In the last year of his presidency (1998) Ong found out through the newspapers that the government aimed to submit a bill to Parliament to sell the Post Office Savings Bank (POSB) to The Development Bank of Singapore.
In 1983, its headquarters were shifted to the new 8-storey complex, the POSBank Centre at Bras Basah Road.
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It was only after independence when the then Minister for Finance, Goh Keng Swee, who rediscovered the potential of the bank to develop the infrastructure of the infant city-state.
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The Post Office Savings Bank, part of the Postal Services Department (prior to independence) was established on 1 January 1877 in the General Post Office Building, in Raffles Place by the British Colonial Government in Singapore.
As part of deregulation and reform of its financial and banking sectors, Hu oversaw the privatisation of the government-run Post Office Savings Bank (POSB) and the sale of POSB to the Development Bank of Singapore (DBS) in 1998.
The suburban mall has a total of 167 shops with its anchor tenants namely, NTUC FairPrice, Kopitiam, Challenger, POSBank, UOB, Popular Bookstore and Golden Village.
POSBank |