Reported by: banking|Updated: August 1, 2018
Mauritius banking company SBM Group proposes to expand its activities in India, after it formally received the license from the Reserve Bank of India to operate as a wholly-owned subsidiary. The bank, which already has activities in the country, would operate as SBM Bank (India) as this structure will help it in its branch expansion strategy. Having started operations in India in 1994, SBM has 4 branches – Mumbai, Chennai, Hyderabad and Ramachandrapuram. It now intends to launch 6 more branches – in Delhi, Bangalore, Kolkata, Pune, Ahmedabad and Jaipur. It offers a diverse suite of products and services in the Indian market including deposits, advances, NRI Services, treasury products and trade finance services. The bank would also capitalize on its geographic network in East Africa and the Indian Ocean region to add value to customers. It believes it has a major role in financing and structuring inter-country trade in the India-Africa corridor. Moses Harding John, CEO, India & East Africa, SBM Holdings, said one of the reasons for SBM to start its international footprint in India is because of the strong links that exist between these two countries with around three-quarters of the Mauritian population being of Indian origin. This is a focused effort by SBM to grow its cross-border banking business and widen physical presence in geographies with untapped growth potential for better customer reach. With domestic expansion program, SBM will continue to grow outside Mauritius, he added.