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RHB Indochina set for growth in 2019

Sangeetha Amarthalingam / Khmer Times Share:
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RHB Indochina Bank Ltd plans to raise its small and medium enterprise (SME) portfolio by 12 percent, and obtain $575 million in deposits while maintaining its current accounts and savings accounts composition at 45 percent next year.

In a statement, RHB Indochina said the SME sector plays a significant role in Cambodian economic development, contributing nearly 50 percent of total employment and business activities within the Kingdom.

Among its key priorities, the bank also plans to start a deposits campaign to attract dollar and riel, particularly with its current accounts and savings accounts.

It added that by focusing on retail expansion and promoting digital banking in Cambodia next year, it would strengthen its position further in the nation where it began operating ten years ago.

It will also grow its product and service offerings to meet the rising demand of the business community and the Cambodian population by introducing Premier Banking, Safety Deposit Boxes and Debit Cards.

At its 10th anniversary celebration today, RHB Indochina launched its RHB Mobile Banking App which offers customers simple, fast and seamless banking experiences.

This new app allows customers to view their accounts online, pay bills, do mobile reloads, and transfer cash through RHB Pay.

Mr Khairussaleh Ramli, group managing director of parent company RHB Bank Bhd and chairman of RHB Indochina, said in the years to come the bank will continue to support the growth of the Cambodian economy, business community and the population by strengthening its product offerings with holistic wealth solutions that cater to different segments of customers.

“We will continue to collaborate with the local business community to promote on-shore and off-shore trading opportunities,” he added.

RHB Indochina started in Cambodia in 2008 as OSK Indochina Bank and in April 2013, OSK Indochina Bank Bhd became a member of the RHB Banking Group.

RHB Indochina has posted an increase in loans by $53 million year-on-year, with customer deposits growing steadily by $130 million with substantial balance growth from current accounts and savings accounts.

“The increase in customer deposits has resulted in asset growth by $21.7 million. Cost-to-income ratio remained healthy and is kept below 1.1 percent as of September 2018 compared to 2018’s target due to lower operating expenses,” the statement read.

Overall, RHB group is positive about the profitability of its Cambodia operations and is confident of closing the year with better performance.

This year, in conjunction with its 10th anniversary, the bank has lined up a series of customer campaigns including the promotion of the usage of riels to support the central bank’s initiative as well as rewarding its loyal customers.

The offerings comprise the ‘Amazing 10’ Campaign of up to 10 percent per annum interest rates for Fixed Deposits for both consumer and business banking customers.

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