166-673: Raffles Place is the centre of the Financial District of Singapore and is located south of the mouth of the Singapore River . It was first planned and developed in the 1820s as Commercial Square to serve as the hub of the commercial zone of Singapore in Raffles Town Plan . It was renamed Raffles Place in 1858 and is now the site of a number of major banks. It is located in the Downtown Core within
332-483: A Vietnamese source from the same time period. The name possibly means Sea Town , being derived from the Malay tasek , meaning 'sea' or 'lake'. The Chinese traveller Wang Dayuan visited a place around 1330 named Danmaxi ( Chinese : 淡馬錫 ; pinyin : Dànmǎxí ; Wade–Giles : Tan Ma Hsi ) or Tam ma siak , depending on pronunciation; this may be a transcription of Temasek , alternatively, it may be
498-438: A home-ownership rate of 88 percent. Singaporeans enjoy one of the longest life expectancies , fastest Internet connection speeds , lowest infant mortality rates , and lowest levels of corruption in the world. It has the third highest population density of any country in the world , although there are numerous green and recreational spaces as a result of urban planning . With a multicultural population and in recognition of
664-524: A snap election ). The 14th and current Parliament has 103 members; 93 were directly elected from the 31 constituencies , nine are nonpartisan nominated members appointed by the president, and three are non-constituency members from opposition parties who were not elected in the last general election but appointed to the legislature to increase opposition party representation. In group representation constituencies (GRCs), political parties assemble teams of candidates to contest elections. At least one MP in
830-878: A supermajority in Parliament . One of the five founding members of ASEAN , Singapore is also the headquarters of the Asia-Pacific Economic Cooperation Secretariat, the Pacific Economic Cooperation Council Secretariat, and is the host city of many international conferences and events . Singapore is also a member of the United Nations , the World Trade Organization , the East Asia Summit ,
996-536: A GRC must be of an ethnic minority background. All elections are held using first-past-the-post voting . MPs host weekly political surgeries , called " Meet-the-People Sessions ", where they help constituents resolve personal issues which can be related to housing, financial assistance, and immigration. The People's Action Party occupies a dominant position in Singaporean politics, having won large parliamentary majorities in every election since self-governance
1162-611: A Muslim state, the soldiers rebelled, killing their officers and several British civilians before the mutiny was suppressed by non-Muslim troops arriving from Johore and Burma . After World War I , the British built the large Singapore Naval Base as part of the defensive Singapore strategy . Originally announced in 1921, the construction of the base proceeded at a slow pace until the Japanese invasion of Manchuria in 1931. Costing $ 60 million and not fully completed in 1938, it
1328-486: A candidate needs to be a person at least 45 years of age who is no longer a member of a political party, to either have held public office for at least 3 years in a number of specific public service leadership roles, or to have 3 years experience as chief executive of a fully profitable private sector company with at least S$ 500 million in shareholders' equity , be a resident in Singapore for at least 10 years, not have
1494-578: A combination of the Malay Tanah meaning 'land' and Chinese xi meaning 'tin', which was traded on the island. Variations of the name Siṃhapura were used for a number of cities throughout the region prior to the establishment of the Kingdom of Singapura . In Hindu–Buddhist culture , lions were associated with power and protection, which may explain the attraction of such a name. The name Singapura supplanted Temasek sometime before
1660-608: A communist takeover. On 27 May 1961, Malaya's prime minister, Tunku Abdul Rahman , made a surprise proposal for a new Federation called Malaysia , which would unite the current and former British possessions in the region: the Federation of Malaya , Singapore, Brunei , North Borneo , and Sarawak . UMNO leaders believed that the additional Malay population in the Bornean territories would balance Singapore's Chinese population. The British government, for its part, believed that
1826-594: A criminal record, and more. Candidates must also "satisfy" the Presidential Elections Committee (PEC) that he or she is a person of integrity, good character and reputation. From 2017, the Constitution requires that presidential elections be " reserved " for a racial community if no one from that ethnic group has been elected to the presidency in the five most recent terms. Only members of that community may qualify as candidates in
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#17327724033901992-459: A cut from customers. In response, amendments were made to the Women's Charter by the government in 2019 to legislate more serious punishments for traffickers, including imprisonment of up to seven years and a fine of S$ 100,000. Singapore has a highly developed market economy , based historically on extended entrepôt trade. Along with Hong Kong , South Korea , and Taiwan , Singapore is one of
2158-422: A financial beachhead in the region. These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina's fast-growing NationsBank Corporation , and to third in 1998 behind First Union Corp. On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build
2324-526: A handful of Chinese . By 1860 the population had swelled to over 80,000, more than half being Chinese . Many of these early immigrants came to work on the pepper and gambier plantations. In 1867, the Straits Settlements were separated from British India , coming under the direct control of Britain . Later, in the 1890s, when the rubber industry became established in Malaya and Singapore,
2490-428: A leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise. In addition, in 1997, BankAmerica acquired Robertson Stephens , a San Francisco–based investment bank specializing in high technology for $ 540 million. Robertson Stephens was integrated into BancAmerica Securities, and
2656-461: A local medical degree can opt to defer their draft. Though not required to perform military service, the number of women in the SAF has been increasing: since 1989 they have been allowed to fill military vocations formerly reserved for men. Before induction into a specific branch of the armed forces, recruits undergo at least nine weeks of basic military training. Because of the scarcity of open land on
2822-652: A mezzanine floor of MacDonald House exploded, killing three people and injuring 33 others. It was the deadliest of at least 42 bomb incidents which occurred during the confrontation. Two members of the Indonesian Marine Corps , Osman bin Haji Mohamed Ali and Harun bin Said , were eventually convicted and executed for the crime. The explosion caused US$ 250,000 (equivalent to US$ 2,417,107 in 2023) in damages to MacDonald House. Even after
2988-706: A newly independent country. After being expelled from Malaysia, Singapore became independent as the Republic of Singapore on 9 August 1965, with Lee Kuan Yew and Yusof bin Ishak as the first prime minister and president respectively. In 1967, the country co-founded the Association of Southeast Asian Nations (ASEAN). Race riots broke out once more in 1969. Lee Kuan Yew's emphasis on rapid economic growth, support for business entrepreneurship, and limitations on internal democracy shaped Singapore's policies for
3154-560: A number of industry groups in Europe, as well as cutting numerous banking and sales and trading positions in North America and Asia prior to its merger with Merrill Lynch. On October 3, 2008, Bank of America announced that John Thain would lead the combined Bank of America/ Merrill Lynch Global Corporate and Investment Banking enterprise. Thain was forced out by Bank of America Chairman Kenneth D. Lewis on January 22, 2009, because of
