The sports category has moved to a new website.
ADVERTISEMENT

SBM eyes Kenya, Seychelles in growth push

SBM, the operator of the Indian Ocean nation's second largest bank by market share, said it was in talks with a "viable" commercial bank in Kenya to acquire it, and was awaiting a commercial banking license in the Seychelles.

SBM HQ

Mauritian bank group SBM Holdings plans to grow its international business by 30 percent annually over the next five years by buying a bank in Kenya and starting a new one in Seychelles, its chairman said.

"The share of international business is very negligible but we see big potential," Kee Chong Li Kwong Wing, SBM Holdings' chairman told Reuters on the phone.

"The aim is to grow our international business by at least 30 percent over the next 5 years."

Wing said the bank expects the Seychelles central bank to decide next month on its application for a commercial bank license, and declined to identify the Kenyan lender SBM is in discussions with.

ADVERTISEMENT

"We are in talks to acquire a viable Kenyan commercial bank. This will help us extend our footprint in East Africa," he said.

With assets of 130.37 billion rupees ($3.68 billion) as of last September, SBM has outlets in Mauritius, Madagascar and India. It also opened a representative office in Myanmar.

"In the long run, SBM has placed an option on Myanmar following the removal of international sanctions," Wing said, adding SBM will open more outlets in India and appoint a chief executive for the business in India.

This follows approval from the Reserve Bank Of India to turn the business into a wholly-owned subsidiary.

The lender, which offers services from retail banking to wealth management, wants to take advantage of the island nation's evolution into a full-fledged offshore financial center, Wing said.

ADVERTISEMENT

"Our aim is to double the size of our assets and profits in the next few years," he said.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Gov. Aliyu constitutes 19-member committee to review govt assets auction

Gov. Aliyu constitutes 19-member committee to review govt assets auction

Aregbesola returns to restructure Osun APC, seeks forgiveness

Aregbesola returns to restructure Osun APC, seeks forgiveness

75 senators-elect want Akpabio to emerge as Senate President  — Ndume

75 senators-elect want Akpabio to emerge as Senate President  — Ndume

Tinubu gets governors' backing on subsidy removal, other policies

Tinubu gets governors' backing on subsidy removal, other policies

Yahaya Bello inaugurates committee for establishment of another university in Kogi

Yahaya Bello inaugurates committee for establishment of another university in Kogi

OAU debunks rumour of lecturer stealing phone in exam hall

OAU debunks rumour of lecturer stealing phone in exam hall

Work on palliatives for subsidy removal, Tinubu tells Shettima-led NEC

Work on palliatives for subsidy removal, Tinubu tells Shettima-led NEC

Oil marketers declare support for subsidy removal after meeting with Tinubu

Oil marketers declare support for subsidy removal after meeting with Tinubu

Aregbesola apologises to Oyetola, thanks Tinubu for his political achievements

Aregbesola apologises to Oyetola, thanks Tinubu for his political achievements

Pulse Sports

Ese Brume soars to her best mark this season at ORLEN's Cup

Romelu Lukaku gives advice on how to stop racism in football

Victor Osimhen’s unprecedented Capocannoniere

Chukwueze beats two Morocco stars and Ghanaian striker to LaLiga award

ADVERTISEMENT
ADVERTISEMENT