Malaysia-based RHB Bank is, reportedly, planning to triple its business in Singapore in the next two years by focusing on corporate, investment and business banking.
As part of the expansion plan, RHB Bank has already moved its Bukit Merah branch to Westgate Mall in Jurong to drive business from over 3,000 companies around the international business park and the Jurong and Tuas industrial estates.
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RHB Banking Group International Business director, U Chen Hock, said relocating to the new West Gate branch is the first of a series of moves to support their strategic business priorities to achieve the goal.
"In the last four to six months we have been busy preparing to reposition the Singapore business as part of the overall RHB Group’s regional strategy," Hock added.
RHB Bank also plans to double its employee strength to 1,000 within the next two years.
RHB Bank Singapore country head, Jason Wong, said now they are building up the business banking, which is the SME segment, to contribute 20% 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.
Hock said, "We hope to grow our overseas revenue outside Malaysia to 40% by 2020."