3320-595: A reserved presidential election. In the 2017 presidential election , this combination of stringent requirements and a reserved election that required the candidate to be of the 13% Malay ethnic group led to the PEC approving a single candidate for the presidency; Halimah Yacob , considered part of the Malay community, won in an uncontested election. She also became Singapore's first female president. Members of Parliament (MPs) are elected at least every five years (or sooner with
3486-405: A separate company that eventually became First Interstate Bancorp , later acquired by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California. New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958,
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#17327724033903652-612: A series of acquisitions in the late 1980s. This represented, at the time, the largest bank acquisition in history. Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank , as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp ) and KeyBank . Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada. In 1994, BankAmerica acquired
3818-630: A significant amount of work for Financial Sponsors, or private equity firms, often financing leveraged transactions. On the product side, the firm employed M&A senior bankers throughout the industry coverage groups. BAS also had a stand-alone Mergers & Acquisitions Group, consisting of bankers that transact M&A deals across all industries, as well as a Transaction Development Group, which aimed to identify and market transaction opportunities. The unit also had sizeable fixed income, currency and commodities divisions. During 2007–2008, BAS significantly downsized its international operations, eliminating
3984-421: A strange beast on the island that he took to be a lion. Seeing this as an omen, he established the town of Singapura where he encountered the beast. The second hypothesis, drawn from Portuguese sources , postulates that this mythical story is based on the real life Parameswara of Palembang . Parameswara declared independence from Majapahit and mounted a Lion Throne. After then being driven into exile by
4150-579: Is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry , under the aegis of his holding company, Transamerica Corporation . In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under
4316-726: Is also a founding member of The Forum of Small States (FOSS) , a voluntary and informal grouping at the UN. Singapore maintains membership in other regional organisations, such as Asia–Europe Meeting , the Forum for East Asia-Latin American Cooperation , the Indian Ocean Rim Association , and the East Asia Summit . It is also a member of the Non-Aligned Movement, the United Nations and
4482-493: Is built in 1826 and currently managed by Ngee Ann Kongsi is also located near Raffles Place. The underground Mass Rapid Transit station, the Raffles Place MRT station , lies directly underneath the centre of Raffles Place, and is one of the primary public transport links for Raffles Place into Singapore's transport system . Bus services also run along Raffles Place. Singapore Singapore , officially
4648-882: Is considered within the " Bulge Bracket " as the third largest investment bank in the world , as of 2018 . Its wealth management side manages US$ 1.081 trillion in assets under management (AUM) as the second largest wealth manager in the world , after UBS . In commercial banking, Bank of America operates, but does not necessarily maintain, retail branches in all 50 states of the United States, Washington, D.C. , and over 40 other countries. Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 16,000 automated teller machines (ATMs). The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to
4814-703: Is maintaining security in Southeast Asia and surrounding territories. An underlying principle is political and economic stability in the region. It has diplomatic relations with more than 180 sovereign states. As one of the five founding members of ASEAN , Singapore is a strong supporter of the ASEAN Free Trade Area (AFTA) and the ASEAN Investment Area (AIA); it is also the host of the APEC Secretariat. Singapore
4980-538: Is one of the Big Four banking institutions of the United States. It serves about 10 percent of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup , and Wells Fargo . Its primary financial services revolve around commercial banking , wealth management , and investment banking. Through mergers, the oldest branch of the Bank of America franchise can be traced to 1784, when Massachusetts Bank
5146-704: Is regarded as a key factor behind Singapore's political stability, economic growth, and harmonious social order. In 2021, the World Justice Project 's Rule of Law Index ranked Singapore as 17th overall among the world's 193 countries for adherence to the rule of law . Singapore ranked high on the factors of order and security (#3), absence of corruption (#3), regulatory enforcement (#4), civil justice (#8), and criminal justice (#7), and ranked significantly lower on factors of open government (#34), constraints on government powers (#32), and fundamental rights (#38). Singapore's stated foreign policy priority
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5312-491: Is the only country in Asia with a AAA sovereign credit rating from all major rating agencies . It is a major aviation , financial , and maritime shipping hub and has consistently been ranked as one of the most expensive cities to live in for expatriates and foreign workers . Singapore ranks highly in key social indicators: education , healthcare , quality of life , personal safety , infrastructure , and housing , with
5478-464: Is the right policy and that there is "clear evidence" of serious deterrence , and that the law should be looked at upon in the wider context of "saving lives", particularly citizens. In 2004, Amnesty International claimed that some legal provisions of the Singapore system for the death penalty conflict with "the right to be presumed innocent until proven guilty". The government has disputed Amnesty's claims, stating that their "position on abolition of
5644-540: The 1964 race riots . On 7 August 1965, Malaysian prime minister Tunku Abdul Rahman, seeing no alternative to avoid further bloodshed (and with the help of secret negotiations by PAP leaders, as revealed in 2015) advised the Parliament of Malaysia that it should vote to expel Singapore from Malaysia. On 9 August 1965, the Malaysian Parliament voted 126 to 0 to move a bill to amend the constitution, expelling Singapore from Malaysia, which left Singapore as
5810-619: The 2004 Indian Ocean earthquake and tsunami . Since 2009, the Republic of Singapore Navy (RSN) has deployed ships to the Gulf of Aden to aid in countering piracy efforts as part of Task Force 151 . The SAF also helped in relief efforts during Hurricane Katrina , and Typhoon Haiyan . Singapore is part of the Five Power Defence Arrangements (FPDA), a military alliance with Australia, Malaysia, New Zealand, and
5976-453: The 2008 financial crisis . Its corporate practices of servicing the middle class and wider banking community have yielded a substantial market share since the early 20th century. As of August 2018 , Bank of America has a $ 313.5 billion market capitalization , making it the 13th largest company in the world . As the sixth largest American public company, it garnered $ 102.98 billion in sales as of June 2018 . Bank of America
6142-491: The Asiatic Banking Corporation . At the turn of the 20th century, the banking industry in Singapore took off. Home-grown banks came into play, competing against bigger banks with lower interest rates and a cultural affinity with their customers. From the 1950s, banking in Singapore entered a new league, with Bank of America establishing itself here in 1955 at 31 Raffles Place, and Bank of China at
6308-564: The Bank of America Corporate Center in Charlotte, North Carolina , with investment banking and auxiliary headquarters in Manhattan . The bank was founded by the merger of NationsBank and Bank of America in 1998. It is the second-largest banking institution in the United States and the second-largest bank in the world by market capitalization , both after JPMorgan Chase . Bank of America
