Malaysia’s RHB scouting for JV partner in the Philippines

Part of plan to expand overseas presence and profits.

RHB Investment Bank Bhd said it’s in talks with potential partners in the Philippines to establish a joint venture. Managing director Mike Chan said RHB intends to start with a joint venture first, with a preemptive right to buy out the joint venture a few years down the road,

RHB Investment Bank is a subsidiary of Malaysia’s fourth-largest bank and is owned by RHB Capital Bhd.

It intends to boost its overseas revenue to as much as 40% by 2017, from the current 25%. The group has expanded its presence in Singapore, Indonesia and Thailand.

“We are going to shift the playground from Malaysia to Southeast Asia,” Chan said.

Analysts believe it’s a right move to expand in the ASEAN countries and that the Philippines is still relatively untapped. RHB wants to be among Southeast Asia’s top eight banks for handling acquisitions in the next two years.