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

PUBLISHED: November 20, 2024/Marina Hopper

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

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 the group’s profit before tax by FY2027, up from 19 per cent in FY2023.

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.

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