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Title: A Brief discription on Evolution of Banks in Singapore Singapore, a bustling global financial hub, has a rich banking history that dates back to colonial times. This article delves into the evolution of banks in Singapore, tracing their origins, significant milestones, and contributions to the nation's financial landscape. . Colonial Era: During the th century, Singapore was a British trading port and the gateway to Southeast Asia. The colonial administration recognized the importance of a well-established financial system and established the first banks in Singapore. In , the Oriental Bank Corporation (OBC) became the first bank to set up operations, followed by the Chartered Mercantile Bank (CMB) in . These banks primarily served the needs of European traders and merchants. .Early Development and Expansion: As Singapore grew as a regional trade center, more banks were established to cater to the increasing demand for financial services. In , the Hongkong and Shanghai Banking Corporation (HSBC) opened its first branch in Singapore, marking its entry into the local banking scene. Other notable banks that emerged during this period include the Straits Trading Company, and the Oversea-Chinese Banking Corporation (OCBC). .Japanese Occupation and Post-War Reconstruction: During World War II, Singapore was occupied by the Japanese from to . The banks suffered significant disruptions and hardships during this period. However, after the war, Singapore embarked on a journey of reconstruction and recovery. The government focused on rebuilding the financial sector, and banks played a crucial role in financing the post-war economic development.

IFSC Code

DBSS0IN0855

State

Singapore

City

Singapore