State Bank of Mauritius (SBM) was established in 1973 and is the second largest bank in Mauritius. The bank has a market share of about 25% of domestic banking assets. State Bank of Mauritius has 42 domestic branches, and three branches in India. SBM provides services in retail banking, small and medium enterprises, wealth management & private banking, corporate banking and international banking & global business, treasury services, ebusiness, fiduciary services, asset financing, stock-broking and asset management. SBM was listed on the stock exchange of Mauritius in 1995.
Bank of Mauritius's key attributes have been innovation, flexibility, accessibility and reliability that have significantly contributed to the bank's reputation and trustworthiness. The bank has approximately 17, 000 domestic and international shareholders. The State Bank of Mauritius has more than 1,200 employees and services over 340,000 customers benefiting through its network of 48 service units and counters in Mauritius, India and Madagascar. SBM is increasing looking forward and laying greater emphasis on international operations as well as non-banking activities. In 1998, SBM established a subsidiary in Madagascar. The following year, SBM and Nedcore established SBM Nedcore International (SNI) as a joint venture and engaged in offshore banking. SBM also has a joint venture with State Bank of India in which SBM disinvested its 49 percent equity holding in SBI International.
Presence in India
SBM opened its first overseas branch in Mumbai in 1994. SBM also operates in India via a network of 2 other branches, namely in Chennai and Hyderabad, which opened up in 1997 and 1998 respectively. The SBM Group is committed to building a universal banking franchise in India with the help of its diversified portfolios.
Products and Services
SBM is well established in domestic banking with a diversified and loyal customer base, serviced through a large branch network by employees who are responsible to evolve client needs. Apart from serving a wide range of savings, investment and financing products, in both local and foreign currency, SBM offers a large portfolio of cards specially designed to meet the needs of specific customer segments. SBM's wealth management and private banking segment is specialized in providing readymade financial planning solutions, investment advice and services to corporates, high net worth individuals and families, both national and international.
SBM also offers extensive interactions between the private banking, asset management and securities departments by providing discretionary investment management as well as execution only services, banking and credit solutions. it also offers a wide range of products and services related to wealth management. SBM also measures portfolio performance and provides customized reports to enable better tracking by customers. Treasury services provided by SBM cover different financial products including foreign exchange, money market, fixed income and commodities trading. SBM's professional and dynamic treasury team offers a range of services to customers, from up-to-date market information and advice to timely execution of deals.
NRI Oriented Services
SBM as a growing international bank in the wholesale banking segment provides a wide range of corporate and commercial banking services. This wide range of services include corporate lending, treasury services, cash and trade transaction services to corporate, financial institutions and small and mid-tier clients across industries and segments. SBM also offers an array of readymade deposit products to Non-Resident Indian (NRI) and Person of Indian Origin (PIO) customers based on their investment needs.
State Bank of Mauritius Ltd
101, Raheja Centre,
Free Press Journal Marg.
Mumbai - 400021