POSB Jurong West Branch

Founded on January 1, 1877 as the Post Workplace Cost savings Bank (POSB), the bank was part of the Postal Solutions Department in the Straits Settlements and was set up by the colonial federal government to provide banking services for lower-income citizens.Following the end of World War II and the dissolvement of the Straits Settlement, the 1948 Cost savings Bank Regulation came into result and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s possessions and liabilities split between Singapore and the Federated Malay States. After the separation from 1949 to 1955, overall deposits of the bank increased from M$ 27.4 million to M$ 57.6 million and in 1951, the bank had its 100,000 th depositor.