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9 Best Banking Industries to Work for in Singapore
Interested in a career in banking in Singapore? Explore the top 9 best banking industries to work for and find the ideal job to kickstart your finance career. Don't miss out on this chance to excel in the industry!
Updated May 15, 2024
9 Best Banking Industries to Work for in SingaporeIn 2024, if you're a graduate with an economics background, you might be concerned about the current banking industry in Singapore.
This is because the competition among economics graduates is getting tougher, and graduates need specific skills to face the job competition.
On the other hand, data shows that the banking conditions in 2023 were actually better than in 2022 during the pandemic, resulting in a significant improvement.
One factor contributing to this improvement is the decrease in the unemployment rate in Singapore. Overall employment declined to 66.2% in 2023, dropping from the historic high of 67.5% recorded the previous year.
The trend of working in the banking industry and becoming a bank employee in Singapore is still highly popular and sought after by many recent graduates to this day.
Now, if you're curious about which bank is highly recommended for employment, let's take a look at the top 10 best banking industries in Singapore for building your career.
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1. DBS Bank
1. DBS Bank
Industry: Banking
Office Address: 2 Changi Business Park Cres, Singapore 486029
Current CEO: Piyush Gupta (LinkedIn Profile)
Total Staff: More than 10,000 employees
Social Media: @dbsbank
Benefits & Perks: Medical insurance for you and your family, extensive leave benefits, flexi-work arrangements, complimentary basic health screenings, wellness events and recreational activities, volunteering project, scholarship programmes, lower rates on loans, fee waivers and discounts and more benefit here.
DBS is a top financial services group in Asia that operates in 19 markets. Based and listed in Singapore, DBS focuses on three major growth areas: Greater China, Southeast Asia, and South Asia. The bank holds very high credit ratings of "AA-" and "Aa1," among the best in the world.
Known for its global leadership, DBS has received prestigious awards such as "World’s Best Bank 2023" by Forbes, "World’s Best Bank 2022" by Euromoney, and "Global Bank of the Year 2022" by The Banker.
Currently, DBS Bank employs over 10,000 people not just in Singapore but also across various countries.
With its extensive operations in Asia and a commitment to involving and empowering its employees, DBS offers exciting career prospects for those passionate about banking, customer service, and innovation. The bank provides a challenging yet rewarding work environment.
2. Overseas Chinese Banking Corporation (OCBC)
2. Overseas Chinese Banking Corporation (OCBC)
Industry: Banking
Office Address: 65 Chulia St, OCBC Centre, Singapore 049513
Current CEO: Helen Wong (LinkedIn Profile)
Total Staff: More than 10,000 employees
Social Media: @ocbcbank
Benefits & Perks: Flexible benefits plan, health screening, medical leave and budget, and insurance coverage, annual vacation leave, government pro-family leave, marriage leave, family leave, compassionate leave, PSLE leave, exam leave, corporate social responsibility leave, and career break leave. (See more benefit here)
OCBC is the oldest bank in Singapore, established in 1932 by merging three local banks, the oldest of which dates back to 1912. The bank primarily operates in key markets such as Singapore, Malaysia, Indonesia, and Greater China. It boasts over 570 branches and representative offices across 19 countries and regions.
OCBC and its subsidiaries provide a wide range of services, including commercial banking, specialized financial services, and wealth management. These services cover consumer, corporate, investment, private, and transaction banking, along with treasury, insurance, asset management, and stockbroking.
With a workforce of over 10,000 employees, OCBC Bank Singapore offers more than just a job – it provides an opportunity to be part of a prestigious institution with a dynamic culture, attractive benefits, and visionary leadership.
Whether you're an experienced professional or a recent graduate, OCBC values your strengths and offers an environment for career growth.
3. United Overseas Bank (UOB)
3. United Overseas Bank (UOB)
Industry: Banking
Office Address: 80 Raffles Place, Singapore, 048624, SG
Current CEO: Wee Ee Cheong (LinkedIn Profile)
Total Staff: More than 10,000 employees
Website: https://careers.uobgroup.com/
Social Media: @uobgroup
Benefits & Perks: Health coverage, health screening, outpatient/inpatient treatment needs, a wide variety of leave schemes, life coverage for death and total permanent disability, personal accident coverage, property purchases, unsecured staff loans for renovation or further study and staff vehicle loans. (See more benefit here)
UOB, a major player in Singapore's financial district, is a multinational banking giant with branches across Southeast Asia and East Asia. Alongside DBS Bank and OCBC Bank, UOB is recognized as one of the prominent local banks, influencing the financial landscape of the region.
