Post Office Savings Bank Annual Report & Accounts 1978

Transcription

1 Post Office Savings Bank Annual Report & Accounts 1978

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3 Contents Chairman's Report 3 The Year in Review 8 More Convenience for Savings 11 On-Line System 15 Related Services 18 Funds for Development 19 Community Relations 20 Personnel 22 Financial Statements 24 Statistical Data 28 Directory of Offices, Subsidiary & Associated Companies 30

4 Highlights of 1978 * Inclusive of earned interest and SAYE (Bonus) Contracts.

5 Chairman's Report During 1978, the Post Office Savings Bank initiated a new dimension in customer service by the introduction of personalised night banking at three supermarkets as a pilot scheme. This new service was introduced to meet the convenience of the many depositors who are at work during normal banking hours. The service has been popular, and during the first half of 1979 the Bank introduced the facility at two more supermarkets and at three branches in HDB housing estates. The Bank plans to extend the hours of service from 7.00 p.m. to 9.00 p.m. soon. The Bank conducted an Account Holders' Services Survey in The purpose of the survey was to seek the views of depositors on how the Bank can improve and extend the services it now provides. The results of the survey indicate that there is a demand for current account facilities. The Bank is now studying the feasibility of introducing current accounts. It has always been a major concern of the Bank to contribute to the further development of the financial markets of Singapore. During the year under review, the Bank increased its investments in marketable securities and assisted in the floatation of new securities. It is the policy of the Bank to widen the scope of its activities as a major financial institution. The POSB has no shareholders but draws its support and strength from its depositors. It is not profit oriented. But it will continue to operate on objective commercial principles, guided always by the need to be cost effective. On behalf of the Board of Directors, I would like to express our appreciation of the support and guidance the Bank continues to receive from the Ministry of Finance and the Monetary Authority of Singapore. I would also like to thank the staff of the Bank for their dedication and hard work. Special mention must be made of our front-line officers who carry out their duties with competence and courtesy and whose job is no less important to the continuing growth of the Bank. TAN CHOK KIAN Chairman May 1979

6 Board of Directors Chairman Mr Tan Chok Kian Deputy Chairman Mr Wong Lee Hoong Mr Wong Lee Hoong Directors Mr F J D'Costa Mr Lim Hong Keat Mr Ng Tee Geok Mr Robert lau Mr Michael Wee Mr F J D'Costa

7 Mr Lim Hong Keat Mr Ng Tee Geok Mr Michael Wee Mr Robert lau

8 Principal Officers General Manager Mr Bertie Cheng Organisational Structure Controller, Finance & Operations Mr Tan Han Meng Head, Development & Property Department Mr Hiew Siew Nam Head, Loans Department Mr Teo Sok Nguang Head, Investment & Credit Department Mrs Margaret Koh Head, Data Processing Centre Mr Wee Tew Lim Head, Training & Security Department Mr Vincent Sebastian Head, Personnel & Administration Department Mrs Kwok Moon Moi Head, Finance & Internal Audit Department Miss Chua Bee Choo Head, Public Relations & Marketing Department Miss Nelly Menon Head, Operations & Client Services Department Mr Cheah Pin Thong Head, Management Services Department Mrs Pearl See-Thoe

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10 The Year In Review For yet another year, the Bank recorded a high level of performance in all areas of operations during Growth was achieved despite several factors which had a moderating influence on total depositors' balances. One of them was the number of public share issues floated during the year. Another was the bouyant conditions in the stock market around the middle of GROWTH IN THE NUMBER OF ACCOUNTS, These influences, notwithstanding, several milestones were reached and new service concepts were introduced in a continuing effort to offer better and more convenient facilities to a growing number of depositors. Steady Increase in Number of Accounts The number of savings accounts with the Bank has shown a steady increase since 1972 when the POSB had 622,714 accounts. At the end of 1978, the number of accounts exceeded 1.5 million to reach a total of 1,523,969. The growth rate for 1978 was 13.4 percent, lower than the 17.4 percent increase registered in In absolute terms, however, the increase was substantial with 180,065 additional accounts being opened during the year. The growth achieved in 1978 was particularly significant in the light of the fact that with a broadening deposit base, the growth rate must slow down.

