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POSBANKPost Office Savings Bank
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Singapore's largest local bank, Development Bank of Singapore (DBS), will merge with the government-owned Post Office Savings Bank (POSBank), creating a banking giant in Singapore, and Asia, Singapore's Finance Minister Richard Hu said Friday.
Hu said the government has decided to privatize POSBank and accepted an offer by government-linked DBS to buy POSBank and its subsidiaries.
POSBank is now the fifth largest bank in Singapore.