Currently, UOB has more than 10,000 employees in Singapore, serving as the central hub. It also has banking subsidiaries in China, Indonesia, Malaysia, Thailand, and Vietnam, boasting a network of 500 branches and workplaces.
Working at UOB Singapore means being part of a welcoming and inclusive environment that fosters camaraderie and a sense of belonging among its employees.
It goes beyond just a job; it provides a nurturing space where individuals can grow professionally, collaborate effectively, and contribute to a legacy that spans over eight decades of outstanding banking.
4. Bank of Singapore
4. Bank of Singapore
Industry: Financial Services
Current CEO: Jason Moo (LinkedIn Profile)
Total Staff: 1,001-5,000 employees
Social Media: @bankofsg
Benefits & Perks: Employee training opportunities, Customised training programmes, Career development, Marriage Leave, Compassionate Leave, Long Service Award, Share Options, Hospitalisation Leave, Medical Leave, Sick Leave, Flexible Work Arrangements, Staff Discount, and more benefit here.
Bank of Singapore serves as the dedicated private banking arm of OCBC. It distinguishes itself as a secure private bank registered in Singapore. In 2017, Global Finance named Bank of Singapore the Best Private Bank for entrepreneurs in Asia-Pacific.
The bank's open-architecture product platform and robust research capabilities, particularly in emerging markets, ensure clients have the necessary information for sound decisions in fixed income, equities, and money market investments. They also provide services in portfolio management, trust, and insurance.
With a workforce ranging from 1000 to 5000 employees, Bank of Singapore places a strong emphasis on its people, considering them as their most valuable asset.
This belief is reflected in their commitment to investing in quality training for employees, empowering them to grow and thrive both personally and professionally.
5. Citibank Singapore
5. Citibank Singapore
Industry: Financial Services
Office Address: 8 Marina View #21-00 Asia Square Tower 1, Singapore 018960
Current CEO: Han Kwee Juan (LinkedIn Profile)
Total Staff: More than 10,000 employees
Social Media: @citisingapore
Benefits & Perks: Health, Dental, Vision, Life Insurance, 401K Plan, Retirement Plan, Performance Bonus, Stock Options, Maternity & Paternity Leave, Hybriad Working, Paid Holidays, Volunteer Time Off, and more benefit here.
Citi has been a significant player in Singapore's financial services sector since 1902. Firmly established, it spans various asset classes, including the Institutional Clients Group, Global Consumer Group, Citi Private Bank, and International Personal Bank. With around 10,000 employees, Citi holds the title of the largest banking employer in Singapore.
As one of the world's largest financial service organizations, Citi provides unique opportunities for development, nurturing talent to realize leadership potential. Recognizing that success is intertwined with the talent, commitment, and vision of its employees, Citi highly values its people.
Working at Citi means collaborating with some of the best professionals in the field, contributing to its reputation as a premier financial services brand globally.
The workplace is characterized by a delightful and positive environment, filled with fun. Daily interactions involve remarkably accommodating and genuinely friendly individuals, creating a welcoming atmosphere
6. HSBC Singapore
6. HSBC Singapore
Industry: Banking
Office Address: 21 Collyer Quay, Singapore, Singapore 049320, SG
Current CEO: Kee Joo Wong (LinkedIn Profile)
Total Staff: 51-200 employees
Social Media: @hsbc_life_sg
Benefits & Perks: Annual leave, work-life balance, insurance and savings, health and personal development, Employee share plans and discretionary pay awards based on performance (See more benefit here)
HSBC stands as one of the world's leading international banks, providing financial services to over 40 million customers, ranging from individuals to major companies and governments.
Currently, HSBC employs more than 10,000 workers in all countries and strives to cultivate a supportive and inclusive environment where everyone can reach their potential, regardless of their background.
