SBM Group: Best Financial Group Indian Ocean Rim 2019
The SBM Group has a firm foothold in Mauritius with a growing regional presence through its operations in Madagascar, India, and Kenya, plus a banking licence to operate in the Seychelles. Founded in 1973, SBM has been expanding its product line-up and geographic network to facilitate cross-border trade and investment along the Asia-Africa corridor. The intricacy of international finance means there are seldom one-size-fits-all solutions, and the bank has developed strategic plans for each region. SBM currently operates four branches in India, which it recently consolidated into a Wholly Owned Subsidiary (WOS) structure — the first foreign WOS bank to be granted a full banking licence. Four more branches are slated for completion this year, and as many as 15 are anticipated by the end of 2020. India can be a tricky market to navigate, but SBM has the experience and expertise to tailor risk profiles by region. SBM has shifted its focus for the massive Indian market, with special emphasis on encouraging the cross-border business activity of SMEs throughout the Indian Ocean Rim. In the booming Kenyan market, SBM Group is a strong player with over 50 branches, focusing on commercial banking. The global economy may have entered another cycle of slow growth, but SBM operates in regions where GDP growth is forecast to nearly double the average. Trade between Africa and India is booming, and the group is perfectly poised to offer in-house financing solutions for the entire region. The CFI.co judging panel has recognised SBM in several previous awards programmes, and is happy to see the group never rests on its laurels. The judges declare the SBM Group the winner of the 2019 award for Best Financial Group (Indian Ocean Rim).
