Singapore’s List of the Top 10 Banks by Market Share

Singapore has established itself as one of Asia’s premier financial centers, hosting a sophisticated banking sector that serves both regional and global markets. The city-state’s banking landscape is dominated by a mix of local institutions and international players, each commanding significant market share in various segments including retail banking, corporate finance, and wealth management.

The Local Giants

DBS Bank consistently holds the position as Singapore’s largest bank by market share and assets. Founded in 1968 as the Development Bank of Singapore, DBS has evolved into a regional banking powerhouse with strong digital capabilities. The bank commands approximately 29-31% of the domestic market share, making it the clear leader in Singapore’s banking sector. DBS serves over 4 million retail customers and maintains a significant presence across 18 markets.

Oversea-Chinese Banking Corporation (OCBC Bank) ranks as the second-largest local bank, holding roughly 23-25% market share. Established in 1932, OCBC has built its reputation on conservative risk management and steady growth. The bank has successfully expanded its wealth management services and maintains a strong foothold in Southeast Asian markets.

United Overseas Bank (UOB) completes Singapore’s “big three” local banks with approximately 22-24% market share. Founded in 1935, UOB has distinguished itself through strategic acquisitions and a focus on small and medium enterprises (SMEs). The bank operates across 19 countries and territories, with a particularly strong presence in ASEAN markets.

International Presence

Citibank Singapore represents one of the most significant foreign banking operations in the city-state, commanding around 6-8% market share. Citi has maintained a presence in Singapore since 1902 and offers comprehensive consumer banking and institutional services.

HSBC Singapore holds approximately 4-6% of the market, leveraging its global network to serve multinational corporations and affluent individuals seeking international banking solutions.

Standard Chartered Bank maintains roughly 4-5% market share, with particular strength in corporate and institutional banking. The bank’s Asia-focused strategy aligns well with Singapore’s position as a regional hub.

Emerging Players

Maybank Singapore, a subsidiary of Malaysia’s largest bank, captures about 3-4% of the market. The bank focuses on serving the ASEAN corridor and provides competitive retail banking services.

Bank of China Singapore has grown its presence to approximately 2-3% market share, particularly strong in facilitating China-Singapore trade flows and serving Chinese corporations expanding into Southeast Asia.

CIMB Bank Singapore holds around 1-2% market share, offering competitive rates in deposits and mortgages while focusing on digital banking innovations.

ANZ Singapore rounds out the top ten with approximately 1-2% market share, primarily serving institutional clients and high-net-worth individuals with its Australian banking expertise.

Market Dynamics

Singapore’s banking sector is characterized by intense competition, robust regulation by the Monetary Authority of Singapore (MAS), and continuous innovation. The three local banks dominate with a combined market share exceeding 70%, but foreign banks play crucial roles in specific segments such as investment banking, trade finance, and private banking.

The rise of digital banking has begun reshaping the competitive landscape. In 2020, MAS issued digital banking licenses to several non-traditional players, signaling potential future shifts in market share distribution. However, the established banks have responded by investing heavily in technology and digital transformation.

Market share figures fluctuate based on various factors including economic conditions, regulatory changes, and strategic initiatives. Singapore’s banks continue to balance domestic operations with regional ambitions, positioning the city-state as an indispensable financial gateway for Asia-Pacific commerce and investment.