RHB Singapore, a key subsidiary of Malaysia’s fourth-largest banking group, has been officially designated as the regional hub for the Group’s international operations under its bold new three-year roadmap, PROGRESS27. This strategic pivot positions RHB Singapore at the forefront of ASEAN growth, reinforcing its role as a catalyst for regional integration and sustainable financial innovation.
In 2024, RHB Singapore delivered stellar performance, with total income rising 18.6% to SGD 252.6 million, and gross loans expanding 14.7% to SGD 8.95 billion. Profit before tax nearly doubled year-on-year, surging 95.6% to SGD 98.7 million, underscoring the bank’s operational strength and market agility.
The newly formed Group International Business (GIB) division, headquartered in Singapore, will oversee operations across Cambodia, Thailand, Laos, and Brunei, contributing 12% of the Group’s total income in 2024. Notably, RHB Singapore accounted for approximately 80% of GIB’s income, affirming its strategic importance.
PROGRESS27 is anchored on three core pillars:
- Best in Service: Elevating customer experience through digital-first solutions and personalized engagement.
- High Profitability: Targeting a 12% return on equity and a cost-to-income ratio below 44.8% by 2027.
- Responsible and Purposeful: Committing to sustainable finance, with a 40% growth in its green financing portfolio to SGD 972 million.
“RHB Singapore is not just a growth engine—it’s the heartbeat of our regional ambitions,” said Goh Ken-Yi, CEO of RHB Singapore. “Through PROGRESS27, we are scaling our ecosystem to deliver seamless cross-border banking experiences and purposeful value to our customers.”
The bank has also completed a three-year transformation of its branch network, blending digital innovation with its signature Peranakan design identity. It continues to lead in customer satisfaction, maintaining the #1 Net Promoter Score among banks in Singapore and earning eight industry awards in 2025, including “Mid-sized International Retail Bank of the Year” and “IPO Deal of the Year.”
Danny Quah, Managing Director of GIB and former CEO of RHB Singapore, added, “By aligning our strategies with local market dynamics, we’re unlocking new opportunities across ASEAN. Singapore’s strategic proximity to capital flows and customer networks makes it the ideal launchpad for our regional expansion.”
As RHB Singapore accelerates its role in shaping the future of ASEAN banking, PROGRESS27 sets the course for sustainable, scalable, and customer-centric growth across the region.
