Mauritius banking group SBM looking to expand in Kenya and Seychelles
SBM Holdings plans to grow its international business by 30 per cent annually.SBM Holdings, the second largest bank in Mauritius, is looking to expand into the East African market, with plans to grow its international business by 30 per cent annually over the next five years.
It has announced it is at an advanced stage for the acquisition of a Kenyan bank. It also plans to set up a unit in the Seychelles.
"We are in talks to acquire a viable Kenyan commercial bank. This will help us extend our footprint in East Africa," SBM Holdings chairman Kee Chong Li Kwong Wing told Reuters.
"We are also awaiting a commercial banking licence in the Seychelles. Through these two new units, we should be able to grow our share of international business," he added.
SMB would become the 10th bank in Seychelles, after two financial institutions started operations in 2014 - one housing finance company and one credit union.
The group, which had assets of about $3.68 billion as of September last year, has a footprint in India, Madagascar and Mauritius.