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Maybank to grow Singapore retail SME loan portfolio by 40% this year
MAYBANK says it expects to grow its total retail small and medium enterprise (RSME) loan portfolio in Singapore by 40 per cent this year, as it expands its financing to the segment across the region.
The bank has been aggressively growing its RSME portfolio in Singapore. SMEs are defined as businesses with revenues of up to S$20 million.
Maybank Singapore's head of community financial services Choong Wai Hong said: "In the short two years since we officially launched the RSME business in Singapore, we have seen our SME loans increase by more than 50 per cent and deposits rising almost 25 per cent. Specifically for FY15, we saw revenue contribution from this portfolio grow by 52 per cent."
Looking ahead, the bank intends to introduce more innovative financing solutions for business owners that are aimed at helping them manage uncertainties around their cash flow.
The bank also recognises that with a limited domestic market, many Singaporean businesses are exploring ways to expand overseas, particularly in the region, said Maybank.
"Small businesses in Singapore are at a juncture where they are looking for ways to transform their business and working capital is one of the key aspects for them to do so. As the only bank with a presence in all 10 ASEAN countries, we are well-poised to help more small businesses capitalise on new opportunities to grow their business locally and access new markets in the region," Mr Choong said.