State Bank of Mauritius
A major Mauritian commercial bank with retail, corporate, wealth-management and international banking operations.
Last updated August 31, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
State Bank of Mauritius (SBM) is a Mauritian commercial bank licensed by the Bank of Mauritius, the country's central banking and banking-supervision authority. Established by the government in 1973 under the name State Commercial Bank, it developed into one of Mauritius's principal banking institutions and subsequently expanded beyond its domestic market through branches, subsidiaries and joint ventures in other countries. The bank serves multiple customer segments. Its activities include retail banking for individuals and households, corporate and business banking, wealth-management services and international or offshore banking. The domestic franchise has included branch banking, automated teller machines and a networked service infrastructure serving customers across Mauritius. Its wider group structure has connected the Mauritian bank with operations in India, Madagascar and Kenya, giving SBM a regional rather than purely domestic footprint. SBM's international development began with the opening of an overseas branch in Mumbai in 1994. A second Indian branch followed in Chennai in 1997, with another in Hyderabad in 1998. In Madagascar, Banque SBM Madagascar began operations in Antananarivo in January 1998 as a wholly owned subsidiary. The bank also pursued international financial-services opportunities through partnerships, including a 50/50 offshore-banking venture with Nedcor that began operating as SBM Nedcor International in 2000. Several of these arrangements later changed ownership as SBM and Nedcor reshaped their respective interests. The group became publicly traded in 1995 through a listing on the Stock Exchange of Mauritius. Nedcor acquired a 20.1% voting stake in SBM in 1997 and later sold that interest back to SBM in 2005. SBM's regional expansion continued in East Africa when the group agreed in 2016 to acquire a majority stake in Kenya's Fidelity Commercial Bank. The transaction was completed in May 2017, after which the Kenyan institution was renamed SBM Bank (Kenya) Limited. SBM is commonly presented as the second-largest bank in Mauritius, with the reference material attributing it approximately 25% of domestic banking assets at the time cited. Its broader group has operated through banking businesses in Mauritius, India, Madagascar and Kenya and has served both local and international customers. The bank's identity is therefore associated with a combination of domestic mass-market banking, institutional and corporate finance, and regional financial expansion. Exact current financial metrics, leadership, ownership and digital-service details are not established by the supplied references.
History
State Bank of Mauritius was created by the government of Mauritius in 1973 as State Commercial Bank. Its establishment formed part of the development of a domestic commercial-banking institution capable of serving the Mauritian economy. The bank later adopted the State Bank of Mauritius name and became a major participant in the country's banking system. A significant institutional milestone came in 1995, when SBM was listed on the Stock Exchange of Mauritius. The listing broadened the bank's shareholder base and placed it within the public capital market of its home country. In 1997, South African banking group Nedcor acquired a 20.1% interest in SBM's voting equity. That year also marked an acceleration of SBM's international expansion: the bank opened a branch in Chennai after establishing its first overseas branch in Mumbai in 1994. A further Indian branch opened in Hyderabad in 1998. SBM also established a presence in Madagascar. Banque SBM Madagascar, described as a wholly owned subsidiary, began banking operations in Antananarivo in January 1998. This gave the group a direct operating base in another Indian Ocean market and complemented its expanding Indian activities. The bank's relationship with Nedcor extended beyond the minority equity investment. In 1999, the two institutions formed SBM Nedcor International, a 50/50 joint venture focused on offshore banking. The venture began operations in 2000. SBM subsequently divested its 49% interest in another offshore joint venture, SBI International, in order to avoid a conflict of interest with the State Bank of India's related international operation in Mauritius. In 2005, Nedcor sold its 20.1% interest in SBM back to SBM and assumed full ownership of SBM Nedcor International. Nedcor later announced the sale of that offshore business to Sasfin Bank, which intended to rename it Sasfin Bank International. SBM's regional strategy later reached East Africa. In November 2016, SBM Group announced an agreement to acquire a majority stake in Kenya-based Fidelity Commercial Bank Limited. The transaction was completed in May 2017, and the Kenyan bank was renamed SBM Bank (Kenya) Limited. Through this development, SBM's group footprint included Mauritius, India, Madagascar and Kenya. The bank has maintained a sizeable domestic distribution network, including networked branches and standalone automated teller machines in Mauritius. It has been described as the country's second-largest bank, with a substantial share of domestic banking assets at the period covered by the reference material. The group has served retail customers as well as corporate, institutional and international clients. Available material does not establish a complete current account of its ownership, executive leadership, financial performance, branch footprint or product digitisation, so those aspects require verification against contemporary regulatory filings and company disclosures.
- 2017
Kenyan bank renamed SBM Bank (Kenya)
[1]Following completion of SBM Group's majority acquisition of Fidelity Commercial Bank, the institution adopts the SBM Bank (Kenya) name.
- 2005
Nedcor relationship is restructured
[1]Nedcor sells its SBM stake back to SBM and takes full ownership of SBM Nedcor International.
- 2000
SBM Nedcor International begins operations
[1]The offshore-banking joint venture starts operating.