11 Bukit Timah Branch Depositors' Balances Exceed $2 Billion Depositors' balances which stood at$1.6 billion at the end of 1977 exceeded $2 billion. At the end of 1978, total depositors' balances including interest earned stood at $2,053.3 million an increase of $446.6 million or 27.8 percent over the previous year. GROWTH OF TOTAL DEPOSITORS' BALANCES, Growth in Deposits Total deposits received by the Bank during 1978 amounted to $2,255.9 million, an increase of 46.9 percent over the previous twelve months. Withdrawals were also higher at $1,900.6 million, 89 percent more than in Net deposits placed with the Bank aggregated $355.3 million at the end of the year. Cash Turnover Reaches $4.2 Billion During the year, the Bank registered a cash turnover of $4,156.5 million, surpassing the previous year's total by 63.6 percent. The margin of increase over 1977 at $1,615.5 million was higher than the total cash turnover for the whole of 1976 by $23 million.

12 Transactions Exceed 10 Million The availability of more facilities through a larger branch network as well as longer banking hours were among the factors which accounted for the record level of transactions (deposits and withdrawals) handled during Total number of transactions amounted to 10,172,896 the first time that transactions have exceeded the 10 million mark. This was 2.3 million transactions in excess of the figure recorded in the previous year. The monthly average of 847,741 transactions was higher than the 1977 monthly average by 194,666 transactions or 29.8 percent. GROWTH IN THE NUMBER OF TRANSACTIONS, Over the years, the Bank has strengthened its capability to handle such a large volume of business by opening more branches, providing longer banking hours and computerisation to meet the growing needs of depositors. Interest Paid A sum of $86.1 million was credited as interest to depositors' accounts for This was higher by $22.8 million compared with With the increase in the volume of savings, the interest paid has shown a substantial increase in the last two years. Interest Rate A two-tier interest rate structure was introduced from September 1. Interest on deposits up to $100,000 in any one account was raised from 5 to 5 1 / 4 percent per annum. For deposits in excess of $100,000, the interest rate was lowered to 3 1 / 2 percent per annum. Interest earned continued to be exempt from Income Tax.

13 Pandan Valley Branch More Convenience For Savings Expansion of Branch Network The volume of business at several Post Office counters has also shown considerable increase in recent years. Consequently, some of these counters were replaced with new branches in their immediate vicinity in order to provide a better level of service to depositors. Over the past two years, the Bank has established a total of 27 new branches in an effort to bring services even closer to the people. GROWTH IN THE NUMBER OF POSB OFFICES, At the end of 1978, the POSB had a network of 84 outlets throughout Singapore. Of this total, 36 were independent offices and 48 were counters at Post Offices offering savings bank services. The Bank's offices are now located in all the key business, industrial and residential areas throughout Singapore. New branches opened in 1978 were: Name of Branch Date Opened Empress Place Branch January 16 Sembawang Branch January 19 Balestier Road Branch January 23 Chin Swee Road Branch March 20 Whampoa Drive Branch April 24 Kent Ridge Branch July 12 Geylang East Branch July 17 Boon Lay Branch August 14 Ghim Moh Branch October 2 Keppel Harbour Branch October 9 Kallang Bahru Branch December 4 MacPherson Branch December 6 Orchard Road Branch December 19 Yaohan (Orchard) Branch December 19 Yaohan (Katong) Branch December 19

