POSBank
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| Subsidiary | |
| Industry | Banking |
| Founded | Singapore, Straits Settlement (1877) |
| Headquarters | Singapore |
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Key people
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Peter Seah Lim Huat, Chairman Piyush Gupta, CEO |
| Products | Financial Services |
| Parent | DBS Bank |
| Website | www.posb.com.sg |
POSB Bank (or POSB) is a Singaporean bank offering consumer banking services and is one of the oldest bank in continuous operation in Singapore. Established on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which acquired the institution and its subsidiaries on November 16, 1998.
Prior to its acquisition, the bank was a major public bank offering low-cost banking services to Singaporeans. DBS Bank 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 and full-time National Servicemen from bank charges.
Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank was part of the Postal Services Department in the Straits Settlements and was set up by the colonial government to provide banking services for lower-income citizens. Headquartered in the General Post Office Building, in Raffles Place, the bank was under the jurisdiction of the Postmaster-General, with bank policies overseen by a group of trustees appointed by the Governor of the Straits Settlement. From 1877 to 1940, the bank had a steady growth of accounts opened increasing from 211 to 57,000 while total deposits increased from 19,862 to 14.3 million Straits dollars during the same period.
Following the end of World War II and the dissolvement of the Straits Settlement, the 1948 Savings Bank Ordinance came into effect and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank's assets and liabilities split between Singapore and the Federated Malay States. After the separation from 1949 to 1955, total deposits of the bank increased from M$27.4 million to M$57.6 million and in 1951, the bank had its 100,000th depositor.
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Wikipedia