Oversea-Chinese Banking Corp Ltd (OCBC Bank)

Beginning of cooperation Last contact Last update
May, 2013 October, 2018 July, 2018

GSL reference about the bank

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ОСВС Bank is the oldest Singapore bank, second largest in South-Eastern Asia. The bank has no specific requirements for the documents to be provided.
It is only possible to open an account at OCBC Bank without a visit to Singapore in the case of opening one more account (an investment one) with the Bank of Singapore. In all other cases travelling to Singapore is obligatory

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    108 2 AA-
    Year of foundation 1932
    History Established in October 1932, being a merger of Oversea-Chinese Bank Limited, Ho Hong Bank Limited and Chinese Commercial Bank Limited. In February 1997 acquired the banking business of Bank of Singapore (Australia) Limited (known as BOSA Limited with effect from February 25, 1997). On July 1, 1998 absorbed Four Seas Bank Limited. In August 2001 absorbed Keppel TatLee Bank Ltd. On November 1, 2003 OCBC Finance Limited merged into the above. OCBC Bank operates its commercial banking business in 15 countries and territories including Singapore, Malaysia, Indonesia, China, Hong Kong SAR, Vietnam, Brunei, Japan, Australia, the United Kingdom and the United States
    Personnel Number of employees -10 000
    Bank’s shareholders Citibank Nominees Singapore Pte Ltd (Singapore) - 13,11%; Selat (Pte) Ltd - 11,45%; DBS Nominees Pte Ltd (Singapore) - 10,58%; DBSN Services Pte Ltd (Singapore) - 5,39%; HSBC (Singapore) Nominees Pte Ltd (Singapore) - 4,54%; Singapore Investments (Pte) Ltd (Singapore) - 3,68%; Lee Foundation - 3,64%; Lee Rubber Company (Pte) Ltd - 3,04%; BNP Paribas Securities Services Singapore (Singapore) -2,84%; United Overseas Bank Nominees (Pte) Limited (Singapore) - 2,19%; Lee Latex Private Ltd - 1,41%; Raffles Nominees Pte Ltd (Singapore) - 1,14%; Kallang Development (Pte) Limited - 0,95%; Lee Pineapple Co (Pte) Limited (Singapore) - 0,66%; Kew Estate Limited (Singapore) -0,64%; DB Nominees (S) Pte Ltd (Singapore) - 0,56%; Lee Brothers (Wee Kee) Private Limited (Singapore) - 0,52%; Tropical Produce Company Pte Ltd (Singapore) - 0,48%; Kota Trading Company Sendirian Berhad (Singapore) -0,48%; Island Investment Company (Private) Limited (Singapore) - 0,47%
    Confidentiality Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    0 100 500 N/A N/A
    Initial deposit of funds, € The minimum deposit (for a EUR account) is EUR 500
    How fast payments are executed Cut-off time for wire transfers is 17.00 Singapore time (+ 5 hours to Moscow)

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    N/A N/A 180 N/A N/A
    Account maintenance, €/year A monthly account maintenance fee (for a EUR account) is only charged if the balance of account is lower than EUR 1 000 and is EUR 15. In the first 6 months no fee is charged. Account closing fee is EUR 50
    Distant access to the account 24-hour service is available via telephone, email and internet-banking
    Financial products The bank offers a great variety of specialized financial and asset management services, including deposits and personal loans, credit cards, money management, international trade financing, investments, private banking, funds, insurance and asset management

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings & current
    Visit to the bank A visit to the bank is obligatory. However, when opening an account at the Bank of Singapore, it is possible to open an account at OCBC Bank without travelling to Singapore
    Required Standard set of corporate documents, copy of passport
    Types of accounts Personal; Corporate; Current
    Chances to open an account Predictable
    Business description Requirements for the business description are standard: the account of how the business was established and where it stands now, origin of funds, biography and contact details of the beneficial owner of the account