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15 Yaohan Orchard Superbank Full Day Banking On Saturdays Full-day banking services on Saturday were extended to the following branches: Boon Lay, Orchard Road, Yaohan Orchard and Yaohan Katong. At the end of the year, the Bank was offering full-day banking facilities at 13 branches located at key points to meet depositors' needs. POSB Superbanks at Supermarts The POSB introduced yet another concept in service during 1978 by offering personalised night banking at three POSB Superbanks which were opened at supermarkets in December. These Superbank centres are located at Cold Storage on Orchard Road, Yaohan Orchard and Yaohan Katong. In offering this service, the Bank is looking towards the needs of working housewives and depositors who are unable to visit POSB offices during regular banking hours. The new outlets are fully On-Line and remain open up to 7.00 p.m. six days a week from Monday to Saturday. The Superbanks have been very popular with depositors and the Bank is planning to open more outlets at other centres. The Bank is monitoring depositors' response to this service and may extend banking hours up to 9.00 p.m. The Bank may also consider keeping these offices open on Sundays and selected public holidays. Account Holders' Services Survey To assess the service needs of depositors, the Bank conducted a second Account Holders' Services Survey during December. Questionnaires were mailed to 12,000 account holders selected by computer. A similar survey was conducted in 1976 and resulted in a considerable amount of feedback from depositors. With the changes that have taken place in the intervening period, the 1978 survey will provide additional information which will assist the POSB to plan ahead in developing new services and improving existing ones. Personalised night banking service was introduced at three POSB Superbanks located at supermarkets in December. These Superbanks remain open six days a week from Monday to Saturday up to 7 p.m.

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17 Tanglin Drive-In Branch On-Line System Improvements In August, the Bank upgraded its On-Line Banking system with the installation of the new generation IBM 3600 Finance Communication terminals. The first set of six terminals was installed at the POSB Headquarters. The replacement of the old terminal system with the more sophisticated 3600 series is in keeping with the Bank's policy of employing improved technology to support the growing network of offices. The new terminals have advanced capabilities and are able to provide faster and more efficient services to depositors. At the end of 1978, 60 of the new terminals were in operation at 15 branches including the POSB Headquarters. POSB Computer Services Pte Ltd In September 1978, a new company, POSB Computer Services Pte Ltd., was incorporated to provide in-house processing services for the Bank. In recent years, the Bank's processing needs have expanded very rapidly. Between 1972 and 1978, the volume of teller transactions increased ten-fold from one million to over ten million. During the same period, the number of accounts tripled from approximately half a million to well over 1.5 million. In addition to meeting the Bank's existing processing needs, the computer centre will enable the POSB to introduce new services and computerise internal reporting requirements. The Tanglin Drive-ln Branch (left). A close-up view of the new 3600 Banking Terminal (right).

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19 The POSB Superbank at Cold Storage on Orchard Road

20 Related Services The related services which the Bank provides in addition to savings and withdrawal facilities include housing loans, renovation-cum-furnishing loans, loans for purchase of commercial properties, the Save-As-You-Earn (SAYE) Bonus Scheme and the POSB Giro Service. During 1978, steps were taken to offer these services to an even greater number of people. Housing Loans To encourage more depositors to take advantage of housing loan facilities, Credit POSB Pte Ltd, which manages the Bank's housing loan scheme, implemented the following changes in October. Loans of up to 80 percent of valuation were made available for the purchase of properties for rental purposes. The maximum loan for purchase of properties for owner occupation remained unchanged at 90 percent of valuation. In addition to Singapore citizens and permanent residents, foreigners with professional employment passes were allowed to apply for a Housing Loan provided they were POSB account holders. The minimum balance required to be placed with the Bank was reduced from 5 percent to $2,000 or one monthly instalment, whichever is higher. Renovation Loans The following changes were also implemented in the Renovation Loan Scheme to allow depositors to improve their homes and to enhance the value of their properties: The processing fee was reduced from a standard charge of $150 for all loan applications to a reducing scale of fees depending on the loan amount. The maximum repayment period for such loans was also extended from 2 to 3 years for loans of $5,001 to $10,000. The requirement to maintain a compensating balance with the POSB equivalent to the loan amount was waived. Renovation Cum Furnishing Loans The interest rate for such loans was reduced to a standard flat rate of 9 percent per annum. Prior to this, the rate varied from 9 percent to 11 percent per annum depending on the loan amount and the repayment period. Simultaneously, the maximum repayment periods for loans were also extended. POSB Giro The number of Giro Standing Orders received from depositors increased by over 89 percent during the year from 54,348 in 1977 to 102,912 in Payment facilities through POSB Giro were extended to include payment of insurance premium to three companies: NTUC Income from February 1978, Insurance Corporation of Singapore from March 1978 and American International Assurance Company (AIA) from December 1978.