The application process at HSBC varies depending on the role and location. Typically, candidates go through several steps, including submitting their CV, completing online assessments, and participating in telephone or face-to-face interviews.
Whether you're starting your career or advancing to the next level, HSBC provides various opportunities for you to achieve your ambitions.
7. Maybank Singapore
7. Maybank Singapore
Industry: Banking
Office Address: Maybank Tower, 2 Battery Road, Singapore 049907
Current CEO: Alvin Lee Han Eng (Profile)
Total Staff: More than 10,000 employees
Social Media: @maybanksg
Benefits & Perks: Flexi Work Arrangement policy, Family friendly benefits, CSR Activities, Health Insurance, Various development programs and opportunities, Various other health & wellness programmes. (See more benefit here)
Malayan Banking Berhad, or Maybank, is a Malaysian universal bank operating primarily in Malaysia, Singapore, and Indonesia.
According to the 2020 Brand Finance report, Maybank holds the title of Malaysia's most valuable bank brand, ranking fourth among ASEAN countries and 70th globally among the most valuable bank brands.
Maybank Singapore is committed to its mission of "Humanizing Financial Service." Prioritizing customers in their solutions and services, the Maybank family, known as "Maybankers," is at the core of their efforts. The humanizing mission extends to the end-to-end employee journey, supported by their four-pillar Employee Value Propositions (EVP).
Maybank is more than just a workplace; it is a space to discover, develop, and unleash one's potential. Beyond offering career opportunities, competitive rewards, and tailored development programs, Maybank provides an ecosystem that enables employees to enjoy life.
8. Standard Chartered Bank
8. Standard Chartered Bank
Industry: Banking
Current CEO: Patrick Lee (Profile)
Total Staff: More than 10,000 employees
Website: https://www.sc.com/en/global-careers/experienced-hire/spotlight-career-opportunities/singapore/
Social Media: @stanchart
Benefits & Perks: Core bank funding for retirement savings, Medical and life insurance, Flexible and voluntary benefits available in some locations, Flexible working options based around home and office locations, with flexible working patterns, Financial & Retirement, Vacation & Time Off, Professional Support. (See more benefit here)
Standard Chartered Singapore has been around since 1859, making it one of the oldest banks in Singapore. They want to be a great place to work and a great bank for everyone. They focus on getting diverse talent and providing banking services for all stages of life. They also help communities by supporting various initiatives, like empowering girls and promoting fairness.
The bank is all about being inclusive, bringing in diverse talents, and making sure their services fit everyone's needs. They also care about making a positive impact on communities and strive for fairness and equality at work.
9. CIC Singapore
9. CIC Singapore
Industry: Banking
Office Address: 182 Cecil Street #33-01 Frasers Tower Singapore
Current COO: Ian Tan (LinkedIn Profile)
Total Staff: 51-200 employees
Website: https://www.cic.asia/en/index.html
Social Media: @cic
Benefits & Perks: Health Insurance, Yearly Dinner, Flexi Claim Benefits, Annual Leave, and more benefit here.
CIC, or Crédit Industriel et Commercial, extended its presence to the Asia Pacific region by establishing the Singapore branch in 1984. Recognized as one of the top banks in France and honored as "The Best French Bank Group" by World Finance, Global Finance, and The Banker, the CIC Group remains a leading bank in France, noted for its stability and safety among eurozone banks based on CET1 Ratio.
In 2020, CIC Asia Pacific actively participated in the Singapore government's "SGUnited Traineeships Programme." This government-led initiative not only provided the bank with an opportunity to strengthen its future workforce but also created new prospects for recent graduates in the local Banking and Finance Industry.
That's the explanation about the recommended and sought-after banking industry by economics graduates, including benefits and other information prepared if you're considering a career there.
Becoming a bank employee is indeed appealing due to clear career prospects and tempting salaries. However, make sure you genuinely enjoy this industry.
Even with a promising career and high salary, if you don't have a passion for the field, you might feel uncomfortable in your job.
If you want to know more about other career prospects in Singapore, use Epicareer's Job Finder for FREE!
Further reading:
- The World Best Bank 2023 Forbes https://www.forbes.com/lists/worlds-best-banks/
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