In Banks, Economy, Malaysia on 22/01/2014 at 4:40 am
So gd, that RHB Bank S’pore expects to triple profit by 2016.
RHB Bank will aggressively expand its Singapore business by three-fold within the next two years, by focusing on the small and medium enterprise business, wealth management as well as corporate and investment banking.
To meet the increased business needs, RHB Bank Singapore will be doubling its staff strength from the current 500 to 1000, the bank said Thursday.
The aggressive expansion in Singapore is part of the group’s regional strategy, said to U Chen Hock, director of group international business at RHB Banking Grou… the official opening of RHB’s latest branch in Westgate Mall in East Jurong. . (Last week’s BT)
Maybe RHB’s mgt doesn’t read a certain Forbes contributor (no not refering to one LKY), or TRE readers’ comments on S’pore’s prospects or that more than 90% of the Marina Bay Suites are unoccupied: only 20 of the 221 units at the 66-storey tower are occupied. . But I do know that the RHB research institute has a well respected economist.
In Malaysia on 08/03/2012 at 5:23 am
Ananda Krishnan is nearing a deal to sell his US$3 billion worth of power assets to a M’sian government company. It seems that it is paying top dollar. http://www.reuters.com/article/2012/03/05/malaysia-krishnan-power-idUSL4E8E510C20120305
So was his auction of his power assets all wayang?
Anyway, strange things are always happening in M’sia. Juz last month, RHB is engulfed in a series of yet-to-be-resolved deals, some of them not of its own making. Aabar Investment group of Abu Dahi reportedly wants to sell its 25 per cent stake in RHB, just six months after buying it. RHB said it does not mind, nor does it make much sense.
Azlan Zainol, Chairman of the RHB Banking Group, said: “(Right now,) the price range in a Malaysian bank could be between 1.8 to two times the book (value). That’s the kind of range right now. If Aabar were to sell, I believe they may not be able to get the price of 10.80 ringgit at which they bought.” http://www.channelnewsasia.com/stories/corporatenews/view/1184226/1/.html
Note that stake was bought from a n Abu Dhabi bank at 2.25 timmes book value, way above the market price.