21 Queenstown Branch Funds For Development As the National Savings Bank and a major financial institution, the POSB is committed to the economic development of Singapore and its growth as a financial centre. In line with this objective, the Bank's investment activity in 1978 increased substantially over that of the previous years. Investments were made mainly in local projects, ventures, the local money market and the Asian Dollar Market. The Bank was a net lender in the domestic money market especially in the placement of overnight funds and term deposits. There was also greater activity in the areas of bills discounting and negotiable certificates of deposit. Loan to SIA To finance the expansion and development projects of Singapore Airlines over the next few years, the Bank signed a loan agreement for$200 million with SIA on November 14,1978. The funds will assist SIA in expanding its fleet and to develop facilities at Changi International Airport. With this loan, the POSB's total commitment to SIA at the end of 1978 amounted to $223 million. Asia Capital Fund Limited In April, the POSB joined four financial institutions to form Asia Capital Fund Limited (ACF), a closed-end international investment fund. The POSB is a major shareholder in this corporate venture. Besides adding new dimension to the role of Singapore as a financial centre, the company will also serve to expose local personnel to the field of international portfolio management. It is the objective of the company to eventually seek listing on the Stock Exchange of Singapore. Housing loans from POSB have helped depositors to become owners of houses and flats.

22 Community Relations From the very beginning, the Bank has established the tradition of supporting desirable community activities. Selective sponsorship by the Bank during 1978 included support to national fitness programmes, safety campaigns and the arts. This commitment by the POSB reflects its close involvement with the community apart from the services it provides as the National Savings Bank. "Season of Performances" In August, the Bank sponsored a "Season of Performances" staged by the Singapore Ballet Academy to mark its 10th anniversary. Well-known local artistes in Singapore and a few now resident abroad participated in two evenings of classical dances performed on August 19 and 20. National Dance Festival Fitness Award The Bank renewed its financial support to the National Aerobic Fitness Award (NAFA) scheme by sponsoring this programme for both 1978 and The NAFA scheme was launched in 1976 with the Bank as the sole sponsor. Thousands of people from all age groups and walks of life have since benefited from the programmes conducted through this scheme which aims at raising the fitness level of Singaporeans. Survival Swimming A complementary programme to NAFA was the National Survival Swimming Award Scheme launched by the Singapore Sports Council in July last year. The POSB again took the initiative by accepting sole sponsorship of this new activity. A second cultural programme sponsored by the Bank was the National Dance Festival organised by the People's Association in August. The Grand Finals of the Festival was held at the Victoria Theatre on August 31.

