In forceAmended2020 Revised Edition

Contents

Banking Act 1970 · 2020 Revised Edition · Part 5 · Prohibited Business

33. Immovable property

Amended

Last amended by an amending law of 2020.

(1)

A bank incorporated in Singapore must not acquire or hold interests in or rights over immovable property, wherever situated, the value of which exceeds in the aggregate 20% of the capital funds of the bank or such other percentage as the Authority may prescribe.

(1A)

A bank incorporated outside Singapore must not, through a branch or office located within Singapore, acquire or hold any interest in or rights over immovable property, wherever situated, the value of which exceeds in the aggregate —

(a)

any limit prescribed by the Authority; or

(b)

any limit specified by the Authority in a particular case by written notice to that branch or office.

(2)

For the purposes of determining the aggregate value of the interest in or right over immovable property mentioned in subsection (1) or (1A), there is to be excluded such portion of the value as may be attributable to the following:

(a)

any interest in or right over immovable property or any part thereof used for the purpose of conducting the business of the bank in Singapore or housing or providing amenities for its officers;

(b)

any interest in or right over immovable property held by way of security for the purposes of a transaction entered into in the ordinary course of the business of the bank in Singapore;

(c)

any interest in or right over immovable property held by way of enforcement of such security mentioned in paragraph (b), provided that it is disposed of at the earliest suitable opportunity; and

(d)

such other interest in or right over immovable property as the Authority may prescribe.

(3)

The Authority may make regulations to provide for the manner of valuation or apportionment of immovable property for the purposes of this section.

(4)

Any bank which contravenes subsection (1) or (1A) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine of $10,000 for every day or part of a day during which the offence continues after conviction.

Terms defined in this Act

Authority
Defined · s 2
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;
Open s 2
bank
Defined · s 2
“bank” means any company which holds a valid bank licence under section 7 or 79;
Open s 2
bank in Singapore
Defined · s 2
“bank in Singapore” means —(a)a bank incorporated in Singapore; or(b)in the case of a bank incorporated outside Singapore, the branches and offices of the bank located within Singapore;
Open s 2
bank incorporated outside Singapore
Defined · s 2
“bank incorporated outside Singapore” means a bank incorporated, formed or established outside Singapore;
Open s 2
business
Defined · s 48A
“business” includes affairs and property;
Open s 48A
capital funds
Defined · s 2
“capital funds” means —(a)in the case of a bank incorporated in Singapore —(i)in sections 31 and 33, its capital used for the purposes of complying with the capital adequacy requirements imposed under section 10; or(ii)in other sections of the Act, the aggregate of its paid‑up capital (excluding any amount represented by treasury shares) and its published reserves (excluding such reserves as the Authority may specify by written notice), deduction having been made for any loss appearing in the accounts of the bank;(b)in the case of a bank incorporated outside Singapore or a merchant bank incorporated outside Singapore, such net head office funds and such other liabilities as the Authority may, by written notice, specify; or(c)in the case of a merchant bank incorporated in Singapore, the aggregate of its paid‑up capital (excluding any amount represented by treasury shares) and its published reserves (excluding any reserves that the Authority may specify by written notice), deduction having been made for any loss appearing in the accounts of the merchant bank;
Open s 2
property
Defined · s 55A
“property” includes property, right and power of every description;
Open s 55A

Report

Read on from s 34

Part 6

Minimum Asset Requirements

Read on from Part 6

Part 7

Powers of Control Over Banks, Etc.

Read on from Part 7

Part 7A

Transfer of Business

Read on from Part 7A

Part 7B

Merchant Banks

Read on from Part 7B

Part 8

Credit Card and Charge Card Businesses

Read on from Part 8

Part 9

Miscellaneous

Read on from Part 9

Schedules

Read on from Schedules

Details

Banking Act 1970 · s 33

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Judgments that cite this Act

21 in all

Banking secrecy limits what a bank must disclose, but not what a party must SummaryRe Arief Purwada (in his capacity as the administrator of the estate of Indriaty Purwada, deceased) and others and other matters (UBS AG and others, non-parties) · [2026] SGHC 184
A sentence of imprisonment for arranging bail indemnities for others stood on appeal SummaryKatchu Mohideen Bazeer Ahamed v Public Prosecutor · [2025] SGHC 192
United Overseas Bank Ltd v Lippo Marina Collection Pte Ltd and others[2016] SGHC 23

Where this comes from

Singapore Statutes Online · Banking Act 1970, 2020 Revised Edition. Reader record updated on 7 Oct 2026.

Singapore legislation is Government copyright, used with the permission of the Attorney-General’s Chambers. Check Singapore Statutes Online for the latest version.

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