SINGAPORE: Singapore’s banking industry is expected to continue its growth momentum despite the uncertainty in the global economic environment.
Jason Wong, RHB Bank Bhd Singapore’s country head, said one of the main concerns was still the macroeconomic environment which continued to be uncertain and fragile.
“This is on the back of the recent turn of events that happened in the Middle-East,” he told Bernama recently.
He said this could potentially have an impact on an open economy like Singapore.
“Generally, we anticipate the banking industry in Singapore to continue to do well,” he said.
He said that while the loan business was expected to face margin pressure due to the continuing low interest rate environment in Singapore, “we remain upbeat that the financial industry will continue to stay robust throughout 2011”. — Bernama