23 Market Street Branch Promoting Road Safety To promote safety on the roads, the Singapore Traffic Police organised "Walk Safely and Drive Safely" photographic and poster competitions during January The Bank was the sole sponsor for both competitions and contributed prizes to the winning entries in the contests. Schools' Savings Competition The prize-giving ceremony of the 1977 Schools' Savings Competition was held on February 18, 1978 at the Singapore Conference Hall. Above: Children participating in the National Survival Swimming Award Scheme. Far Left: Mr Bertie Cheng, General Manager of POSB, presents an award to a young participant in the "Walk Safely and Drive Safely" photographic and poster competition sponsored by the Bank. Left: Performers in the National Dance Festival which was sponsored by the POSB. Mr Goh Chok Tong, then Senior Minister of State (Finance), gave away the prizes to the winning schools. The Minister also announced that the 1977 competition would be the last in the series. The competition was initiated by the Bank in 1968 to promote the savings habit among our students. Over a period of nine years, the programme had effectively succeeded in inculcating the habit of thrift among large numbers of young people in our schools. Home Nursing Foundation During the year, the Bank made a donation of $5,000 towards the Home Nursing Foundation. The Foundation is a joint effort of the community and the Government to provide nursing care for the aged, the chronic sick and the disabled in their homes. Financial Assistance for the Elderly To assist needy aged persons requiring institutional care in paying institutions, the Bank set aside a sum of $16,500 for this purpose during The funds will be administered by the Social Welfare Department.

24 Personnel As a people-oriented institution, the Bank recognises that its most valuable asset is its employees. Considerable emphasis is, therefore, placed on the training of the Bank's personnel in order to serve depositors better. During 1978, training programmes were conducted at several levels with the objective of upgrading skills and improving the quality of service. Apart from in-house training, members of the Bank's staff were nominated to attend courses conducted by various institutions in Singapore. These included the Institute of Banking and Finance, the Civil Service Institute and the Department of Extra-mural Studies, University of Singapore. A second seminar-and-workshop was held in September for the Bank's counter personnel on the theme: "Better Service Through Better Knowledge". Participants were briefed on new developments within the Bank and the workshop session was devoted to improving counter service through a better understanding of depositors' needs. To further strengthen management and supervisory expertise, two senior officers were nominated to attend seminars overseas. The seminars also provided the officers with the opportunity to make study visits to various overseas banking institutions. The Bank also conducted its own programmes including two seminars-cum-workshops during the year. On July 2, a seminar-cum-workshop was held for senior and middle management personnel. The theme of the seminar was "The Role of the POSB in the Eighties", The seminar enabled the Bank's officers to discuss the challenges and opportunities which face the POSB in the coming decade. Training programmes conducted by the POSB for its staff included seminars and workshops for counter staff, senior and middle management personnel.

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26 Report On The Audit Of Accounts FOR THE YEAR ENDED 31ST DECEMBER 1978 The accompanying Balance Sheet and Income and Expenditure Account for the year ended 31st December, 1978, have been examined under my direction with the accounting and other records of the Bank and in accordance with the provisions of the Post Office Sayings Bank of Singapore Act, 1971 (No. 13 of 1971), and I have obtained all the information and explanations I have required. 2. In my opinion:- a. the accompanying Balance Sheet and Income and Expenditure Statement show fairly the state of affairs as at 31st December, 1978, and the financial transactions for the year ended on that date; b. proper accounting and other records have been kept; and c. the receipt, expenditure and investment of moneys and the acquisition and disposal of assets by the Bank during the year have been in accordance with the provisions of the Post Office Savings Bank of Singapore Act, CHEE KENG SOON AUDITOR GENERAL SINGAPORE 24 May 1979

27 Income and Expenditure Account FOR THE YEAR ENDED 31ST DECEMBER 1978

28 Balance Sheet AS AT 31ST DECEMBER 1978 ASSETS CURRENT ASSETS Cash on hand, in transit and balances with bankers Time Deposits, Negotiable Certificates of Deposit and Short Term Investments Interest Receivable Sundry Debtors Prepayments INVESTMENTS Singapore Government Securities Shares in Quoted Corporations Shares in Unquoted Corporations Bonds and Debenture Stocks TERM LOANS SUBSIDIARY COMPANIES POSB Investment Pte Ltd Credit POSB Re Ltd FIXED ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Depositors' Balances Sundry Creditors and Accrued Expenses GENERAL RESERVE FUND CAPITAL RESERVE SECURITIES FLUCTUATION RESERVE TOTAL LIABILITIES AND RESERVE TAN CHOK KIAN Chairman Post Office Savings Bank Singapore

