By There are several names that made it to the list of the largest banks in Southeast Asia according to the market capitalization in 2023. Interestingly, some of these banks are from Indonesia.
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The banking industry’s development has led to the emergence of many large banks in the Southeast Asian region.
Over time, each bank competes to strengthen its position as the top bank according to market capitalization.
Largest Banks in Southeast Asia
1. PT Bank Central Asia
PT Bank Central Asia (BCA) is the largest private bank in Indonesia, established on February 21, 1957. It was previously a crucial part of the Salim Group and is now owned by Djarum, the fourth-largest cigarette manufacturer in Indonesia.
PT Bank Central Asia Tbk was founded on August 10, 1955, under the name NV Perseroan Dagang dan Industrie Semarang Knitting Factory.
Initially, the company was not in the banking industry but was a textile company in Semarang. It later transformed into a bank on October 12, 1950, under the name NV Bank Asia.
2. DBS Bank
DBS Bank Limited, often referred to as DBS, is a multinational banking and financial services corporation based in Singapore. Its headquarters are in the Marina Bay Financial Centre in the Marina Bay district of Singapore.
DBS Bank has been operating since January 1, 1877, and is now part of POSB, which acquired its subsidiaries and institutions on November 16, 1998.
Formerly known as The Development Bank of Singapore Limited, this bank adopted the name DBS on July 21, 2003, reflecting its global role. It is among the top three banks in Singapore, alongside OCBC Bank and United Overseas Bank.
3. PT Bank Rakyat Indonesia
BRI is a state-owned enterprise in Indonesia that offers various financial services. By the end of 2022, it had 449 branch offices and 13,863 ATMs nationwide.
BRI also has offices in several other countries, including Hong Kong, Taiwan, Singapore, New York, Colmera, Hudilaran, Fatuhada, and Audian.
BRI has a long history, dating back to December 16, 1895, in Purwokerto, when Raden Bei Aria Wirjaatmadja established De Poerwokertosche Hulp en Spaarbank der Inlandsche Hoofden to manage and distribute mosque funds to the community.
After Indonesia’s independence, the government transformed this organization into a state bank named Bank Rakyat Indonesia.
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4. OCBC Bank
OCBC Bank is a multinational banking and financial services corporation based in Singapore, with its headquarters in the OCBC Centre.
It was established in 1932 during the Great Depression through the consolidation of three previous banks: Chinese Commercial Bank Limited (founded in 1912), Ho Hong Bank Limited (founded in 1917), and Overseas Chinese Bank Limited (founded in 1919).
OCBC had total assets of around $560 billion at the end of 2022, making it the largest bank in Southeast Asia by assets. It consistently ranks among the top three safest banks globally.
5. United Overseas Bank
UOB is one of the largest banks in Southeast Asia and is a regional bank based in Singapore, with its headquarters in Raffles Place. It has branches across several Southeast Asian countries.
The bank was established during the Great Depression in 1935 as the United Chinese Bank by a group of Hoklo entrepreneurs, including Wee Kheng Chiang, who was born in Sarawak.
UOB initially operated from a single bank branch in the rented Bonham Building on Boat Quay, near the Singapore River.
The company focused primarily on short-term loans for local entrepreneurs, particularly Hokkien Chinese businessmen in Singapore.
6. Bank Mandiri
Bank Mandiri is a state-owned enterprise in Indonesia that offers various financial services.
By the end of 2022, it had 138 branch offices and 13,027 ATMs nationwide. Bank Mandiri also has offices in Hong Kong, Singapore, Shanghai, Dili, and the Cayman Islands.
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Established by the Indonesian government on October 2, 1998, Bank Mandiri was part of the banking restructuring program following the Asian financial crisis in 1997.
In May 1999, it acquired Bank Susila Bhakti and renamed it Bank Syariah Sakinah for Sharia banking operations. In July 1994, several government-owned banks were officially merged into Bank Mandiri.
7. Maybank
Malayan Banking or Maybank is the largest banking network and financial services group in Malaysia, with significant operations in Indonesia, Singapore, and the Philippines.
Maybank plays a significant role in Islamic banking through Maybank Islamic Bank and insurance through its subsidiary, Etiqa.
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Maybank has the largest number of branches in Malaysia, with over 15 local branches and 10 branches overseas. It is listed on the Malaysian stock exchange with a market capitalization exceeding RM 100 billion as of March 31, 2011.
