POSB Bank
Singaporean bank / From Wikipedia, the free encyclopedia
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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 currently operates under the DBS Bank. [1][2]
Company type | Public |
---|---|
Industry | Banking |
Founded | 1 January 1877; 147 years ago (1877-01-01) Singapore, Straits Settlements |
Headquarters | Singapore |
Key people | Peter Seah (Chairman) Piyush Gupta (CEO) |
Products | Financial services |
Parent | DBS Bank |
Website | www |
In 16 November 1998, DBS Bank merged with POSB as the merger would enable POSB to compete better with full-fledged commercial banks as well as better serve more sophisticated customers and align with the government's call for local banks to merge and create larger and stronger banks able to compete internationally.
Prior to its acquisition, the bank was a major public bank offering low-cost banking services to Singaporeans. It attempts to continue this tradition by promising to keep costs low for basic savings accounts, and to exempt children, full-time students below the age of 21 years.