RHB S'pore upbeat on growth despite global economic problems

SINGAPORE: Despite the challenging global economic environment, RHB Bank Bhd
Singapore (RHBSG), is confident of maintaining growth while expecting
more active participation in debt issuance and helping fund the needs of
corporate clientele across the region.
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.
"With
a capital funds injection of S$350 million in 2011, we expect our
corporate 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."
RHBSG's
businesses are categorised into five key areas, namely, Consumer
Banking, Corporate Banking, Business Banking, Treasury and Investment
Banking.
Touching on the bank's performance last year, Wong told Bernama that 2011 was a significant year for RHBSG.
Besides
marking the bank's 50th anniversary in Singapore, it also achieved
several business milestones, which underpinned its growth and progress,
since bagging the Singapore Quality Class award in 2010.
The award was by SPRING Singapore.
"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.
"We were 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 were 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.
"Going forward, RHBSG will continue to invest in talent and enhance its existing IT infrastructure/ systems/ capabilities.
"We
will also increase our brand visibility through targeted marketing
campaigns as well as through our involvement in the community," he
added.
Touching on the Singapore economy and its banking sector, Wong said:" We are expecting slower 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.
"However, we will continue to invest in key resources to strengthen our operations for sustainable growth," he added. - BERNAMA