Singapore: Singapore Commercial Bank

Abstract

[Extract] Established as a family firm in 1954, the Singapore Commercial Bank (SCB) had grown sufficiently by 1978 to be publicly listed. With a fully paid-up capital of S$50 million by 1985, the founding family retains financial control and several of the family's members are active on the board of directors.

SCB is one of 13 locally incorporated commercial banks in Singapore permitted to engage in full banking activities. The 13 local banks operate nearly 200 banking offices of which 15, distributed throughout Singapore, belong to SCB. In addition to its Singapore offices, SCB has epresentative offices in Tokyo and Hong Kong for its limited international transactions. Most (70-80 per cent) of SCB's lending is to small businesses in general trading and commerce and in the construction industry. Loans to manufacturing businesses comprise less than 10 per cent of SCB's total loan portfolio. The bulk of SCB's deposits of S$720 million are provided by the general public in the form of current and savings accounts and fixed deposits.