Acquisition of POSBank
In 1998, DBS Bank merged with POSBank, giving it a dominant market share with over four million customers.
The Post Office Savings Bank was renamed as POSBank in March 1990. It was subsequently fully acquired by DBS Bank on 16 November 1998 for S$1.6 billion; at the same time, ceased to exist as a statutory board under the Ministry of Finance. POSBank still operates one of the highest number of bank branches in Singapore, especially in the suburban neighbourhoods, and operates the highest number of ATM outlets throughout Singapore. The integration of both banks allowed customers of either bank to share the facilities; DBS Bank depositors may use the Cash Deposit Machine installed islandwide in POSBank branches, likewise for POSBank depositors.
Read more about this topic: DBS Bank
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