Malaysia-based RHB Bank Group is planning to expand its business in Singapore by 2016 with prime focus on business banking, corporate and investment banking.
As part of the plan, the bank intends to increase its employee hiring to 1,000 in an effort to triple the profit of its Singapore unit over the next three years.
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RHB Banking Group group international business director U Chen Hock said, "RHB Group has been a Malaysian-centric bank, we are the fourth largest bank in Malaysia, we had a limited footprint outside Malaysia until the merger between RHB and OSK-DMG & Partners Securities last year."
Singapore accounts for about 5% of the bank’s turnover and is currently the top overseas contributor for the group revenue.
Meanwhile, the bank has opened its latest branch at West Gate Mall in Jurong as part of its plan to tap business from over 3,000 firms around the International Business Park.
Jason Wong, country head of RHB Bank Singapore was quoted by themalaymailonline.com as saying, "Now we are building up the business banking – which is the SME segment – to at least contributing 20 per cent of the revenue.
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By GlobalData"That is why we are hiring a lot of RMs, putting them at the branches close to businesses.
"With this and the platform that we have built, we are confident that it will (be) a much more significant contributor in the next three years," Wong added.
The bank also intends to introduce wealth management services by the middle of 2014.
