KUALA LUMPUR: RHB Banking Group, through RHB Investment Bank's subsidiary PT RHB Sekuritas Indonesia (PT RHBSI), aims to become a Top 10 broker in Indonesia by 2024.
RHB said this was part of its new three-year Together We Progress 2024 (TWP24) strategy of building an integrated overseas business, where Indonesia would be one of its key markets within the Asean region.
RHB Banking group managing director and chief executive officer Mohd Rashid Mohamad said the company had enhanced its resources and rebuilt its capabilities in Indonesia, with the aim of driving its capital markets and advisory business in the republic.
"This is evident through our recent hiring of senior bankers where we have strengthened our management bench and capital markets team in Indonesia.
"We will have better collaboration between local and regional experts, to bring to the market innovative investment products and services that will meet clients' needs," he said in a statement.
He noted that RHB had also been driving innovation via continued investment in its digital capabilities.
The company launched its online trading platform, RHB Tradesmart Indonesia, in 2018 which today contributes to 80 per cent of PT RHBSI trading value, from 20 per cent in 2018.
"Our continued investment and efforts in driving innovative capital market solutions, has enabled us to launch our maiden and the very first IDR structured warrants issuance listed on Indonesia Stock Exchange.
"This offers a new and innovative offering to investors, providing diversification of investment. The structured warrants are set to cater to investors who are looking for affordable exposure to stocks," he said.
He added that PT RHBSI would continue to grow its retail equities business through differentiated product offerings, customer experience and would further strengthen its regional institutional equities business supported by the company's strong regional research capability.