Type Public Industry Finance and Insurance Headquarters Port Louis, Mauritius Number of employees 1,100 | Traded as SEM: SBM Products Banking Founded 1973 | |
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Key people Mr. Kee Chong LI KWONG WING
(Chairman) Revenue Aftertax:US$70+ million (MUR:2.0+ billion) (2011) CEO Raj Dussoye (16 Aug 2016–) Subsidiaries Banque SBM Madagascar SA | ||
State Bank of Mauritius (SBM), is a bank in Mauritius. It is licensed as a commercial bank by the Bank of Mauritius, the national banking regulator.
Contents
Overview
SBM is the second-largest bank in Mauritius with a market share of about 25% of domestic banking assets. As of June 2011, its total asset valuation was approximately US$3.34 billion (MUR:95.7 billion), with shareholders' equity of about US$557.1 million (MUR:16 billion). SBM, together with its subsidiary businesses in Mauritius, Madagascar and India, is known as SBM Group. The stock of the group is listed on the Stock Exchange of Mauritius and is owned by nearly 17,000 domestic and International shareholders. SBM has more than 1,200 employees and services over 340,000 customers through its network of 48 service units and counters in Mauritius, India and Madagascar.
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, India. In 1995, the bank was listed on the Stock Exchange of Mauritius. 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, 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. The next year, SBM and Nedcor established SBM Nedcor 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 Bank, which will rename the bank Sasfin Bank International (SBI).
Ownership
The stock of the bank is listed on the Stock Exchange of Mauritius (SEM), where it trades under the symbol: SBM.
Branches
It maintains 43 networked branches and 35 freestanding automated teller machines in Mauritius.