Singapore is home to Southeast Asia’s most rapidly growing financial institutions, with 6 local banks and over 150 foreign commercial banks. Currently, the total assets of the banking sector amounts to approximately US $2 trillion. DBS, OCBC and UOB are among the top 3 most innovative, profitable and largest financial institutions in Singapore. They also stand out from in many ways, including industrial relevance, social & technology innovation, market excellence, and many other unique leverages.
The analysis reported below takes a look at the profiles of these 3 banks in terms of their corporate background, international presence, financial performance, social contributions, and recognitions.
1. Development Bank of Singapore (DBS)
Headquartered in Marina Bay Sand Financial Center, DBS is a leading financial institution with more than 4 million customers. DBS is also present in the three key Asian axes of growth – Greater China, Southeast Asia, and South Asia. Being widely known as the largest bank in Singapore and Southeast Asia, DBS has over 280 branches across Asia.
DBS champions social entrepreneurship across Asia and as of 2012, DBS has granted over SGD 2 million endowment to potential social enterprises in the region. DBS has also been working together with academic institutions, such as TATA Institute of Social Sciences (TISS) to provide financial assistance including start-up funding and business mentoring. Additionally, the DBS-NUS Social Venture Challenge is a social entrepreneurship competition established to support social innovation and new initiatives all over the world.
The digital technology and business leadership of DBS have earned it several recognitions over the years. DBS was named ‘Asian Bank of the year’ at the IFR Asia Awards 2015 and also awarded the ‘Safest Bank in Asia’ award for 9 consecutive years from 2009 – 2017.
Career Opportunities at DBS
DBS offers the DBS Management Associate Program, which gives young graduates the opportunity to rotate across departments in the bank. This program is designed for individuals who relish the opportunity to have diverse exposure across the business, instead of focusing on a particular business segment from the start. To find out more, visit here.
2. Oversea-Chinese Banking Corporation (OCBC Bank)
OCBC Bank is the second largest bank based in Singapore and has a competitive array of markets in various countries including Malaysia, Indonesia and Greater China. With 590 branches and representative offices within 18 nations, OCBC is well reputed for its continental presence, financial stability, and superior value delivery. OCBC also boasts its worldwide subsidiaries including OCBC NISP, OCBE Wing Hang, Great Eastern Holdings, Lion Global Investors, OCBC Securities and OCBC Sekuritas.
Ever since 2014, OCBC has been constantly supporting the Singapore Children’s Society (SCS). From 2013 to 2016, OCBC collaborated with TODAY (a daily news firm) to launch OCBC-TODAY Children’s Fund to help children from the SCS. TODAY managed to amass S$1,300,662.39, all of which supported the cause of the Singapore Children’s Society. Additionally, OCBC Bank supports the tertiary education industry by offering bond-free scholarship endowments for undergraduate students. Today, OCBC has awarded over 800 scholarships to eligible Singaporeans and Malaysians to pursue their degrees at local universities.
OCBC prides itself in achieving various recognitions and awards in a diverse group of categories, which include the award by FinanceAsia and The Asian Banker as ‘One of the Best Managed Companies in Singapore in 2016’.
Career Opportunities at OCBC Singapore
OCBC offers the OCBC Young Bankers Graduate Program that is designed to help fresh graduates to build a strong foundation in banking and achieving your career goals in the finance industry. The program will ultimately prepare you for a specific division role within the bank. To find out more, visit here.
3. United Overseas Bank (UOB)
Another leading bank in Asia, UOB is known for its financial strength and gradual development. As of 2018, UOB has expanded to over 500 offices within 19 countries in Asia Pacific, North America, and Western Europe.
UOB strives to give back to 3 main areas of development – art, children, and education. The Painting of the Year (POY) is the longest running art competition in Singapore launched by UOB’s formal Corporate Social Responsibility programme. UOB also contributes to the local charities by allowing its own employees opportunities to volunteer throughout the region. In 2015, UOB employees dedicated over 23,500 hours volunteering for the regional beneficiaries.
UOB has been awarded many recognitions over the years for its superb value delivery, customer service, and management. It was named as the ‘Best Bank in Singapore’ in 2017 by Asiamoney and also a recipient of ‘Excellence in Private Banking Singapore’ by Asian Private Banker.
Career Opportunities at UOB Singapore
UOB Singapore currently offers the UOB Management Associate Program designed to fast-track your career in the banking industry and enable you to learn about the different aspects of the business in a period of 18 months. To find out more, visit here.
For students, UOB Singapore also offers a 10-week structure internship program. During this internship, you will be assigned to the business of your choice to learn. If you perform well, it may even lead to an invitation to take up a permanent position upon your graduation. To find out more, visit here.
Singapore has been widely applauded as the financial hub of Asia due to its long-standing financial institutions, with highly-rated performance and outstanding sustainability. The corporate profiles of the top banks in Singapore are usually unmatched by its ASEAN counterparts. Among the chart-topping banks in Asia, the 3 aforementioned banks are ideal organisations for aspiring young professionals who want to kickstart their careers in the financial and banking sector.
Feature Image is CC0 Licensed: Free for Commercial Use, No Attribution Needed