State Bank of Mauritius

From Wikipedia, the free encyclopedia

This article does not cite any references or sources. (December 2006) Please help improve this article by adding citations to reliable sources. Unverifiable material may be challenged and removed.

State Bank of Mauritius Ltd
Type	Limited liability company
Founded	1973
Headquarters	State Bank Tower 1, Queen Elizabeth II Avenue, Port Louis, Mauritius
Key people	GUINNESS, Chaitlall (Chief Executive) PARIANEN, Soopaya (Chief Operating Officer)
Industry	Finance and Insurance
Products	Banking
Subsidiaries	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)
Website	www.sbmonline.com

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).