6474-816: The Bank of America Tower , a $ 1 billion, 58-story skyscraper, at Bryant Park in New York City that was completed in 2009. Prior to that, BAS in New York had offices in various locations due to the numerous mergers that had taken place over the previous decade, including space at 9 West 57th Street, 1 World Trade Center , 1633 Broadway, 40 East 52nd Street, 335 Madison Avenue, and 100 West 33rd Street. In 2001, McColl stepped down as CEO and named Ken Lewis as his successor. In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $ 47 billion in cash and stock. By merging with Bank of America, all of its banks and branches were given
6640-463: The Bank of Italy , in San Francisco. In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country. In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which
6806-530: The Boat Quay and Circular Road area. Commercial Square was created as an open space 200 yards long by 50 yards wide, with a small garden in the middle. Land in the area around the square was sold in lots through auction at $ 1,200 and $ 1,500 apiece. Commercial enterprises were established in the area; two- and four- storey buildings were built around the square, housing mercantile offices, banks and other financial companies. On 8 March 1858, Commercial Square
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6972-634: The British Empire . In 1867, Singapore came under the direct control of Britain as part of the Straits Settlements . During World War II , Singapore was occupied by Japan in 1942 and returned to British control as a separate Crown colony following Japan's surrender in 1945. Singapore gained self-governance in 1959 and, in 1963, became part of the new federation of Malaysia , alongside Malaya , North Borneo , and Sarawak . Ideological differences led to Singapore's expulsion from
7138-526: The Central Area , and features some of the tallest buildings and landmarks of the country. The founder of modern Singapore, Sir Stamford Raffles , intended Singapore to become a "great commercial emporium ". As part of his plan, he gave instructions in 1822 that a commercial area be created on the southwest side of the Singapore River. The Garrison Engineer Lieutenant R.N. Philip Jackson ,
7304-592: The Clayton Antitrust Act . The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into
7470-739: The Commonwealth . While Singapore is not a formal member of the G20 , it has been invited to participate in G20 processes in most years since 2010. Singapore is also the location of the Pacific Economic Cooperation Council (PECC) Secretariat. In general, bilateral relations with other ASEAN members are strong; however, disagreements have arisen, and relations with neighbouring Malaysia and Indonesia have sometimes been strained. Malaysia and Singapore have clashed over
7636-514: The Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade. Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish
7802-495: The Digital and Intelligence Service . It is seen as the guarantor of the country's independence, translating into Singapore culture, involving all citizens in the country's defence. The government spent 2.7% of the country's GDP on the military in 2024, the highest in the region. After its independence, Singapore had only two infantry regiments commanded by British officers. Considered too small to provide effective security for
7968-506: The Four Asian Tigers , and has surpassed its peers in terms of Gross Domestic Product (GDP) per capita. Between 1965 and 1995, growth rates averaged around 6 per cent per annum, transforming the living standards of the population. Bank of America The Bank of America Corporation (often abbreviated BofA or BoA ) is an American multinational investment bank and financial services holding company headquartered at
8134-493: The Javanese , he usurped control over Temasek . He may have rechristened the area as Singapura , recalling the throne he had been driven from. Under Japanese occupation , Singapore was renamed Syonan-to ( Japanese : 昭 南 , Hepburn : Shōnan ) , meaning 'light of the south'. Singapore is sometimes referred to by the nickname the "Garden City", in reference to its parks and tree-lined streets. Another informal name,
8300-675: The Justice Department announced a $ 335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney General Eric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans . On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $ 50 billion. Merrill Lynch
8466-464: The MATADOR anti-tank weapon. The SAF is being developed to respond to a wide range of issues in both conventional and unconventional warfare. The Defence Science and Technology Agency (DSTA) is responsible for procuring resources for the military. The geographic restrictions of Singapore mean that the SAF must plan to fully repulse an attack, as they cannot fall back and re-group. The small size of
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#17327724033908632-942: The National Association of Securities Dealers . The use of " Banc " in the BAS's name was indicative of the fact that the company was not a bank , and its deposits and other holdings were not insured by the Federal Deposit Insurance Corporation . The subsidiary was founded in 1998 following a strategy pioneered by Citigroup that combines corporate lending with investment banking advice and services. During its years of operation its strongest investment banking groups included high-yield debt underwriting and Leveraged Finance, in addition to industry coverage groups such as Healthcare, Consumer & Retail, Global Industries, Media & Telecom, Financial Institutions, Real Estate and Gaming. BAS also did
8798-601: The Non-Aligned Movement , and the Commonwealth of Nations . The English name of "Singapore" is an anglicisation of the native Malay name for the country, Singapura ( pronounced [siŋapura] ), which was in turn derived from the Sanskrit word for 'lion city' ( Sanskrit : सिंहपुर ; romanised: Siṃhapura ; Brahmi : 𑀲𑀺𑀁𑀳𑀧𑀼𑀭 ; literally "lion city"; siṃha means 'lion', pura means 'city' or 'fortress'). Pulau Ujong
8964-595: The Republic of Singapore , is an island country and city-state in Southeast Asia . The country's territory comprises one main island , 63 satellite islands and islets , and one outlying islet . It is about one degree of latitude (137 kilometres or 85 miles) north of the equator , off the southern tip of the Malay Peninsula , bordering the Strait of Malacca to the west, the Singapore Strait to
9130-747: The Republic of Singapore Air Force (RSAF) maintains a number of overseas bases in Australia , the United States , and France . The RSAF's 130 Squadron is based in RAAF Base Pearce , Western Australia , and its 126 Squadron is based in the Oakey Army Aviation Centre , Queensland . The RSAF has one squadron—the 150 Squadron—based in Cazaux Air Base in southern France. The RSAF's overseas detachments in
9296-540: The Speakers' Corner . In the Corruption Perceptions Index , which ranks countries by "perceived levels of public sector corruption", Singapore has consistently ranked as one of the least corrupt countries in the world, in spite of being illiberal. Singapore's unique combination of a strong, soft authoritarian government with an emphasis on meritocracy is known as the "Singapore model", and
9462-401: The Strait of Malacca has been a cause of concern for all three countries. Close economic ties exist with Brunei , and the two share a pegged currency value, through a Currency Interchangeability Agreement between the two countries which makes both Brunei dollar and Singapore dollar banknotes and coins legal tender in either country. The first diplomatic contact with China was made in
9628-535: The Westminster tradition of unicameral parliamentary government, and its legal system is based on common law . While the country is de jure a multi-party democracy with free elections , the government under the People's Action Party (PAP) wields widespread control and political dominance . The PAP has governed the country continuously since full internal self-government was achieved in 1959, and holds
9794-597: The " Little Red Dot ", was adopted after an article in the Asian Wall Street Journal of 4 August 1998 said that Indonesian President B. J. Habibie referred to Singapore as a red dot on a map. In 1299, according to the Malay Annals , the Kingdom of Singapura was founded on the island by Sang Nila Utama . Although the historicity of the accounts as given in the Malay Annals is
