State Bank of Mauritius (SBM), is a bank in

Mauritius Mauritius, officially the Republic of Mauritius, is an island country in the Indian Ocean, about off the southeastern coast of East Africa, east of Madagascar. It includes the main island (also called Mauritius), as well as Rodrigues, Ag ...

that the Bank of Mauritius, the national banking regulator, has licensed as a

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

. SBM is the second-largest bank in Mauritius with a market share of about 25% of domestic banking assets. , its total asset valuation was approximately US$3.34 billion (MUR:95.7 billion), with shareholders' equity of about US$557.1 million (MUR:16 billion). SBM, together with its subsidiary businesses in

Kenya Kenya, officially the Republic of Kenya, is a country located in East Africa. With an estimated population of more than 52.4 million as of mid-2024, Kenya is the 27th-most-populous country in the world and the 7th most populous in Africa. ...

Madagascar Madagascar, officially the Republic of Madagascar, is an island country that includes the island of Madagascar and numerous smaller peripheral islands. Lying off the southeastern coast of Africa, it is the world's List of islands by area, f ...

and

India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...

, is known as ''SBM Group''. The stock of the group is listed on the Stock Exchange of Mauritius and is owned by nearly 17,000 domestic and International shareholders. SBM has about 1,900 employees and services about 527,000 customers through its network of 48 service units and counters in Mauritius, India, Madagascar, and Kenya.

History

The government of Mauritius established State Bank of Mauritius in 1973 under the name State Commercial Bank. In 1994, SBM opened its first overseas branch in

Mumbai Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...

. In 1995, the bank was listed on the Stock Exchange of Mauritius. Then in 1997 the South African bank Nedcor acquired 20.1% of SBM's voting equity. That same year SBM opened its second branch in India in

Chennai Chennai, also known as Madras (List of renamed places in India#Tamil Nadu, its official name until 1996), is the capital city, capital and List of cities in Tamil Nadu by population, largest city of Tamil Nadu, the southernmost states and ...

, and the next year one in

Hyderabad, India Hyderabad is the capital and largest city of the Indian state of Telangana. It occupies on the Deccan Plateau along the banks of the Musi River (India), Musi River, in the northern part of Southern India. With an average altitude of , much ...

. Banque SBM Madagascar, a fully owned subsidiary of SBM, started banking operations in Madagascar in January 1998. The company operates from

Antananarivo Antananarivo (Malagasy language, Malagasy: ; French language, French: ''Tananarive'', ), also known by its colonial shorthand form Tana (), is the Capital city, capital and largest city of Madagascar. The administrative area of the city, known ...

, the capital of

. The next year, SBM and Nedcor established SBM Nedcor International (SNI) as a 50/50 joint venture to engage in offshore banking, and SNI started operations in 2000. In order to avoid any conflict of interest with SBI International, Mauritius (formerly State Bank International), another joint venture

offshore company The term "offshore company" or "offshore corporation" is used in at least two distinct and different ways. An offshore company may be a reference to: * a company, group or sometimes a division thereof, which engages in offshoring business proce ...

between SBM and

State Bank of India State Bank of India (SBI) is an Indian Multinational corporation, multinational Public sector undertakings in India, public sector bank and financial service body headquartered in Mumbai. It is the largest bank in India with a 23% market shar ...

, SBM disinvested its 49 percent equity holding in SBI International. In 2005, Nedcor sold back to SBM its 20.1% in the latter, and at the same time took over 100% ownership of SNI. Then Nedcor announced the sale of SNI to Sasfin Bank, which will rename the bank Sasfin Bank International (SBI). In November 2016, SBM Group announced that it has reached an agreement to acquire a majority stake in Kenya based Fidelity Commercial Bank Limited. This process was conclude in May 2017 and the bank's name was changed to '' SBM Bank (Kenya) Limited''.

Branches

The bank maintains 43 networked branches and 35 freestanding

automated teller machine An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account ...

s in Mauritius.

References

1973 establishments in Mauritius Banks of Mauritius Banks established in 1973 Companies based in Port Louis {{Mauritius-stub

History

Branches

See also

References