SBM BANK MAURITIUS LIMITED
The Government of Mauritius established the State Bank of Mauritius in 1973 under the name of State Commercial Bank. In 1994, SBM opened its first overseas branch in Mumbai, India. In 1995, the bank was listed on the Mauritian Stock Exchange. Then, in 1997, the South African bank Nedcor acquired 20.1% of the voting capital of SBM. That same year SBM opened its second branch in India in Chennai, and next year one in Hyderabad, India.
SBM Bank Madagascar, a wholly-owned subsidiary of SBM, started banking operations in Madagascar in January 1998. The company operates from Antananarivo, the capital of Madagascar. The following year, SBM and Nedcor established SBM Nedcor International (SNI) as a 50/50 joint venture to participate in offshore banking, and SNI began operations in 2000. In order to avoid any conflict of interest with SBI International, Mauricio (formerly State Bank International), another joint offshore company between SBM and State Bank of India, SBM divested its 49 percent stake in SBI International. In 2005, Nedcor again sold SBM its 20.1% in the second, and at the same time assumed 100% ownership of SNI. Nedcor then announced the sale of SNI to Sasfin Bank, which will rename Sasfin Bank International (SBI).