has improved significantly in recent years. The Finance Authority of Singapore is regulated by the Monetary Authority of Singapore.
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