Hotline: 1800 102 2007
X
Search Business Opportunities
Aug, 01 2018

State Bank of Mauritius plans to open six new branches in India under WSO

The bank plans to target top Indian companies for cross-border business opportunities and stress on mid-market corporate and retail segment in domestic operations.

State Bank of Mauritius (SBM) has announced to open six new outlets in India after it starts operating under a wholly-owned subsidiary (WOS) later this year.

The bank will soon operate as a banking subsidiary of SBM Group in the country under the name of SBM Bank (India) Ltd. The work for regulatory approvals from Reserve Bank of India (RBI) for WOS is in its advanced stage. The bank expects to commence operations in September. The bank already has four branches in India.

Moses Harding John, CEO, India & East Africa, SBM Holdings said, with Rs 5 billion capital, the four branches would move to the subsidiary. The capital base of Indian operations is adequate to scale-up loan book to Rs 40 billion from the present level of Rs 10 billion. According to WOS rules, the bank is required to list the Indian banking unit on stock exchanges after three years.

SBM plans to launch six new branches in Delhi, Bangalore, Kolkata, Pune, Ahmedabad and Jaipur by next year. Currently, SBM operates four branches, in Mumbai, Chennai, Hyderabad and Ramachandrapuram an attempt to capture a wider market and increase its customer base.

The first priority is to stabilise operations of subsidiary and then expand the network to 40-50 branches in the country. But the plans are yet to be finalised, Harding John said.

The bank plans to target top Indian companies for cross-border business opportunities and stress on mid-market corporate and retail segment in domestic operations.

Besides establishing a domestic franchise in India, SBM expects to capitalise on its geographic network in East Africa and the Indian Ocean region. There is growing interest in trade and investment along the India-Africa corridor, where SBM can play an important role in financing and structuring, Moses Harding John further added.

Comment
image
Related opportunities
  • Quick Service Restaurants
    STREET FOOD FRANCHISE BUSINESS OPPORTUNITY IN INDIA Are you looking for..
    Locations looking for expansion Delhi
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Delhi Delhi
  • About Us: The Vegbites opened in 2009 and it is a restaurant..
    Locations looking for expansion Maharashtra
    Establishment year 2009
    Franchising Launch Date 2017
    Investment size Rs. 20lac - 30lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Plumbing, Sanitary Ware and Bathroom Fittings
    About Us: JAAZ Corporation Pvt. Ltd. is one of leading..
    Locations looking for expansion Gujarat
    Establishment year 2009
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Vadodara Gujarat
  • Others Dealers And Distributors
    Oswaal Books is India’s fastest growing publishing house, started by..
    Locations looking for expansion Delhi
    Establishment year 1984
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities