KUALA LUMPUR (June 28): RHB Bank Bhd, which assumed RHB Capital Bhd's listing on Bursa Malaysia today, fell as much as 13 sen or 2.8% amid broader market losses as the UK's European Union exit (Brexit) hit sentiment.

RHB Bank shares fell to its lowest so far today at RM4.56. At 10.24am, the stock cut losses at RM4.63 with 264,900 shares exchanged.

At RM4.63, RHB Bank has a market value of RM18.57 billion based on an expanded issued share base of 4.01 billion shares.

The FBM KLCI dropped 3.26 points at 10:47am to 1,626.26 as Brexit sentiment led to an uncertain global economic and financial market environment.

RHB group managing director Datuk Khairussaleh Ramli said RHB Bank's listing marked the completion of the financial services entity's restructuring, which focused on creating efficiencies and synergies within the group.

Khairussaleh said the restructuring had resulted in significant savings for the group.

"With the interest and other savings, we potentially could save about RM160 million a year. Apart from that, we also did a massive career transition scheme last year. We projected that would also save about RM180 million in costs every year," Khairussaleh said during a press conference in conjunction with RHB Bank's listing here today.

Looking ahead, Khairussaleh said RHB Bank would use Singapore as its launch pad to grow its business across the Association of Southeast Asian Nations region.

He said Singapore is seen as a key financial centre for the group.

"We have had a presence in Singapore for more than 50 years actually, but (it is) only in the last few years we have realised that it is a gem for our organisation. For the last two to three years, we have actually been growing our operations in Singapore quite well. Especially with the merger with OSK, we now have a distribution platform in Singapore for our investment banking business.

"Our intention for Singapore is not just to do business. It could be a centre for us to do business in other parts of the region as well, for example Indonesia, Thailand and other countries," Khairussaleh said.