SBM Group, a diversified financial services provider and the third largest listing on the Stock Exchange of Mauritius, on Monday announced its expansion plans for the Indian market.
SBM is the first foreign bank in India to obtain a WOS Licence from the Reserve Bank of India. The bank will soon operate as a banking subsidiary of SBM Group in India under the name of SBM Bank (India) Ltd.This new structure will provide more leeway for SBM in its branch expansion strategy.
Established in 1994 in India, SBM currently operates four branches, namely located in Mumbai, Chennai, Hyderabad and Ramachandrapuram. To capture a wider market and increase its customer base, SBM plans to launch six new branches in Delhi, Bangalore, Kolkata, Pune, Ahmedabad and Jaipur by next year. The bank offers a diverse suite of products and services in the Indian market including deposits, advances, NRI Services, treasury products and trade finance services. It plans to revamp its customer base and solutions offering in line with its growth strategy.
Speaking at the occasion, Moses Harding John, CEO, India & East Africa, SBM Holdings Ltd. 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 programme, SBM will continue to grow outside Mauritius.”