9960-439: The "benevolent" yet "highly authoritarian" colonial system of governance inherited from Britain rather than forging a full democracy. A conservative ideology of " Asian values " evolved to replace British rule, based on "communal loyalty, distrust of government, and avoidance of individual or collective responsibility for wider public interests", with less regard for human rights in the nascent Western sense. The fact that "neither
10126-422: The 15th century, after the establishment of the Kingdom of Singapura on the island by a fleeing Sumatran Raja (prince) from Palembang . However, the precise time and reason for the name change is unknown. The semi-historical Malay Annals state that Temasek was christened Singapura by Sang Nila Utama , a 13th-century Sumatran Raja from Palembang . The Annals state that Sang Nila Utama encountered
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#173277240339010292-453: The 1911 facade of the old John Little building. Raffles Place is now dominated by skyscrapers , many of them among the tallest buildings in Singapore where flagship banks are located. United Overseas Bank tower was completed in 1974 on the old Bonham Building site, later renovated and expanded into UOB Plaza . Other towers such as Singapore Land Tower , Clifford Centre, Ocean Building, OUB Centre , and Republic Plaza have also replaced
10458-415: The 1950s, passage of landmark federal banking legislation facilitated rapid growth, quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default , BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$ 62 billion. Following what was then the largest bank acquisition in history , the Bank of America Corporation
10624-532: The 1970s, with full diplomatic relations established in the 1990s. China has been Singapore's largest trading partner since 2013, after surpassing Malaysia. Singapore and the United States share a long-standing close relationship, in particular in defence, the economy, health, and education. Singapore has also increased co-operation with ASEAN members and China to strengthen regional security and fight terrorism, and participated in ASEAN's first joint maritime exercise with China in 2018. It has also given support to
10790-402: The 2007 race. The deal increased Bank of America's presence in Illinois , Michigan , and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase . LaSalle Bank and LaSalle Bank Midwest branches adopted
10956-481: The Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $ 197 billion in assets, over 20 million customers and revenue of $ 12 billion. Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe . On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $ 35 billion in cash and stock. The Federal Reserve Board gave final approval to
11122-484: The Bank of America name on May 5, 2008. During the subprime mortgage crisis , the bank, under Ken Lewis , made two major acquisitions that would shape the future of the company for the next couple years coming out of the crisis. Specifically the bank was sued by many different parties and made to pay tens of billions of dollars. On August 23, 2007, the company announced a $ 2 billion repurchase agreement for Countrywide Financial . This purchase of preferred stock
11288-495: The BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947. On November 20, 2006, Bank of America announced
11454-420: The Chief Engineer George Collyer who initiated its construction. The expansion freed up a larger area designated for commerce, and attracted more businesses such as retail stores and banks to the area. The area become the location for well-known retail stores in the 19th century. John Little , Singapore's oldest department store , was established on 30 August 1842 on Commercial Square. Robinsons , another of
11620-401: The East", and military discussions often referred to the base as simply " East of Suez ". However, the British Home Fleet was stationed in Europe, and the British could not afford to build a second fleet to protect their interests in Asia. The plan was for the Home Fleet to sail quickly to Singapore in the event of an emergency. As a consequence, after World War II broke out in 1939, the fleet
11786-400: The Japanese changed its image in the eyes of Singaporeans. British Military Administration ended on 1 April 1946, and Singapore became a separate Crown Colony . In July 1947, separate Executive and Legislative Councils were established and the election of six members of the Legislative Council was scheduled for the following year. During the 1950s, Chinese communists , with strong ties to
11952-522: The PAP drop to 61% of the vote, while the Workers' Party took 10 of the 93 seats, the highest number ever won by another party. On 15 May 2024, Lawrence Wong became Singapore's fourth Prime Minister; he is the first prime minister born after independence. Singapore is a parliamentary republic based on the Westminster system . The Constitution of Singapore is the supreme law of the country, establishing
12118-567: The People's Action Party has led to Singapore being described by academics as an illiberal democracy , or a soft-authoritarian state in which the PAP faces little to no feasible political competition to its rule of the country. The multi-party democratic process of Singapore has been described as "minimal" in comparison to the state's focus on economic development and social order. According to Gordon P. Means, professor emeritus of political science at McMaster University , Singapore reinvented
12284-539: The Raffles Place area to locations such as High Street, North Bridge Road and Orchard Road , and were replaced by finance houses and major banks. The Whiteaway Laidlaw department store building on Battery Road was taken over by Malayan Bank in 1962, and it was later demolished to make way for the Maybank Tower in 1998. Robinsons moved to Orchard Road after its landmark building was destroyed in one of
12450-724: The Singapore Government to create the Singapore Armed Forces (SAF) from scratch, and Israeli instructors were brought in to train Singaporean soldiers. Military courses were conducted according to the IDF's format, and Singapore adopted a system of conscription and reserve service based on the Israeli model . Singapore still maintains strong security ties with Israel and is one of the biggest buyers of Israeli arms and weapons systems, with one recent example being
12616-471: The Temenggong's help, Raffles managed to smuggle Tengku Long back into Singapore. Raffles offered to recognise Tengku Long as the rightful Sultan of Johor, under the title of Sultan Hussein , as well as provide him with a yearly payment of $ 5000 and another $ 3000 to the Temenggong; in return, Sultan Hussein would grant the British the right to establish a trading post on Singapore. The Treaty of Singapore
12782-550: The US-led coalition to fight terrorism, with bilateral co-operation in counter-terrorism and counter-proliferation initiatives, and joint military exercises. As Singapore has diplomatic relations with both the United States and North Korea , and was one of the few countries that have relationships with both countries, in June 2018, it hosted a historic summit between US President Donald Trump and North Korean leader Kim Jong-un ,
12948-632: The United Kingdom. According to the 2024 Global Peace Index , Singapore is the 5th most peaceful country in the world. Capital punishment is a legal and enforced penalty in Singapore. The country is one of four in the developed world to retain the death penalty, along with the United States , Japan and Taiwan . Particularly, its use against drug trafficking has been a source of contention with non-governmental organisations such as Amnesty International and Human Rights Watch . The government has responded that it has "no doubts" that it
13114-773: The United States are: Luke Air Force Base in Arizona , Marana in Arizona, Mountain Home Air Force Base in Idaho , and Andersen Air Force Base in Guam . The SAF has sent forces to assist in operations outside the country, in areas such as Iraq , and Afghanistan , in both military and civilian roles. In the region, they have helped to stabilise East Timor and have provided aid to Aceh in Indonesia following
13280-484: The United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs. Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$ 1.4 billion. There
13446-419: The acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that
13612-480: The acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators. Lewis's statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee. In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if
13778-543: The acquisition on December 5, 2008, and the deal closed January 1, 2009. Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain 's management team after the merger. However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai , who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading. The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in
13944-547: The acquisition, which was completed in July 2008, giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages. The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $ 1.4 trillion as of December 31, 2007. This purchase made Bank of America Corporation
14110-460: The adjacent Battery Road . During World War II , Raffles Place was among the places hit by bombs when seventeen Japanese bombers conducted the first air raid on Singapore on 8 December 1941, during the Battle of Malaya . The Japanese occupation of Singapore temporarily halted the near-continuous commercial development of Raffles Place. In the 1960s and 1970s, retailers began to moved away from
14276-521: The bank introduced the BankAmericard, which changed its name to Visa in 1977. A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then Mastercard in 1979. From February 1970 through September 1971, there were 66 attacks on Bank of America branches in California, including 53 bombings or fire-bombings, and 13 arson fires. There were "few injuries" and
14442-586: The brokerage firm Charles Schwab and Co. back to Mr. Schwab . It also sold Bank of America and Italy to Deutsche Bank . By the time of the 1987 stock-market crash , BankAmerica's share price had fallen to $ 8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade. BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona , Idaho , Oregon , and Washington , which Security Pacific had acquired in
14608-783: The colossal losses visited on B of A due to its acquisition of Merrill Lynch. With Thain's departure, Brian Moynihan became president of Global Banking and Global Wealth and Investment Management. After the merger was closed, the SEC Registration of Banc of America Securities was terminated in January 2011. BAS operated from a number of offices across the world, with major offices in New York, New York , Charlotte, North Carolina , Chicago, Illinois , San Francisco, California , Tokyo , Frankfurt , London , and Mumbai . The bulk of its investment banking operations eventually moved to
14774-435: The combined subsidiary was renamed "BancAmerica Robertson Stephens". In 1997, BankAmerica lent investment management firm D. E. Shaw & Co. $ 1.4 billion to run various businesses for the bank. However, D.E. Shaw suffered significant loss after the 1998 Russia bond default . NationsBank of Charlotte acquired BankAmerica in 1998 in what was the largest bank acquisition in history at that time. While NationsBank
14940-615: The country's third prime minister. Lee Hsien Loong's tenure included the 2007–2008 financial crisis , the resolution of a dispute over land ownership at Tanjong Pagar railway station between Singapore and Malaysia, the introduction of the two integrated resorts (IRs), located at the Marina Bay Sands and Resorts World Sentosa , and the COVID-19 pandemic . The PAP suffered its worst ever electoral results in 2011, winning just 60% of votes, amidst debate over issues including
15106-415: The cultural identities of the major ethnic groups within the nation, Singapore has four official languages : English , Malay , Mandarin , and Tamil . English is the common language , with exclusive use in numerous public services . Multi-racialism is enshrined in the constitution and continues to shape national policies in education, housing, and politics. Singapore is a parliamentary republic in
15272-750: The death penalty is by no means uncontested internationally" and that the report contains "grave errors of facts and misrepresentations". From 1938 to 2023, sexual relations between men were technically illegal under Section 377A of the Penal Code , first introduced during British colonial rule. During the last few decades, this law was mostly unenforced and pressure to repeal it increased as homosexuality became more accepted by Singaporean society. Meanwhile, sexual relations between women had always been legal. In 2022, Prime Minister Lee Hsien Loong announced that Singapore would repeal 377A, effectively decriminalising homosexual behaviour. Nevertheless, he added that
15438-530: The delivery of fresh water to Singapore, and access by the Singapore Armed Forces to Malaysian airspace. Border issues exist with Malaysia and Indonesia, and both have banned the sale of marine sand to Singapore over disputes about Singapore's land reclamation. Some previous disputes, such as the Pedra Branca dispute , have been resolved by the International Court of Justice . Piracy in
15604-410: The early department stores, was first established on Raffles Place in 1858 as a "family warehouse". Robinson's was then relocated elsewhere a few times before returning to Raffles Place in 1891. Whiteaway Laidlaw was first established on D'Almeida Street in 1900 before moving to Stamford House , then to Battery Road in 1910. The Alkaff Arcade, Singapore's first indoor shopping arcade that stretched from
15770-594: The end of the 14th century, its ruler Parameswara was attacked by either the Majapahit or the Siamese, forcing him to move to Malacca where he founded the Sultanate of Malacca . Archaeological evidence suggests that the main settlement on Fort Canning Hill was abandoned around this time, although a small trading settlement continued in Singapore for some time afterwards. In 1613, Portuguese raiders burned down
15936-718: The famous tourist icon the Merlion , and an ultra modern durian shaped Art Centre Esplanade Theatre are located nearby. The stock exchange of Singapore - the Singapore Exchange - is also located in the vicinity. Several key administrative buildings in Singapore, such as the Parliament House , the Supreme Court and City Hall are located north across the river, but are not part of Raffles Place. The oldest Teochew Temple, Yueh Hai Ching Temple which
16102-403: The federation two years later; Singapore became an independent sovereign country in 1965. After early years of turbulence and despite lacking natural resources and a hinterland , the nation rapidly developed to become one of the Four Asian Tigers . As a highly developed country , it has one of the highest GDP per capita (PPP) in the world. It is also identified as a tax haven . Singapore
16268-457: The fighting for Singapore were heavy, with a total of nearly 85,000 personnel captured. About 5,000 were killed or wounded, of which Australians made up the majority. Japanese casualties during the fighting in Singapore amounted to 1,714 killed and 3,378 wounded. The occupation was to become a major turning point in the histories of several nations, including those of Japan , Britain , and Singapore. Japanese newspapers triumphantly declared
16434-800: The first-ever meeting between the sitting leaders of the two nations. It also hosted the Ma–Xi meeting in 2015, the first meeting between the political leaders of the two sides of the Taiwan Strait since the end of the Chinese Civil War in 1950. The Singaporean military, arguably the most technologically advanced in Southeast Asia, consists of the Army , the Navy , the Air Force and
16600-555: The formal surrender of Japanese forces in the region from General Seishirō Itagaki on behalf of General Hisaichi Terauchi on 12 September 1945. Meanwhile, Tomoyuki Yamashita was tried by a US military commission for war crimes, but not for crimes committed by his troops in Malaya or Singapore. He was convicted and hanged in the Philippines on 23 February 1946. Much of the infrastructure in Singapore had been destroyed during
16766-506: The fourth quarter, which necessitated an infusion of money that had previously been negotiated with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $ 21.5 billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but
