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Post Office Savings Bank (Chinese: 郵政儲蓄銀行; pinyin: Yóuzhèngchǔxù Yínháng), often known as POSB Bank, is a Singaporean bank offering consumer banking services and is the oldest local bank in continuous operation in Singapore and now operates as part of DBS Bank, which acquired the institution and its subsidiaries on 16 November 1998.
Formerly known as Post Office Savings Bank, it was established on 1 January 1877 at the General Post Office Building in Raffles Place by the Straits Settlements government. [15] By 1976, POSB had one million depositors, while deposits crossed the S$ 1 billion mark.
Post Office Savings Bank is a name used by postal savings systems in several countries, including: New Zealand, later renamed the PostBank. United Kingdom, later renamed the National Savings and Investments. Singapore, later renamed POSB Bank. Kenya, also known as the Kenya Post Office Savings Bank. Austra, also known as the Österreichische ...
Ireland. In Ireland, An Post provide a Post Office Savings Bank Deposit Account. It provides an interest rate of 0.15% which is added to the account at the end of the year. Customers are provided with a physical deposit book and can deposit and withdraw from the account using the deposit book at any Post Office Branch.
Sale of Post Office Savings Bank of Singapore to DBS A POSB branch at Waterway Point , in Punggol . In 1998, President Ong found out, through the newspapers, that the Government intended to privatise Post Office Savings Bank and accept an offer by DBS Bank to acquire POSB and its subsidiaries. [25]
Commercial banks. Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act.
en.wikipedia.org
Singapore Post Limited ( SGX: S08 ), commonly abbreviated as SingPost, is an associate company of Singtel [2] and Singapore 's designated Public Postal Licensee which provides domestic and international postal services. It also provides logistics services in the domestic and international markets, warehousing and fulfillment, and global ...