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
Add BT as a preferred source
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.
TRENDING NOW
Johor property old hand KSL readies family handover amid market boom
Seatrium eyes S$28 billion in project opportunities amid global race for energy security
China targets offshore billions in biggest crackdown in decades
Trek 2000 shares jump 26% after Osim founder Ron Sim drops claims, sells 7.3% stake to Azure Capital