- 1999
Offshore-banking joint venture formed
[1]SBM and Nedcor establish SBM Nedcor International on an equal-ownership basis.
- 1998
Expansion to Hyderabad and Madagascar
[1]SBM opens a Hyderabad branch and its wholly owned Madagascar subsidiary begins operations in Antananarivo.
- 1997
Nedcor takes a minority stake
[1]Nedcor acquires 20.1% of SBM's voting equity, while SBM opens a Chennai branch.
- 1995
Group listed in Mauritius
[1]The SBM Group is listed on the Stock Exchange of Mauritius.
- 1994
First overseas branch opens in Mumbai
[1]SBM begins its international branch expansion in India.
- 1973
State Commercial Bank is established
[1]The Government of Mauritius establishes the institution under the name State Commercial Bank.
Products and positioning
A leading Mauritian commercial bank combining a substantial domestic branch franchise with regional banking operations and international financial services.
Consumer banking
Retail banking
SBM's retail-banking business serves individual customers through its Mauritian branch and service network. The supplied material identifies retail banking as a core activity and describes a domestic infrastructure that includes networked branches, service counters and automated teller machines. Specific current account, lending, card and digital products are not detailed in the available references.
Commercial banking
Corporate and business banking
Corporate banking is one of SBM's principal service areas, supporting companies and institutional customers alongside the bank's consumer franchise. The reference material does not provide a verified current catalogue of lending, trade-finance, treasury or cash-management products, but places corporate banking within the bank's comprehensive Mauritian and regional financial-services offering.
Private and wealth banking
Wealth management
SBM is described as offering wealth-management services as part of its broader banking portfolio. These services are directed toward customers requiring investment, asset-management or private-banking support, although the supplied sources do not specify named products, eligibility requirements, jurisdictions or current assets under management.
International banking · 1994
International and offshore banking
SBM has operated internationally through branches and subsidiaries in India, Madagascar and Kenya, and historically participated in offshore-banking ventures. Its cross-border activities formed an important part of the group's regional development, although particular offshore entities and ownership arrangements changed over time.
Brand decisions
2016
Agree to acquire Fidelity Commercial BankM&ABackground
SBM Group pursued expansion into Kenya as part of its regional banking strategy.
Action taken
The group announced an agreement to acquire a majority stake in Fidelity Commercial Bank Limited.
Aftermath
The acquisition was completed in May 2017 and the Kenyan institution was renamed SBM Bank (Kenya) Limited.
2005
Restructure interests with NedcorM&ABackground
SBM and Nedcor changed their ownership positions in both SBM and their offshore-banking venture.
Action taken
Nedcor sold its 20.1% interest in SBM back to SBM while taking 100% ownership of SBM Nedcor International.
Aftermath
The change ended Nedcor's minority shareholding in the Mauritian bank while leaving it in control of the offshore operation.
1999
Create SBM Nedcor InternationalM&ABackground
SBM and Nedcor sought to develop an offshore-banking business through a jointly owned international vehicle.
Action taken
The two banks established SBM Nedcor International as a 50/50 joint venture, which began operations in 2000.
Aftermath
Nedcor later assumed full ownership of the venture in 2005 and subsequently announced its sale to Sasfin Bank.
Recent events
- 2017
Fidelity Commercial Bank becomes SBM Bank (Kenya)[1]
M&A · Leadership change
The Kenyan acquisition was completed in May 2017 and the acquired bank was renamed SBM Bank (Kenya) Limited.
- 2016
SBM Group agrees to acquire a majority stake in Fidelity Commercial Bank[1]
M&A
SBM Group announced an agreement to acquire majority ownership of Kenya-based Fidelity Commercial Bank.
- 2005
Nedcor sells its SBM stake and takes full ownership of SNI[1]
M&A
Nedcor returned its 20.1% interest in SBM while taking 100% ownership of SBM Nedcor International. The offshore bank was subsequently associated with a sale to Sasfin Bank and a proposed renaming.
- 2000
SBM Nedcor International starts operations[1]
Product launch
The offshore-banking joint venture created by SBM and Nedcor began operating.
- 1999
SBM and Nedcor establish an offshore-banking joint venture[1]
M&A
SBM and Nedcor formed SBM Nedcor International, a 50/50 joint venture intended to conduct offshore banking.
- 1998
SBM opens a branch in Hyderabad[1]
Other
SBM continued its Indian expansion with a branch in Hyderabad.
- 1998
SBM begins banking operations in Madagascar[1]
Other
The wholly owned Banque SBM Madagascar commenced operations in Antananarivo.
- 1997
Nedcor acquires a minority stake in SBM[1]
M&A
South African banking group Nedcor acquired 20.1% of SBM's voting equity.
- 1997
SBM expands its Indian branch network[1]
Other
After Mumbai, SBM opened a second Indian branch in Chennai.
- 1995
SBM lists on the Stock Exchange of Mauritius[1]
Other
The SBM Group became publicly listed on the Stock Exchange of Mauritius.
Showing the 10 most recent.
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/state-bank-of-mauritius · Editorial policy · How profiles are compiled