RHB Bank plans to grow profit three-fold in Singapore in two years

Malaysia's fourth largest lender RHB Bank, which has seven branches in Singapore, plans to grow its profit three-fold within the next two years.

To this end, the bank will focus on growing its business banking, specifically for small and medium-sized enterprises, as well as corporate and investment banking.

RHB Bank Berhad Singapore officially opened its latest branch on Thursday in Westgate Mall, which according to Mr U Chen Hock, the banking group's director of international business, is the first of a series of activities to support its growth strategy in Singapore.

Singapore is already the top contributor to the bank's international business, which spans Asean, China and Hong Kong. The target is for international businesses to contribute some 40 per cent to the group's earnings by 2020.

The bank also plans to introduce wealth management in Singapore by the middle of this year.

By early February, RHB Bank will also be relocating its Upper Serangoon branch to Tai Seng, which will target lending to SMEs and corporations in the vicinity.

In line with the ambitious growth plans, RHB Bank Singapore plans to double its staff strength from the current 500 to 1,000 in three years.

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