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Mauritius’ bank to expand business operations

05 Mar 2019

Johannesburg, South Africa (ADV) – The State Bank of Mauritius has announced its plans to expand its business operations, Financial Express reported.

According to the bank’s Managing Director and Chief Executive, Sidharth Rath, the bank, which earlier revealed a desire to grow its Indian lending book to Rs 5000 crore, will not offer aggressive interest rates as it goes about growing the deposit franchise.

“The bank has four branches at present, which will be doubled to eight by the end of FY20 (12 months ending on 31 March 2020) and to 16 by the end of FY21 (31 March 2021),” said Rath, adding that the upper end of the Small and Medium Enterprises (SMEs) segment and the mid corporates will be chased by the bank.

“Along with loan book expansion opportunities, it will also look at other products like custodian services, clearing and settlement, and cross-border advisory services both in the equity and debt, which accrue fees,” he noted.

Commenting on the Rs 5000-crore target, the bank’s Group Chief Executive, Andrew Bainbridge, said the bank does not believe in chasing any number and would rather want to avoid the mistakes that can happen while chasing a number.

“The bank considers India to be a complex market and will be focusing on specific client groups to grow,” said Bainbridge.

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