State Bank of Mauritius


State Bank of Mauritius

Infobox Company
company_name = State Bank of Mauritius Ltd
company_
vector_
company_type = Limited liability company
genre =
foundation = 1973
founder =
location = State Bank Tower1, Queen Elizabeth II Avenue,
Port Louis, Mauritius
origins =
key_people = GUINNESS, Chaitlall (Chief Executive)

PARIANEN, Soopaya (Chief Operating Officer)

area_served =
industry = Finance and Insurance
products = Banking
revenue =
operating_income =
net_income =
num_employees =
parent =
divisions =
subsid = SBM Securities Ltd.Banque SBM Madagascar

SBM Financials Ltd

SBM Mauritius Asset Managers Ltd (SBMMAM)

SBM Global Investments Ltd

SBM IT Ltd

SBM Lease Ltd

SBM Investments Ltd (SIL)

owner =
company_slogan =
homepage = [http://www.sbmonline.com/sbmweb/home.php www.sbmonline.com]
footnotes =

State Bank of Mauritius (SBM) is the second largest bank in Mauritius with a market share of about 25% of domestic banking assets.

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. 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, and the next year one in Hyderabad. In 1999 SBM and Nedcore established SBM Nedcore 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 between SBM and State Bank of India, 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, which will rename the bank Sasfin Bank International (SBI).


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