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.
