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Maybank eyes Johor-Singapore SEZ for growth; targets 25% profit contribution from Singapore by 2027

The zone could generate a need for financing among companies – an area Maybank is eager to support

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Renald Yeo

Renald Yeo

Published Thu, Nov 21, 2024 · 05:00 AM
    • Alvin Lee, country CEO of Maybank Singapore, says increasing SME support requires a greater risk appetite, but notes that this aligns with positive macroeconomic conditions.
    • Alvin Lee, country CEO of Maybank Singapore, says increasing SME support requires a greater risk appetite, but notes that this aligns with positive macroeconomic conditions. PHOTO: MAYBANK SINGAPORE

    THE upcoming Johor-Singapore Special Economic Zone (SEZ) could drive a 10 to 20 per cent growth in Maybank Singapore’s loan book within the first year of operation, country chief executive Alvin Lee told The Business Times.

    Malaysia’s largest lender also aims to have its Singapore operations account for 25 per cent of group income by FY2027, up from 18 per cent in FY2023. (See *Amendment note)

    For the year ended Dec 31, 2023, Maybank reported a profit before tax and zakat of RM12.5 billion (S$3.8 billion), up from RM11.9 billion in the prior year.

    MaybankBanksMalaysia stocksSingapore SMEsSingapore-Johor economic tiesSpecial Economic Zone (SEZ)

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