SBM Bank (India) first foreign bank to set up a Wholly Owned Subsidiary in India
SBM Group, the second largest listed banking institution on the Stock Exchange of Mauritius, has announced the launch of SBM Bank (India) which will operate as a full-fledged universal bank.
Under this new structure, SBM Bank (India) plans to extend its network by end of March 2020 with four new branches focusing on the mid-market segment comprising mid-corporate and higher end SMEs, as well as building its retail banking footprint. Established in 1994 in India, the Bank currently operates four branches in Mumbai, Chennai, Hyderabad and Ramachandrapuram.
As part of its distinctive offering, the Bank will provide support to Indian companies investing into Africa across their trade finance needs. SBM’s strong presence in Kenya and Mauritius enables facilitation of trade across the India-Africa trade corridor. In addition to its retail, corporate and trade finance capabilities, SBM offers a comprehensive range of services from capital markets to trading and stockbroking, asset management and custody services.
Sidharth Rath, MD & CEO, SBM Bank (India) said, “This is an historic event, which lays the foundation to set up a robust and sustainable universal banking franchise in the long run. Our intent is to create a respected and admired financial institution which requires us to build a franchise which is nimble and agile, and at the same time a trusted service provider.”