| Strategy |
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The New Horizons strategy announced in February 2003, is our three-year plan to seek international growth via a build-and-transfer approach, and to build a high performance bank through a balanced business scorecard approach.
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| Seeking international growth |
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| We will strengthen our market position in our two existing core markets of Singapore and Malaysia, and use this as a platform to transfer successful business models and product solutions to other ASEAN countries and China. Our aim is to establish a presence in a third country in 2005, and be poised to add another country, by 2006. |
| Building a high performance bank |
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| We aim to expand our consumer and SME customer base, and to become a Top 3 consumer and SME bank in the combined Singapore-Malaysia market by 2005 |
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| We will build our consumer and business loan books prudently, and continually improve our credit processes to maintain a sound credit portfolio and a strong credit rating |
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| We will build best-in-class products and target 15% revenue contribution from new products annually. In the combined Singapore-Malaysia market, we aim to be Top 3 in wealth management, transaction banking, treasury and investment banking |
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| We aim to achieve 10% earnings per share growth annually, a minimum dividend payout of 25% of core earnings, and a 12% ROE by 2005. We will seek to swap non-core assets for core financial services growth opportunities, and to return excess capital to shareholders via share buyback programmes |
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| We will develop and foster human capital, and seek to have at least 30% of our employees as shareholders by 2005 |
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| We will improve cross functional processes to lower our unit costs and become an efficient, low cost service provider |
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