16932-419: The government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter. The acquisition made Bank of America the number one underwriter of global high-yield debt , the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions. As the credit crisis eased, losses at Merrill Lynch subsided, and
17098-545: The influx of foreign workers and the high cost of living. On 23 March 2015, Lee Kuan Yew died , and a one-week period of public mourning was observed nationwide. Subsequently, the PAP regained its dominance in Parliament through the September general election , receiving 69.9% of the popular vote, although this remained lower than the 2001 tally of 75.3% and the 1968 tally of 86.7%. The 2020 election held in July saw
17264-439: The introduction of the non-constituency members of parliament in 1984 to allow up to three losing candidates from opposition parties to be appointed as MPs. Group representation constituencies (GRCs) were introduced in 1988 to create multi-seat electoral divisions, intended to ensure minority representation in parliament. Nominated members of parliament were introduced in 1990 to allow non-elected non-partisan MPs. The constitution
17430-546: The island became a global centre for rubber sorting and export. Singapore was not greatly affected by the First World War (1914–18), as the conflict did not spread to Southeast Asia . The only significant event during the war was the 1915 Singapore Mutiny by Muslim sepoys from British India, who were garrisoned in Singapore. After hearing rumours that they were to be sent to fight the Ottoman Empire ,
17596-490: The largest financial services company in the world. Temasek Holdings , the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake. However, taking a loss Reuters estimated at $ 3 billion, the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009. Shareholders of both companies approved
17762-693: The leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market. The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote . Countrywide Financial has changed its name to Bank of America Home Loans . In December 2011,
17928-498: The legal tradition established during British rule and with substantial local differences. Criminal law is based on the Indian Penal Code originally intended for British India , and was at the time as a crown colony also adopted by the British colonial authorities in Singapore and remains the basis of the criminal code in the country with a few exceptions, amendments and repeals since it came into force. Trial by jury
18094-477: The main island, training involving activities such as live firing and amphibious warfare are often carried out on smaller islands, typically barred to civilian access. However, large-scale drills, considered too dangerous to be performed in the country, have been performed in other countries such as Brunei, Indonesia, Thailand and the United States. In general, military exercises are held with foreign forces once or twice per week. Due to airspace and land constraints,
18260-533: The merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. All U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl , took on the same roles with the merged company. In 1998, Bank of America possessed combined assets of $ 570 billion, as well as 4,800 branches in 22 U.S. states. Despite
18426-452: The merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $ 140 billion in outstanding balances. Under Bank of America, the operation was renamed FIA Card Services. Bank of America operated under
18592-469: The merger would prevent Singapore from becoming a haven for communism. To obtain a mandate for a merger, the PAP held a referendum on the merger . This referendum included a choice of different terms for a merger with Malaysia and had no option for avoiding merger altogether. On 16 September 1963, Singapore joined with Malaya, the North Borneo, and Sarawak to form the new Federation of Malaysia under
18758-672: The merger, the Singaporean government and the Malaysian central government disagreed on many political and economic issues. Despite an agreement to establish a common market, Singapore continued to face restrictions when trading with the rest of Malaysia. In retaliation, Singapore did not extend to Sabah and Sarawak the full extent of the loans agreed to for economic development of the two eastern states. Talks soon broke down, and abusive speeches and writing became rife on both sides. This led to communal strife in Singapore, culminating in
18924-560: The name BankBoston in many other Latin American countries, including Brazil. In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay , in exchange for Itaú shares. The deal
19090-527: The new country, the development of its military forces became a priority. In addition, in October 1971, Britain pulled its military out of Singapore, leaving behind only a small British, Australian and New Zealand force as a token military presence. A great deal of initial support came from Israel , a country unrecognised by Singapore's neighbouring Muslim-majority nations of Malaysia and Indonesia. The Israel Defense Forces (IDF) commanders were tasked by
19256-761: The new port. The island was then nominally ruled by Tengku Abdul Rahman , the Sultan of Johor , who was controlled by the Dutch and the Bugis . However, the Sultanate was weakened by factional division: Abdul Rahman , the Temenggong of Johor to Tengku Abdul Rahman, as well as his officials, were loyal to the Sultan's elder brother Tengku Long , who was living in exile in Penyengat Island , Riau Islands . With
19422-407: The next half-century. Economic growth continued throughout the 1980s, with the unemployment rate falling to 3% and real GDP growth averaging at about 8% up until 1999. During the 1980s, Singapore began to shift towards high-tech industries, such as the wafer fabrication sector, in order to remain competitive as neighbouring countries began manufacturing with cheaper labour. Singapore Changi Airport
19588-404: The older buildings. The three tallest buildings in Singapore were located on Raffles Place the until the construction of Tanjong Pagar Centre in 2016. Several key buildings are located in Raffles Place, including UOB Plaza , One Raffles Place , Republic Plaza , Singapore Land Tower and OCBC Centre . The Fullerton Hotel Singapore , a hotel at the renovated old General Post Office building,
19754-517: The population has also affected the way the SAF has been designed, with a small active force and a large number of reserves. Singapore has conscription for all able-bodied males at age 18, except those with a criminal record or who can prove that their loss would bring hardship to their families. Males who have yet to complete pre-university education, are awarded the Public Service Commission (PSC) scholarship, or are pursuing
19920-655: The press as well as some civil and political rights. In 2023, Singapore was ranked 129th out of 180 nations by Reporters Without Borders on the global Press Freedom Index . Freedom House ranks Singapore as "partly free" in its Freedom in the World report, and the Economist Intelligence Unit ranks Singapore as a "flawed democracy", the second freest rank of four, in its " Democracy Index ". All public gatherings of five or more people require police permits, and protests may legally be held only at
20086-470: The problems on his predecessor, A. W. (Tom) Clausen , Clausen was appointed to replace Armacost. The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover . First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations. It sold its FinanceAmerica subsidiary to Chrysler and
20252-686: The property damage cost about $ 500,000, 80% of which was from the burning of the Isla Vista branch during a February 1970 riot. Following passage of the Bank Holding Company Act of 1956 by the U.S. Congress , BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries. In 1983, Bank of America expanded outside California , through acquisition, orchestrated in part by Stephen McLin of Seafirst Corporation in Seattle , and its wholly owned banking subsidiary, Seattle-First National Bank. Seafirst
20418-442: The public nor elites had experience with democracy" helped create Singapore's political culture, as dominated by status-focused hierarchies committed to economic development. The legacy of Asian values and the limited political culture within Singapore has led to the country being described as "classic illustration of soft authoritarianism", and "profoundly illiberal". The judicial system is based on English common law , continuing
