Mauritian bank SBM Bank on Thursday (January 24th) inaugurated its first wholly-owned subsidiary in India. The ceremony was chaired by Pravind Kumar Jugnauth, the Mauritian prime minister.
SMB Group’s new subsidiary, SBM Bank (India) Limited, will act as a full-fledged universal bank and will thus be the first foreign bank to obtain a banking license from the Reserve Bank of India (RBI) to operate as a wholly owned subsidiary. full share in Indian territory.
By the end of March 2020, the new bank will have four new specialized agencies in the mid-market segment including SMEs and high-end SMEs, while strengthening its presence in the bank. Retail.
« This change in our Indian strategy to convert our operations into a wholly-owned subsidiary is aimed primarily at strengthening proximity to our Indian customers. This banking license allowing it to function as a universal entity in its own right completes our internationalization strategy. With a greater presence in Kenya through the acquisition of two local banks, SBM is able to accompany and facilitate India’s trade and investment in Africa, « said Andrew Bainbridge, President of SBM Group.
The second largest banking institution listed in Mauritius, the SMB group has a strong presence in Kenya and Mauritius.