RHB Singapore upbeat on growth amid glocal challenges

RHB Bank Singapore is confident of maintaining growth while expecting more active participation in debt issuance and funding corporate clientele.

The bank expressed its optimism despite the challenging global economic environment.

Country Head for RHBSG, Jason Wong said: "Economic growth is expected to slow down in 2012 and as such, we expect loans growth for banks to be slower in Singapore."

But hye said that with a capital funds injection of S$350 million in 2011, they expect theircorporate and investment banking to more actively participate in debt issuance, while helping our corporate clientele with their funding needs.

"Our key strategy in 2012 is to stay focused and disciplined in growing the core businesses," he quips.

"In spite the challenging market conditions in 2011, particularly in the second half of 2011, we expect profits to grow by more than 20 per cent with total gross loans and advances recording a strong growth of 33 per cent," he said.

Wong pointed out that the bank was awarded the tender to operate 15 currency exchange counters at the Changi Airport. This represents half the total number of currency exchange counters at Changi Airport and that they successfully launched in August 2011.

"We also grew our staff strength from 328 in 2010 to close to 500 in 2011 and completed a major branch renovation exercise to serve our customers better. It included the opening of our new Premier Banking centre in Cecil Street," he said.

Wong said the bank also introduced the RHB Internet Banking services in December last year.

He also said RHBSG's Treasury and Corporate Banking contributed most to the bank's profits in 2011 whilst Consumer Banking registered strong growth.

"Numerous European banks are shifting their priorities in light of the economic uncertainty in the European Union. The weaker outlook and uncertain global financial situation has already impacted the local banking sector as lenders become more cautious," Wong states. "However, we will continue to invest in key resources to strengthen our operations for sustainable growth," he added.