Friday 29 Mar 2024
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KUALA LUMPUR (March 3): RHB Bank Bhd has shelved plans to become a banking powerhouse in the Association of Southeast Asian Nations (Asean) region by 2020 as it focuses on growing its Malaysian business.

The Edge Malaysia business and investment weekly in its latest March 5 - 11, 2018 issue quoted RHB Banking Group managing director and chief executive officer Datuk Khairussaleh Ramli as saying in an interview that he thinks the worst is over for RHB. Khairussaleh said RHB is now in a better position to drive organic growth at home as the group expects its overseas operations to contribute positively to group profitability this year.

“It’s time to reset our [growth] approach going forward. Our priorities over the next five years will be to strengthen our position in Malaysia and win in targeted segments, particularly around SMEs; focus on our niche and strengths overseas while we explore partnerships; and build a winning operating model around digital transformation," he said.

Khairussaleh said RHB will not actively pursue merger and acquisition opportunities overseas but will be opportunistic in its approach. “If the opportunities are right, then we might consider. But I am of the view that we must be strong in Malaysia before we think of moving outside,” he said.

At Bursa Malaysia yesterday, RHB shares closed at RM5.39 for a market value of RM21.61 billion. RHB shares had gained 7.8% so far this year compared to the FBM KLCI's 3.3% rise.

For a better understanding on RHB under Khairussaleh's leadership, kindly pick up and read the latest issue of The Edge.

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