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 |