RHB BANK MULLS SALE OF SINGAPORE OFFICE BUILDING
Lender wants to move to bigger office and may rent the next location, say sources
RHB Bank Bhd is exploring options for its main office building in Singapore, including a potential sale that could fetch about S$200 million (RM597 million), according to people with knowledge of the matter.
The bank was considering selling its 17-storey building in the city-state’s central district because it wanted to move to a bigger office, said the people.
The lender could rent its next location after selling the 90 Cecil Streetspace, said one of the people.
Singapore’s office market is showing signs of recovery after a downturn in the last two years, with growth in both prices and rents.
RHB, which started its Singapore operations in1961, is looking to grow its operations in the citystate further by building private wealth management and increasing its business with small and medium enterprises, its latest annual report shows.
Deliberations about a possible sale were at an early stage and might not result in a deal, said the people.
A spokesman for RHB declined to comment.
RHB Bank Singapore’s pre-tax loss widened to S$102 million last year from S$90 million in 2016, according to the report.
With more than 650 people in Singapore, the firm also provides treasury services, as well as commercial, corporate and investment banking, its website shows.