SBI plans expansion in Mauritius

Written by Press Trust of India | New Delhi | Updated: Jun 30 2009, 06:35am hrs
State Bank of India, the countrys largest lender, plans to be a dominant foreign bank in select nations, including Mauritius.

Plans are in place to be the dominant foreign bank in few identified countries such as Mauritius, Singapore and Nepal, a senior SBI official said.

SBI targets a major share in India-related business in high potential markets world wide.

In tune with the objective, two of the banks subsidiaries in Mauritius were merged last fiscal to create a new entity called SBI (Mauritius) Ltd, he said.

The banks two partly owned subsidiaries in Mauritius namely Indian Ocean International Bank Ltd and SBI

International (Mauritius) Ltd were merged during the year to create a new entity SBI (Mauritius) Ltd.

The scheme of merger has been sanctioned by Bank of Mauritius from April 1, 2008, he said. Consequently, the SBIs stake in SBI (Mauritius) Ltd has reduced from 98% to 93.40% after the merger, he said. At the same time, SBI also increased its stake in the Nepal joint venture to 55% from 50% earlier.

SBI bought 5% stake of Nepal SBI Ltd through a competitive bid process from Agricultural Development Bank.