20584-639: The purchase of The United States Trust Company for $ 3.3 billion, from the Charles Schwab Corporation . US Trust had about $ 100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007. On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $ 21 billion. With this purchase, Bank of America possessed $ 1.7 trillion in assets. A Dutch court blocked
20750-453: The repeal will not affect the recognition of "traditional familial and societal norms," including how marriage is defined, leaving the legal status of same-sex marriage unchanged for the time, although the possibility of civil unions was not officially ruled out. Lee described this as a compromise between the conservative (and often religious) and progressive elements of Singaporean society to prevent further political fracturing. The law
20916-477: The sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank . The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in 1996. Bank of America took over the event starting with
21082-699: The same sex were not wrong at all or not wrong most of the time, up from 10% in 2013. The survey found that 27% felt the same way about same-sex marriage (an increase from 15% in 2013) and 30% did so about same-sex couples adopting a child (an increase from 24% in 2013). In 2021, six Singaporeans protested for improved trans protections in the educational system outside the Ministry of Education headquarters at Buona Vista . Pimps often traffic women from neighbouring countries such as China , Malaysia and Vietnam at their brothels as well as rented apartments and hostels for higher profit margins when they get
21248-481: The settlement, and the island faded into obscurity for the next two centuries. By then, Singapore was nominally part of the Johor Sultanate . The wider maritime region and much trade was under Dutch control for the following period after the 1641 Dutch conquest of Malacca . The British governor Stamford Raffles arrived in Singapore on 28 January 1819 and soon recognised the island as a natural choice for
21414-518: The size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico , in towns that would be left with only a single bank following the combination. These branches were sold to BOK Financial Corporation , which operates them under the name "Bank of Albuquerque". The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998. Banc of America Securities LLC ( BAS ),
21580-842: The south along with the Riau Islands in Indonesia , the South China Sea to the east, and the Straits of Johor along with the State of Johor in Malaysia to the north. Singapore's history dates back at least eight hundred years, having been a maritime emporium known as Temasek and subsequently a major constituent part of several successive thalassocratic empires. Its contemporary era began in 1819, when Stamford Raffles established Singapore as an entrepôt trading post of
21746-433: The structure and responsibility of governance. The President is the head of state . The governance of Singapore is separated into three branches: The president is directly elected by popular vote for a renewable six-year term. Requirements for this position, which were enacted by the PAP government, are extremely stringent, such that only a handful of people qualify for the candidacy. These qualifications include that
21912-627: The subject of academic debates, it is nevertheless known from various documents that Singapore in the 14th century, then known as Temasek , was a trading port under the influence of both the Majapahit Empire and the Siamese kingdoms, and was a part of the Indosphere . These Indianised kingdoms were characterised by surprising resilience, political integrity and administrative stability. Historical sources also indicate that around
22078-528: The subsidiary generated $ 3.7 billion of Bank of America's $ 4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009. On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and will pay $ 2.43 billion. This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 to settle. Many major financial institutions had
22244-529: The terms of the Malaysia Agreement . Under this Agreement, Singapore had a relatively high level of autonomy compared to the other states of Malaysia. Indonesia opposed the formation of Malaysia due to its own claims over Borneo and launched Konfrontasi ("Confrontation" in Indonesian) in response to the formation of Malaysia. On 10 March 1965, a bomb planted by Indonesian saboteurs on
22410-606: The trade unions and Chinese schools, waged a guerrilla war against the government, leading to the Malayan Emergency . The 1954 National Service riots , Hock Lee bus riots , and Chinese middle schools riots in Singapore were all linked to these events. David Marshall , pro-independence leader of the Labour Front , won Singapore's first general election in 1955. He led a delegation to London , and Britain rejected his demand for complete self-rule. He resigned and
22576-491: The two. It was thought that reuniting with Malaya would benefit the economy by creating a common market, alleviating ongoing unemployment woes in Singapore. However, a sizeable left-wing faction of the PAP was strongly opposed to the merger, fearing a loss of influence, and hence formed the Barisan Sosialis , after being kicked out from the PAP. The ruling party of Malaya, United Malays National Organisation (UMNO),
22742-627: The victory as deciding the general situation of the war. Between 5,000 and 25,000 ethnic Chinese people were killed in the subsequent Sook Ching massacre . British forces had planned to liberate Singapore in 1945/1946; however, the war ended before these operations could be carried out. After the Japanese surrender to the Allies on 15 August 1945, Singapore fell into a brief state of violence and disorder; looting and revenge-killing were widespread. British, Australian, and Indian troops led by Lord Louis Mountbatten returned to Singapore to receive
22908-410: The war, including those needed to supply utilities. A shortage of food led to malnutrition, disease, and rampant crime and violence. A series of strikes in 1947 caused massive stoppages in public transport and other services. However, by late 1947 the economy began to recover, facilitated by a growing international demand for tin and rubber. The failure of Britain to successfully defend its colony against
23074-826: The waterfront of Collyer Quay to Raffles Place, was built in 1909. A Chinese store, the Oriental Emporium, was opened opposite Robinsons in 1966. The earliest banks to operate in Commercial Square were the Oriental Bank , the Chartered Mercantile Bank of India, London and China (later absorbed into HSBC ), the Chartered Bank of India, Australia and China (which later became the Standard Chartered ), and
23240-446: The worst fires in Singapore's history in 1972, and its neighbour Overseas Union Bank expanded into the site with the construction of a new tower in 1986. The John Little's Building was sold in 1973 and demolished. The first underground car park in Singapore was constructed in 1965 under Raffles Place. It was replaced in the 1980s by the Raffles Place MRT station , which opened in December 1987. The station entrance features details from
23406-402: Was Stockholders Auxiliary Corporation. This company acquired the stocks of various banks located in New York City and certain foreign countries. In 1928, Giannini merged his bank with Bank of America, Los Angeles , headed by Orra E. Monnette . Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association , which was the only such designated bank in
23572-494: Was abolished in 1970. Singapore is known for its strict laws and conservative stances on crime; both corporal punishment (by caning ) and capital punishment (by hanging ) are retained and commonly used as legal penalties. The right to freedom of speech and association is guaranteed by Article 14(1) of the Constitution of Singapore , although there are provisions in the subsequent subsection that regulate them. The government has restricted freedom of speech and freedom of
