State Bank of Mauritius injects USD 33 million in India

State Bank of Mauritius Ltd. (SBM) has recently increased its Capital Base by USD 33 million in India. This follows the appointment of Ms. Suvalaxmi Chakraborty as Chief Executive of its India Operations, in March 2010.

Ms. Chakraborty is responsible for developing and managing the State Bank of Mauritius Group's operations in India. She indicated that “this increase in Capital Base is driven to grow our balance sheet, especially towards mid sized corporates and to enhance the profile of our customer base in the near term future. SBM plans to increase its balance sheet and profitability exponentially in the next three years.”

“India has been a critical part of SBM’s ambition since 1994, with its presence in Mumbai, Chennai and Hyderabad. One of the reasons for SBM to start its international footprint in India is because of the strong links that exist between these two countries with around three-quarters of the Mauritian population being of Indian origin. SBM Group is involved, amongst others, in the financing of trade and investment both in Indian rupees and in foreign currency through the Indian operations as well as through the headquarters in Mauritius. India is a key component of the SBM Group's medium term strategy and it will gain significance now that we have a strong management, enhanced capital and a clear strategy to focus on a defined target market and the trade & capital flows of the two countries,” comments Gautam Vir, Chief Executive of State Bank of Mauritius Ltd., in charge of its global operations.

Mr. Vir further stated that “This injection is aligned to meet our aspirations and growth in India as well as the diversification of our business globally. India and Mauritius are close historically, culturally and financially and I believe this connection should grow. SBM is looking to position itself as a leading international service provider with a focus on tailor made products and service quality and this capital injection is a step in that direction. Mauritius is a power house for investments in India and will grow as an international centre for Indian investments into other global locations, especially Africa.”