Industry | Banking, Financial services |
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Predecessor |
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Founded | 1859[1] Singapore, Straits Settlements | ,
Headquarters | , |
Area served |
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Key people | Patrick Lee (CEO) |
Services | Credit cards Consumer banking Corporate banking Investment banking Mortgage loans Private banking Wealth management |
US$ 652 million (2019) [2] | |
US$ 104 million (2019) [2] | |
Total assets | US$ 27.236 billion (2019) [2] |
Number of employees | 1,400 (2016) [3] |
Website | sc |
Standard Chartered Singapore (officially Standard Chartered (Singapore) Limited) is the Singapore based subsidiary of British banking and financial services company, Standard Chartered. Opening its first branch in 1859, the bank is one of the oldest in continuous operation in Singapore. [1] The bank received its Qualifying Full Bank (QFB) licence in October, 1999, being one of the first foreign bank to qualify for the licence. [4]
The bank (Standard Charted (Singapore) Limited) was officially incorporated in 2013 to handle Standard Chartered's Singapore Consumer Banking retail and SME banking business. [5] In 2018, operations of Standard Chartered in Singapore was merged with Standard Chartered Singapore, with the Qualifying Full Bank (QFB) licence transferred to the company. It currently operates a network of 19 branches, 7 Priority Banking centres and 31 ATMs in the country. [6] [7] [8] The number of ATMs available for customers is expanded through its shared network under the atm5 network with Citibank Singapore, HSBC, State Bank of India, Maybank, The Royal Bank of Scotland and Bank of China.
Opened in early 1859, the bank, then known as Chartered Bank of India, Australia and China, started off as an agency and was situated in a 3 storey tall building located between Flint Street and Battery Road, with the third floor being used for staff accommodations. [9] In 1861, the bank was upgraded to a branch and over the following decades, it printed bank notes in Malaya. [10] [11] In 1913, the bank acquired land situated between Bonham Street and Battery Road and constructed a new building to house its operations in Singapore. The building which was 4 storeys tall, was completed in 1916 and at that time it also housed the Singapore Chamber of Commerce and Exchange. [12]
Construction of a 44 storey tall skyscraper at Battery Road for the bank's head office was completed in 1984. The building, which was known as the Standard Chartered Building, was the largest Standard Chartered building worldwide and it also represented the largest single investment by a British company at that point of time. [13] Officially opened on 24 October 1984 by Anthony Barber, then chairman of the Standard Chartered Bank, the building stood on the site of the bank's first branch when it was first opened in 1859. [14] In 1986, Khoo Teck Puat, the founder of Maybank acquired a significant stake for US$100 million in the bank's parent, Standard Chartered and later became the single largest shareholder of the banking group. [15] [16] Following his death in 2004, the stake valued at £2.3 billion was acquired by Temasek Holdings in 2006, making the investment arm of the Government of Singapore its largest shareholder. [17]
In 2007, Standard Chartered opened its private banking global headquarters in Singapore [18] and in 2011, the bank moved its Singapore cooperate office to the Marina Bay Financial Centre, after being situated in Raffles Place since 1859. [19] On October 7, 2013, Standard Chartered officially incorporated a local subsidiary of the bank, Standard Chartered Bank (Singapore) Limited. Following the incorporation, the bank's Singapore Consumer Banking retail and SME banking business was transferred to the new subsidiary. [5] In 2018, the operations of Standard Chartered was eventually merged into Standard Chartered Singapore, consolidating all of the group's Singapore operations and becoming the first major foreign bank to do so in Singapore. [6]
Beginning in 1982, the Singapore Marathon, also known as the Standard Chartered Marathon, is an annual international marathon held on the first Sunday of every December. It is the first competitive marathon in Singapore with an estimated participation size of 15,000 runners at its inaugural race on December 5, 1982. [20] Since then, the race has grown to attract many international marathoners to participate in the annual race and the 2013 event attracted a total of 60,000 entrants for all categories.
In 2017, Standard Chartered Singapore Marathon announced its bid to join the Abbott World Marathon Majors event. [21] In 2019, the full- and half-marathons were held in the evening in order to fulfil criteria to be listed in the Abbott World Marathon Majors, instead of the usual flag off timing at dawn. This caused major traffic disruptions as traffic was at a standstill for 3 hours and drew criticism from the public as wedding banquets held in town also encountered problems, with guests and vendors unable to make the functions in time. [22]
DBS Bank Limited is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, which "DBS" was derived from, before the present abbreviated name was adopted on 21 July 2003 to reflect its role as a global bank. It is one of the "Big Three" local banks in Singapore, along with Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB).
Standard Chartered PLC is a British multinational bank with operations in consumer, corporate and investment banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa, and the Middle East.
Malayan Banking Berhad is a Malaysian universal bank, with key operating "home markets" of Malaysia, Singapore, and Indonesia. According to the 2020 Brand Finance report, Maybank is Malaysia's most valuable bank brand, the fourth-top brand amongst the ASEAN countries and ranked 70th among the world’s most valuable bank brands.
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Tan Sri Khoo Teck Puat was a banker and hotel owner, who, with an estimated fortune of S$4.3 billion (US$3,195,953,500), was the wealthiest man in Singapore at one point. He owned the Goodwood Group of boutique hotels in London and Singapore and was the largest single shareholder of the British bank Standard Chartered. The bulk of his fortune came from shares in Standard Chartered, which he bought up in the 1980s to help thwart Lloyds Bank's proposed acquisition which many financiers deemed hostile. The Goodwood Park Hotel in Singapore, built in 1900, is a restored historic landmark.
Standard Bank Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.
The Chartered Bank of India, Australia and China was a bank incorporated in London in 1853 by Scotsman James Wilson, under a Royal Charter from Queen Victoria.
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Citibank Singapore Limited is a division of Citibank N.A. of the United States and incorporated in Singapore on 28 June 2004. Its parent was awarded Qualifying Full Bank (QFB) status on 20 October 1999, and this status was transferred to the Singapore division on the day of its incorporation. The bank has a shared automated teller machine (ATM) network with HSBC, State Bank of India, Maybank, The Royal Bank of Scotland, Bank of China, and Standard Chartered Singapore called atm5.
MCB Bank Limited is a Pakistani multinational commercial bank which is based in Lahore, Punjab, Pakistan. The majority of shares are owned by Pakistani conglomerate Nishat Group and Malaysian bank Maybank. The bank has a network of 1600 branches and over 1450 ATMs in Pakistan. The current President/CEO of the bank is Shoaib Mumtaz.
atm⁵ is an interbank network in Singapore, connecting the ATMs of six of Singapore's eight qualifying full banks, QFB. As of 2016, there are 230+ atm⁵ ATMs island-wide. The network was established in April 2005.
The Big Four is the colloquial name given to the four main banks in several countries where the banking industry is dominated by just four institutions and where the phrase has thus gained relevance. Some countries include more or fewer institutions in such rankings, leading to other names such as Big Three, Big Five, or Big Six.
Great Eastern Life Assurance Co. Ltd, often known as Great Eastern Life or simply Great Eastern, is a Singaporean multinational insurance company and subsidiary of OCBC Bank operating in the Southeast Asia region. Founded in 1908 by Alfred Hewton Fair, it is the largest and oldest life insurance company in Singapore and Malaysia.
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