23738-474: Was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later. The eastern portion of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston , with which Bank of America merged in 2004. In 1874, Commercial National Bank
23904-420: Was amended in 1991 to provide for an elected president who has veto power in the use of past reserves and appointments to certain public offices. In 1990, Goh Chok Tong succeeded Lee and became Singapore's second prime minister. During Goh's tenure, the country went through the 1997 Asian financial crisis and the 2003 SARS outbreak. In 2004, Lee Hsien Loong , the eldest son of Lee Kuan Yew , became
24070-458: Was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $ 18 per share. On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $ 4.1 billion. In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages. This news did not hinder
24236-456: Was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry . BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank. BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World . The company fired its CEO, Sam Armacost , in 1986. Though Armacost blamed
24402-439: Was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy. Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers , however a lack of government guarantees caused the bank to abandon talks with Lehman. Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch. This acquisition made Bank of America
24568-417: Was chartered, the first federally chartered joint-stock owned bank in the United States. Another branch of its history goes back to the U.S.-based Bank of Italy , founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination . Headquartered in San Francisco, California , Giannini acquired Banca d'America e d'Italia , in 1922. In
24734-510: Was compelled to complete the merger by the U.S. government. The bank's stock price sank to $ 7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $ 45 billion, less than the $ 50 billion it offered for Merrill just four months earlier, and down $ 108 billion from the merger announcement. Bank of America CEO Kenneth Lewis testified before Congress that he had some misgivings about
24900-709: Was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank. Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In 1991, it merged with C&S / Sovran Corporation of Atlanta and Norfolk to form NationsBank . The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust . The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini (1870–1949) founded
25066-423: Was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively, and since renamed BofA Securities. Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank
25232-432: Was fully occupied with defending Britain, leaving Singapore vulnerable to Japanese invasion . During the Pacific War , the Japanese invasion of Malaya culminated in the Battle of Singapore . When the British force of 60,000 troops surrendered on 15 February 1942, British prime minister Winston Churchill called the defeat "the worst disaster and largest capitulation in British history". British and Empire losses during
25398-456: Was granted in 1959. The PAP, self-described as pragmatic, have a syncretic ideology combining free-market principles , civil nationalism , and welfarism . Despite promulgating restrictions on civil liberties, Singapore under the PAP has seen consistent economic growth and political stability. The most represented and popular opposition party is the centre-left Workers' Party , which holds 8 seats in Parliament. The long-standing hegemony of
25564-403: Was nonetheless the largest dry dock in the world, the third-largest floating dock , and had enough fuel tanks to support the entire British navy for six months. The base was defended by heavy 15-inch (380 mm) naval guns stationed at Fort Siloso , Fort Canning and Labrador, as well as a Royal Air Force airfield at Tengah Air Base . Winston Churchill touted it as the " Gibraltar of
25730-413: Was officially repealed on 3 January 2023. Pink Dot SG , an event held in support of the LGBT community, has drawn thousands of people annually since 2009 with increasing attendance. According to a survey conducted by the Institute of Policy Studies in 2019, Singaporean society has become more liberal on LGBT rights. In the survey, more than 20% of people said that sexual relations between adults of
25896-399: Was one of the earliest references to Singapore Island, which corresponds to a Chinese account from the third century referred to a place as Pú Luó Zhōng ( Chinese : 蒲 羅 中 ), a transcription of the Malay name for 'island at the end of a peninsula '. Early references to the name Temasek (or Tumasik) are found in the Nagarakretagama , a Javanese eulogy written in 1365, and
26062-488: Was opened in 1981 and Singapore Airlines was formed. The Port of Singapore became one of the world's busiest ports and the service and tourism industries also grew immensely during this period. The PAP has remained in power since independence. Some activists and opposition politicians see the government's strict regulation of political and media activities as an infringement on political rights. In response, Singapore has seen several significant political changes, such as
26228-420: Was ranked No. 25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue. Likewise, Bank of America was also ranked No. 6 on the 2023 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in its 2018 Awards for Excellence. Bank of America, Los Angeles was founded in California in 1923. In 1928, this entity
26394-403: Was renamed Raffles Place in Raffles' honour. On the south side of the square were many godowns with jetties where cargo can be loaded and unloaded directly from boats as they were then located at the edge of the sea. From 1858 to 1864, the land on the south side of Raffles Place from Johnston's Pier to Telok Ayer Market was reclaimed. The reclaimed land became Collyer Quay , named after
26560-512: Was replaced by Lim Yew Hock in 1956, and after further negotiations Britain agreed to grant Singapore full internal self-government for all matters except defence and foreign affairs on 3 June 1959. Days before, in the 30 May 1959 election , the People's Action Party (PAP) won a landslide victory. Governor Sir William Allmond Codrington Goode served as the first Yang di-Pertuan Negara (Head of State). PAP leaders believed that Singapore's future lay with Malaya, due to strong ties between
26726-525: Was signed in August 2006. Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While
26892-427: Was signed on 6 February 1819. In 1824, a further treaty with the Sultan led to the entire island becoming a part of the British Empire . In 1826, Singapore became part of the Straits Settlements , then under the jurisdiction of British India . Singapore became the regional capital in 1836. Prior to Raffles' arrival, there were only about a thousand people living on the island, mostly indigenous Malays along with
27058-410: Was staunchly anti-communist, and it was suspected UMNO would support the non-communist factions of PAP. UMNO, initially sceptical of the idea of a merger due to distrust of the PAP government and concern that the large ethnic Chinese population in Singapore would alter the racial balance in Malaya on which their political power base depended, became supportive of the idea of the merger due to joint fear of
27224-400: Was tasked with drawing up a Town Plan based on Raffles' instructions. This commercial area was centered on Commercial Square, and was developed from 1823 to 1824. A small hill originally stood at the area between Commercial Square and Battery Road. Under Raffles' supervision, the hill was leveled, and its soil was then used to reclaim the marshy southern bank of the Singapore River, forming
27390-403: Was the investment banking subsidiary of BoA from 1998 until BoA was merged with Merrill Lynch (2008). Headquartered in New York City, the company competed in both the domestic and international equity and investment banking markets. The company was a registered broker-dealer with the United States Securities and Exchange Commission (SEC) and was a member of the New York Stock Exchange and
27556-414: Was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity. The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However,
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