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30 Post Office Savings Bank Changes and Trends,

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32 Directory Of Offices POSB HEADQUARTERS 1. POSB Headquarters Middle Road Singapore 7. ON-LINE INDEPENDENT BRANCHES 2. Robinson Road Unit G2, CPF Building Singapore 1 3. General Post Office Fullerton Building Singapore Alexandra Block 136, No 165 Alexandra Road Singapore Boon Lay 108/112, Boon Lay Shopping Centre Boon Lay Place Singapore Jalan Eunos Block 6, 2647 & 2649 Eunos Crescent Singapore Marine Parade Block 83, 584/586 Marine Parade Singapore Mountbatten 1st Floor Hawkers' Centre Old Kallang Airport Road Singapore Queenstown 1st Floor, Hawkers' Centre Commonwealth Avenue Singapore Tiong Bahru Block 28, , Tiong Bahru Road Singapore Toa Payoh Central , Block 178, Toa Payoh Central Singapore Upper Pickering Block 3, 27 Upper Pickering Street Singapore Ang Mo Kio West Block 226G, 687 & 689 Avenue 1 Ang Mo Kio Singapore Dempsey Road Tanglin Domain Singapore Empress Place Government Offices Building Empress Place Singapore Jurong NES Building Corporation Road Singapore Jurong Town 19 & 21, Block 106 Yung Kuang Road Singapore Market Street Ground Floor Multi-Storey Car Park Market Street Singapore Pearl's Centre Unit G11, Pearl's Centre 100 Eu Tong Sen Street Singapore Rochor Block 4, 524 Rochor Road Singapore Taman Warna Taman Warna/North Buona Vista Singapore Tanjong Pagar 26 & 27, Block 1 Tanjong Pagar Plaza Kee Seng Road Singapore Balestier Road Block 2, 641 Balestier Hill Shopping Centre Thomson/Balestier Road Junction Singapore Bukit Timah Plaza LG7, Bukit Timah Plaza Jalan Anak Bukit Singapore Chin Swee Road Unit G17/20, Manhattan House Chin Swee Road Singapore 3 26 Geylang East Block 95, 489/491 Aljunied Crescent Singapore Ghim Moh Block 10, 88 Ghim Moh Road Singapore Jalan Sultan G2, Jalan Sultan Centre Singapore Kallang Bahru 469, Block 67, Kallang Bahru Singapore 12

33 30. Kent Ridge Room SC 207, Yusof Ishak House Kent Ridge Campus University of Singapore Singapore Keppel Harbour 331, Telok Blangah Road Singapore Macpherson G12, Great Eastern Hotel 401, Macpherson Road Singapore Orchard Road 1st Floor, Cold Storage Supermarket Orchard Road Singapore Pandan Valley Block B, Unit 210 Pandan Valley Condominium Pandan Valley Singapore Sembawang 4, Jalan Tampang Off Sembawang Road, 20 km Singapore Upper Serangoon Road 766, Upper Serangoon Road Singapore Whampoa Drive Block 102,12 Whampoa Drive Singapore Yaohan Katong Yaohan Katong Shopping Centre Amber Close Singapore Yaohan Orchard Yaohan Plaza Singapura 68 Orchard Road Singapore 9 ON-LINE SAVINGS BANK COUNTERS AT POST OFFICES 40. Alexandra Post Office 110 Alexandra Road Singapore Balestier Estate Post Office 344 Blk 74, Whampoa Drive Singapore Brickworks Estate Post Office 4538 Blk 1, Jln Bukit Merah Singapore Bukit Panjang Post Office Chua Chu Kang Road, 16.5 km Singapore Changi Post Office Upper Changi Road, 22.5 km Singapore Chai Chee Post Office Blk 28, 36 Chai Chee Avenue Singapore Colombo Court Post Office Ground Floor, City Hall Singapore Covent Garden Post Office 179 Blk 92,Zion Road Singapore Farrer Road Post Office Farrer Road Singapore Geylang Post Office 447 Geylang Road Singapore Haig Road Post Office Blk 12, 349 Haig Road Singapore Henderson Post Office 219 Blk 116, Bukit Merah View Singapore Jalan Kayu Post Office 37, Blk. 2, Seletar Road Singapore Kampong Glam Post Office 734 North Bridge Road Singapore Katong Post Office 373 Tanjong Katong Road Singapore Killiney Road Post Office Killiney Road Singapore Lim Ah Pin Road Post Office Lim Ah Pin Road Singapore Macpherson Road Post Office Macpherson Road Singapore Marsiling Post Office 259/261 Blk 18, Marsiling Lane, Singapore Maxwell Road Post Office Maxwell Road Singapore Nee Soon Post Office Mandai Road, 16.5 km Singapore Newton Post Office 304 Bukit Timah Road Singapore North Canal Road Post Office North Canal Road Singapore 1

