RHB Among The Best Bank Of Singapore In 2011

By Tengku Noor Shamsiah Tengku Abdullah SINGAPORE, March 27 (Bernama) -- RHB Bank Bhd Singapore achieved remarkable success last year with its return on equity (ROE) rising to 21 per cent from 5.8 per cent in 2008, joining the best local and foreign banks in the city state in the year. Country Head for RHB Bank Singapore, Jason Wong Hong Lurn, said apart from marking the bank's 50th anniversary in Singapore last year, the bank also reached several other business milestones that showcased its growth and progress. "In spite of the challenging market conditions, RHB Bank Singapore has remained profitable. It achieved an increase of 23 per cent in profit before tax last year, compared to 2010. "We are very committed in Singapore. Last year we injected about S$380 million in capital to support the business growth in Singapore," he said at a media luncheon here on Tuesday. This year, the bank will continue investing in key resources on the IT side, the key people and new products. Wong said the bank would continue to support both big and small businesses, with products tailor made for the SME market as well as the bigger businesses. RHB was established in Singapore in 1961 as UMBC and through a series of strategic mergers, became RHB Bank Singapore Bhd. With its main office at the bank's owned 17-storey building at Cecil Road, RHB Bank Singapore currently has a network of seven branches around the island and 15 currency exchange counters at the Singapore Changi Airport. --BERNAMA