Breaking News India, Latest Franchise News India,SBM looking for an expansion in india, Mumbai,SBM Bank, the Indian arm of State Bank of Mauritius, is planning a calibrated branch expansion in India led by lending to SMEs, and in areas of trade finance NSE -1.25 %, capital markets, wealth management and remittances. The bank also plans to tap overseas markets to offer investment opportunities for the wealthy in India as it seeks to build its liability franchise from scratch, said CEO Sidharth Rath in an interview.

SBM was the first foreign bank to start operations as a wholly-owned subsidiary effective December 1, 2018, with four branches. Rath said his bank plans to double its network to eight branches in the current year and add another eight in 2020.

“We see distinct opportunities in the mid-market segment and higher end of SMEs, trade finance, capital markets, wealth management and remittances. It strengthens the SBM Group’s capabilities for handling trade and investment flows along the Indo-Africa corridor,” Rath said.

State Bank of Mauritius is the largest bank in the island nation with a large Indian diaspora, and is also one of the main sources of foreign institutional inflows to India. Rath said SBM Bank India plans to introduce overseas investment products like dollar bonds to wealthy Indian and NRI investors.



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