34 63. Owen Road Post Office Owen Road Singapore Pasir Panjang Post Office Pasir Panjang Road, 11.5 km Singapore Paya Lebar Post Office Yio Chu Kang Road, 9 km Singapore Plaza Singapura Post Office G1 Plaza Singapura Shopping Complex Orchard Road Singapore Queen Street Post Office 207 Queen Street Singapore Seletar Post Office Seletar Singapore Sembawang Post Office Sembawang Road, 21.5 km Singapore Sepoy Lines Post Office 190 Neil Road Singapore Serangoon Garden Post Office Serangoon Garden Way Singapore Serangoon Road Post Office 25 Blk 22, Boon Keng Road Singapore Shenton Way Post Office Podium G39, DBS Building 6 Shenton Way Singapore Siglap Post Office Upper East Coast Road Singapore Simpang Bedok Post Office 585 Bedok Road Singapore Singapore Airport Post Office Singapore Airport Singapore Still Road Post Office Still Road Singapore Tanglin Post Office (Drive-ln) 60 Tanglin Road Singapore Teban Garden Post Office Blk 38, , Teban Garden Road Singapore Telok Blangah East Post Office 55 Blk 22, Telok Blangah Crescent Singapore Telok Blangah West Post Office Blk 81, 428 Telok Blangah Street Singapore Thomson Road Post Office Upper Thomson Road 9 km Singapore Toa Payoh Central Post Office 344, Blk. 187, Lorong 6, Toa Payoh Singapore Toa Payoh North Post Office 1117 & 1119 Blk 203, Toa Payoh North Singapore 12. OFF-LINE SAVINGS BANK COUNTER AT POST OFFICE 85. Pulau Bukom Post Office Pulau Bukom Singapore 1. SUBSIDIARY COMPANIES Credit POSB Pte Ltd 9th Floor, CPF Building Robinson Road Singapore 1 POSB Investment Pte Ltd 9th Floor, CPF Building Robinson Road Singapore 1 POSB Computer Service Pte Ltd 13th Floor, CPF Building Robinson Road Singapore 1 Mon Ads Pte Ltd 6th Floor, Asia Insurance Building Finlayson Green Singapore 1 ASSOCIATE COMPANIES The Discount Company of Singapore Ltd Room 1404, 14th Floor UOB Building 1 Bonham Street Raffles Place Singapore 1 Asia Capital Fund Ltd c/o Podium 517, DBS Building 6 Shenton Way, Singapore 1 Daiwa & Partners Asia Capital Management Co. Ltd. Podium 517, DBS Building 6 Shenton Way Singapore 1

35 Concept, Design & Realisation: Consulton Research Bureau, Singapore Photo credits: William Fong; Mon Ads Pte. Ltd.; Hong Tiong Peng INTERNATIONAL PRESS SINGAPORE

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