Maybank Singapore to grow retail SME business
It aims to expand loan portfolio to businesses with revenues of up to S$20m by 40%
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MAYBANK Singapore has laid out an aggressive plan to target smaller businesses in Singapore, as it aims to grow this loan portfolio by 40 per cent. The Malaysian bank said on Monday that it was looking to expand the loan book coming from businesses with revenues of up to S$20 million under what it calls its retail SME business.
The bank set up a unit in Singapore dedicated to this group of customers some two years ago, and has seen its small and medium-sized enterprise (SME) loans increasing by more than 50 per cent. The retail SME business takes up a quarter of the bank's overall lending to SMEs.
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