RBI sanctions Scheme of Amalgamation of SBM Bank (Mauritius) Ltd, India with SBM Bank (India) Ltd

A Press Release issued by the Reserve Bank of India (RBI) stated that in exercise of the powers contained in sub-section (4) of Section 44A of the Banking Regulation Act, 1949, effective December 01, 2018, the RBI has sanctioned the Scheme of amalgamation of the entire undertaking of SBM Bank (Mauritius) Limited, India with SBM Bank (India) Limited, which has been granted licence by the Reserve Bank to carry on the business of banking in India through Wholly Owned Subsidiary (WOS) Mode under Section 22(1) of the Banking Regulation Act, 1949.

As per the Release, all branches of SBM Bank (Mauritius) Limited in India will function as branches of SBM Bank (India) Limited with effect from December 01, 2018.

Established in 1973, SBM has a strong franchise in Mauritius, with a market share of more than 20% in domestic advances and deposits. The Group is also present in Madagascar, India, and Kenya. In addition to banking services, SBM proposes non-banking financial services such as investment banking, private wealth advisory, stockbroking, and asset management. The Group also operates a non-financial cluster for investments.