POSB Bank

POSB Bank

Type	Subsidiary
Industry	Banking
Founded	1 January 1877 (as part of the Postal Services Department)
Headquarters	Singapore
Key people	Peter Seah Lim Huat, Chairman Piyush Gupta, CEO
Products	Financial Services
Parent	DBS Bank
Slogan	Neighbours first, Bankers second
Website	www.posb.com.sg

POSB Bank (or POSB) is a brand of consumer banking services offered by DBS Bank in Singapore, after it was acquired by the latter in November 1998. Prior to this, it was a major public bank which began life as the Post Office Savings Bank, offering low-cost banking services to Singaporeans.

DBS Bank attempts to continue this tradition by promising to keep costs low for basic savings accounts, and to exempt children, full-time students below the age of 21 years and full-time National Servicemen from bank charges.

History

The Post Office Savings Bank, part of the Postal Services Department (prior to independence) was established on 1 January 1877 in the General Post Office Building, in Raffles Place by the British Colonial Government in Singapore.^[1] The bank had a relatively glorious past; by 1951, the bank had its 100,000th depositor, and followed a slow decline after the reaching its peak in 1955.

It was only after independence when the then Minister for Finance, Goh Keng Swee, who rediscovered the potential of the bank to develop the infrastructure of the infant city-state.

In 1972, the Post Office Savings Bank, or commonly referred as the POSB or POSBank by then, was made a statutory board under the Ministry of Communications. Prior to the consolidation, the Post Office Savings Bank Act of 1971 was passed to govern the structure and operational efficiency of the bank.

In 1974, POSBank was transferred to become part of the Ministry of Finance; Credit POSB Pte Ltd was established in the same year to provide custom-tailored loans relating to HDB housing ownership.

By 1976, POSBank had one million depositors, while deposits crossed the S$1 billion mark. In 1980, it introduced the Passcard, and set-up the Principal Branch. In 1981, its first Cash-On-Line ATM opened at the Newton Branch. In 1983, its headquarters were shifted to the new 8-storey complex, the POSBank Centre at Bras Basah Road. In 1984, the current account facility was introduced, and by 1986, deposits crossed the S$10 billion mark.

The Post Office Savings Bank was renamed as POSBank in March 1990. It was subsequently fully acquired by DBS Bank on 16 November 1998 for S$1.6 billion; at the same time, ceased to exist as a statutory board under the Ministry of Finance.

POSBank still operates one of the highest number of bank branches in Singapore, especially in the suburban neighbourhoods, and operates the highest number of ATM outlets throughout Singapore. The integration of both banks allowed customers of either bank to share the facilities; DBS Bank depositors may use the Cash Deposit Machine installed island-wide in POSBank branches and vice versa.

Banking services

Deposit accounts

Savings

POSBkids Account
POSB eSavings
POSB Passbook Savings Account

Current

POSB Current Account

Fixed Deposits

S$ Fixed Deposit
Safe deposit box

Loans and Mortgages

Credit Cards

POSB Everyday Card

Debit Cards

PAssion POSB Debit Card
POSB ACTIVE Card
POSB GO! Debit MasterCard

References

National Heritage Board (Singapore) (2006). "POSBank". In Tommy T.B. Koh et ali. Singapore: The Encyclopedia. Singapore: Editions Didier Millet. p. 419. ISBN 981-4155-63-2.

↑ "Establishment of The Post Office Saving Bank". National Library Board. Retrieved 13 September 2015.

External links

Banking in Singapore

Local banks

Foreign banks

Qualifying full banks	ANZ Bank of China BNP Paribas Citibank Singapore HSBC Bank ICICI Bank Industrial and Commercial Bank of China Maybank Standard Chartered State Bank of India

Full banks	Bangkok Bank Bank Negara Indonesia Bank of America Bank of East Asia Bank of India The Bank of Tokyo-Mitsubishi UFJ CIMB Bank Citibank N.A. Crédit Agricole Corporate and Investment Bank Hong Leong Bank Indian Bank Indian Overseas Bank JPMorgan Chase Mizuho Corporate Bank RHB Bank Sumitomo Mitsui Banking Corporation UCO Bank

Wholesale banks	ABN AMRO Agricultural Bank of China Banco Bilbao Vizcaya Argentaria Banco Santander Bank Julius Baer Morgan Stanley Bank of Communications Bank of Nova Scotia Barclays Bank BNP Paribas Wealth Management China CITIC Bank China Construction Bank Chinatrust Commercial Bank Commerzbank Commonwealth Bank of Australia Crédit Industriel et Commercial Credit Suisse Deutsche Bank DnB NORD Bank DZ Bank AG Singapore Branch Emirates NBD First Commercial Bank First Gulf Bank Habib Bank HSBC Private Bank (Suisse) ING Bank KBC Bank Korea Exchange Bank Landesbank Baden-Württemberg Macquarie Bank Mega International Commercial Bank National Australia Bank National Bank of Kuwait Natixis Norddeutsche Landesbank Northern Trust Portigon Qatar National Bank Rabobank The Royal Bank of Scotland Société Générale Société Générale Bank & Trust State Street Bank and Trust Company UBS UniCredit Bank VTB Capital Wells Fargo Bank Westpac

Offshore banks	Arab Bank Bank Hapoalim Bank of Baroda Bank Mandiri The Bank of New York Mellon Bank of Taiwan Bank Sarasin & CIE Banque Internationale a Luxembourg Canadian Imperial Bank of Commerce Chang Hwa Commercial Bank Clearstream Banking S.A. Crédit Agricole Hana Bank Hang Seng Bank HSH Nordbank Hua Nan Commercial Bank Korea Development Bank Krung Thai Bank Land Bank of Taiwan Lloyds Bank Mitsubishi UFJ Trust and Banking Corporation Nordea Bank Finland Norinchukin Bank Philippine National Bank Raiffeisen Bank International Royal Bank of Canada Shinhan Bank Siam Commercial Bank Skandinaviska Enskilda Banken Standard Bank Sumitomo Mitsui Trust Bank Svenska Handelsbanken Toronto-Dominion Bank Union de Banques Arabes et Francaises Woori Bank

Interbank networks
and payment systems

¹ Subsidiary of OCBC Bank.
² Operates under UOB's brand name.
³ Subsidiary of DBS Bank.

This article is issued from Wikipedia - version of the Monday, February 08, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.