Banks in Brunei can be classified into Islamic banks and conventional banks, with the former dominating the industry. There are only seven licensed banks in Brunei, after HSBC left in 2016 and Baiduri Bank bought UOB Brunei’s retail banking business in 2015.
The Brunei banking system is well monitored by the country’s Ministry of Finance, which oversees the Department of Financial Services (Treasury) and the Brunei Investment Agency. The Brunei Monetary Authority (Autoriti Monetari Brunei Darussalam or AMBD) serves as the country’s central bank and is responsible for the formulation and implementation of monetary policies, management of currency, and supervision of financial institutions.
For anyone considering a career in banking in Brunei, this list is a helpful guide on where to start. To learn more, see our lists of financial institutions.
Founded in 1994, the bank is part of the Baiduri Bank Group and is headquartered in Bandar Seri Begawan. Baiduri Bank provides banking and related financial services. It also offers treasury services, automated insurance renewal, hire purchase vehicle financing, and online trading and unit trust services, in addition to investment securities and e-financial services.
Baiduru Bank manages a network of 13 branches, a finance arm with 2 branches, and 29 ATM locations.
In 2016, the bank reported a total income of US$30.6 million and total assets of US$23.03 billion.
Bank Islam Brunei Darussalam was established in 2005 following the merger of Islamic Bank of Brunei and Islamic Development Bank of Brunei. Based in Bandar Seri Begawan, the bank manages 16 branches across Brunei’s four districts and operates the largest ATM network in the country. It provides savings accounts, personal, corporate, education, and development financing, hire purchase financing for vehicles and consumer products, investment products, life and non-life insurance products, and SMS banking services to its clients.
The bank employs 900 employees and serves 200,000 customers. As of 2016, the bank’s total income was US$244 million and total assets were US$7.01 billion.
The bank is a body corporate established in Brunei Darussalam in 1991 under the Perbadanan Tabung Amanah Islam Brunei Act. The bank lists two fully owned subsidiaries, Insurans Islam TAIB Sendirian Berhad (Takaful/Insurance) and Darussalam Holdings Sendirian Berhad (Haj/Umrah Services, Travel Agent). It operates branches in Bandar Seri Begawan, Kuala Belait, Sengkurong, Berakas, Jin Muara, Tutong, Gadong, and Daerah Temburong.
The bank provides services such as savings and term deposits; retail financing services such as personal loans, home mortgages, motor vehicle, education, education kit and home improvement financing services, and corporate financing services that include trade and asset-based financing services. It also provides its customers with saving accounts, investment deposit accounts, bankers guarantees, remittance, ATM services, bill payments, and SMS banking services. In addition, it offers travel agency and insurance services, as well as operating a petrol station.
Founded in 1965 in Brunei, the bank is a branch of RHB Bank Malaysia. RHB was incorporated in Malaysia as a public limited company in 1994 under the name of DCB Holdings Berhad. It assumed its present name in 1997. The bank provides banking and finance-related products and services. It employs around 14,790 employees in the world. It is headquartered in Malaysia and is present in Singapore, Thailand, Brunei, Cambodia, and Laos.
RHB Bank provides credit facilities such as mortgages, non-residential mortgages, hire purchases, purchase of securities, credit cards, and personal loans, as well as remittances, deposits collection, investment-related services, and general and takaful insurance products to individual customers.
Founded in 1960, Malayan Banking Berhad is headquartered in Kuala Lumpur, Malaysia. Maybank Brunei is the first overseas unit of Maybank (Malaysia). It operates two branches in Brunei – Maybank Bandar Seri Begawan Branch and Maybank Seria Branch. It provides commercial banking and related financial services to individuals, retail, corporate, and institutional clients.
Established in 1958, Standard Chartered Bank Brunei is a member of the Standard Chartered Group. It is a leading international bank in Brunei and is known for product innovation, consistent and strong growth performance, and sustainability initiatives. The bank provides a comprehensive range of financial products and services to individuals, small and medium-sized enterprises, and corporations and institutions through a network of six branches across Brunei.
The bank’s key products and services include wealth management, savings and deposits, unit trusts, structured deposits, mortgages, credit cards, and personal loans.
Standard Chartered Bank Brunei employs more than 300 staff in Brunei and operates an Express Banking Centre and 6 branches across 3 districts and 45 ATMs.
CIMB Brunei provides investment advisory services, fund and investment management related services, debt capital markets, equity capital markets, and project advisory services in Brunei. The bank also offers Islamic asset management, Islamic treasury services, and debt capital market-related initiatives. CIMB Brunei was the fifth office opened by CIMB Bhd in 2005.
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This has been a guide to the top banks in Brunei. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources:
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