State Bank of Mauritius
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| Type | Limited liability company |
|---|---|
| Industry | Finance and Insurance |
| Founded | 1973 |
| Headquarters |
State Bank Tower 1, Queen Elizabeth II Avenue, Port Louis, Mauritius |
| Key people | PARIANEN, Soopaya (Chief Operating Officer) |
| 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 | [1] |
State Bank of Mauritius (SBM) is the second largest bank in Mauritius with a market share of about 25% of domestic banking assets. It has 42 domestic branches, and three branches in India.
Banque SBM Madagascar, a fully owned subsidiary of SBM, started banking operations in Madagascar in January 1998. The company operates from Antananarivo, the capital of Madagascar.
[edit] History
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. It established a subsidiary in Madagascar in 1998. The next year, 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).
On 29 November, 2008, the CEO of SBM, Chaitlall Gunness, was killed in a terrorist attack while visiting Mumbai.
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