Sign up | Log in



Home  >>   Daily News  >>   Malaysia  News  >>   Finance  >>   Malaysian bank expands to Singapore, Indonesia
NEWS UPDATES Asean Affairs        19  April 2011

Malaysian bank expands to Singapore, Indonesia

Related Stories

April 6, 2011
Market to determine number of Malaysia bank

April 4,2011
Bond season arrives in Malaysia

April 2,2011

Malaysia open to foreign banks

March 26,2011
More finance liberalization in Malaysia

March 5,2011
Higher foreign stake in Malaysian banks 

RHB Bank, currently under the mergers and acquisitions spotlight, is launching an online platform in Singapore to capture the robust growth there while overcoming the problem of operating with a restricted licence.

“The Singapore bank forms the largest part of our international business but we need to increase its contribution,'' said Renzo Viegas, principal officer and director of retail at RHB Bank. “We are remodelling five of the seven branches and relocating a few,'' he said.

Pre-tax profit for the Singapore banking operations jumped by 49 percent last year to S$29mil. Return on equity also rose from 17.3 percent to 23.9 percent last year.

Overall, global financial banking contributed RM100.2mil to group pre-tax profit of RM1.9bil last year.

The focus in Singapore is mostly on consumer, small and medium enterprise (SME) banking while some big investment banking deals may be struck occasionally.

Under the restricted licence, RHB is not allowed to take part in the automated teller machines network, open branches or issue debit cards.

“We will be focusing more on our strength in online banking,'' Viegas said, adding that the online platform was likely to be launched in August.

“We will also explore ways to expand via partnerships,'' he said, pointing to how its tie-ups with Tesco (co-branded cards), Paypal (e-commerce), Pos Malaysia (mass market), Tokio Marine (insurance) and Goldman Sachs (asset management) are working to its favour.

The next big expansion on the cards is the Indonesian business via 80%-owned Bank Mestika, with headquarters in Medan, Sumatra.

This goes on at the same time as Abu Dhabi Commercial Bank, which holds a 25% stake in RHB Capital, is seeking the advice of Goldman Sachs and Bank of America-Merrill Lynch on a potential M&A for the group.

Largely an SME bank, Mestika will likely be the vehicle for RHB to dominate the business in Medan and the rest of Sumatra, while the treasury and options trading will likely be based in Jakarta.

“Mestika is a full-fledged licence,'' said Viegas, which means it can conduct foreign exchange trading and open branches everywhere.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below




1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Today's  Stories    19  April 2011 Subsribe Now !
• Indonesia’s economic development plan Subcribe: Asean Affairs Global Magazine
• Indonesian president pushes for private investment Asean Affairs Premium
• Malaysian bank expands to Singapore, Indonesia
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• Philippine T-bills slump
• Oil drilling starts in Leyte

• Thai rates look firm

• Japanese find refuge in Thailand

• Vietnam calls for cooperation on Mekong hydro p

Asean Analysis    19  April 2011

Advertise Your Brand
• Food insecurity is here to stay Sponsor Our Events

Asean Stock Watch    19  April 2011

• Asean Markets Will Fall p

Global News Impacting Asia    17 November 2010


• Bank of America sees Asian inflation


• Lloyd’s increases insurance push in Malaysia


• Wells Fargo analyst on euro


• Obama’s visit to Asia


ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore
• Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline
• Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More


Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand