SINGAPORE: RHB Singapore, a subsidiary of Malaysia’s fourth-largest banking group RHB, is set to play a crucial role in the bank’s regional expansion strategy. The unit aims to achieve a return on equity (ROE) of 12% by 2027, supported by Singapore’s favourable business environment and growing Southeast Asian markets.
Singapore’s low taxes, political stability, and strategic location continue to attract ultra-high-net-worth investors and financial institutions, reinforcing its position as a leading financial hub in the region.
Earlier this year, RHB Singapore appointed Goh Ken-Yi as its new CEO to enhance digital capabilities and introduce innovative financial solutions. The bank’s pretax profit surged by 95.6% year-on-year in 2023, reaching S$98.7 million ($76.82 million).
“RHB Singapore’s exceptional progress exemplifies the kind of forward momentum we aim to replicate across our key markets,“ said RHB Group Managing Director Mohd Rashid Mohamad during a press briefing.
Beyond Singapore, RHB operates in Cambodia, Thailand, Laos, and Brunei. The bank reported an ROE of 10.04% in 2023, with plans to further improve efficiency by reducing its cost-to-income ratio to below 44.8% and gross impaired loan ratio to under 1.3% by 2027. Last year, these ratios stood at 46.7% and 1.47%, respectively. – Reuters
