Beyond a "newcomer" : the business history of Overseas Union Bank in Singapore, 1949-1999

Abstract

Known as one of the then “Big Four” local banks during late-twentieth century Singapore, the Overseas Union Bank (OUB) has notably contributed to the development of the commercial banking industry in Singapore. Initially dominated by several British Exchange banks, the banking scene in colonial Singapore only took a turn in the early twentieth century when local Chinese banks started entering the scene to serve the ethnic Chinese community. The OUB then was considered the first local bank established after the Second World War in Singapore, which eventually earned the newcomer title and became the smallest of the “Big Four”. While the historiography of banking and finance in Singapore has been discussed comprehensively, the significance and contribution of the OUB remains understudied. This paper seeks to examine the historical importance of the OUB in Singapore’s banking scene. Moreover, in analysing the cultural background and historical development of the OUB, this research aims to problematize the “newcomer” claim portrayed by post-colonial scholarship of the OUB.