POSB vs DBS
DBS bank, having its origins in the island country of Singapore is the largest bank is South East Asia. It was set up in 1968 by Singapore government to promote development through this financial institution. It was then known as The Development Bank of Singapore, and hence the name. The name was changed to its acronym DBS to reflect the role of the bank as a major regional bank. POS bank, on the other hand, was Post Office Savings Bank in Singapore offering low cost banking services to its millions of customers spread all over Singapore. POS bank has been acquired by DBS bank in 1998 though many people still think of POS bank as being a distinct entity. This article attempts to clear such doubts in the minds of the people of Singapore.
For those who do not know, POS bank was established way back in 1877, making it one of the oldest banks in the island nation. The bank, which was founded by the British, was continued by the government of the city state of Singapore after independence and made a statutory board in 1972. By 1974, POS or POSB, as it was referred to then, became a part of the Ministry of Finance. Depositors continued to grow, and soon became a million with more than a billion dollars of deposits. The bank was renamed POS Bank in 1990. Current account facility in the bank was introduced in 1984, and by 1986, the total deposits in the bank had progressed past $10 billion.
POS bank was merged with DBS bank in 1998. It however, operates under the name of POS bank and has the highest number of ATMs and bank branches in the country. The acquisition has helped consumers of both banks to share the infrastructure and the facilities of both banks.
What is the difference between POSB and DBS?
• POS bank, originally Post Office Savings Bank, is the oldest bank in the country having origins before independence, having been founded by the British in 1877.
• DBS bank is the largest bank in terms of assets in South East Asia.
• DBS acquired POS bank in 1998 that allowed customers of either banks to share the common facilities of both banks.