RHB Bank mulls sale of Singapore building

The bank is considering selling its 17-storey location in the city-state

SINGAPORE: RHB Bank Bhd is exploring options for its main office building in Singapore, including a potential sale that could fetch about S$200mil (RM597mil), according to a source.

The bank is considering selling its 17-storey location in the city-state’s central district because it wants to move to a bigger office, said the source.

The lender could rent its next location after selling the 90 Cecil Street, Singapore space, said the source.

Singapore’s office market is showing signs of recovery after a downturn in the last two years, with growth in both prices and rents.

iRHB, which started its Singapore operations in 1961, is looking to grow its operations in the city-state further by building out private wealth management and increasing its business with small and medium-sized enterprises, its latest annual report shows.

Deliberations about a possible sale are at an early stage, and they may not result in a deal, said the people.

A spokeswoman for RHB declined to comment.

RHB Bank Singapore’s pre-tax loss widened to S$102mil last year from S$90mil 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. — Bloomberg