Wednesday, Feb 19 2020 | Time 19:08 Hrs(IST)
image
  • U-17 Football: India women beat Romania 1-0 in 2nd friendly match
  • SC seeks Centre reply on green transport in 4 weeks
  • India not rushing to sign trade deal with US during President Trump's visit
  • Haryana : Mother-son duo nabbed with 105 gm heroin
  • Sidhu directs civil surgeons to ensure compliance of environmental laws in hospitals
  • North East Sustainable Development Goals Conclave 2020 in Assam
  • Post-Brexit UK to have no place for low-skilled workers
  • Three-day Delhi Assembly session from Feb 24: Kejriwal
  • Water makes up 0 25 pc of Jupiter's atmosphere: NASA's Juno mission
  • Tomorrow’s cops shall have to be tech-savvy: MP CM
  • Australian Open champion Kenin loses opening match in Dubai
  • Bid to diffuse Shaheen Bagh blockade begins
  • India recommended as host for 2022 AFC Women’s Asian Cup
  • China revokes press cards of 3 WSJ journalists
  • Delhi court grants bail to six persons in INX Media case
Business Economy


SBM Bank (India) Ltd becomes first foreign bank to set up wholly owned subsidiary in India

SBM Bank (India) Ltd becomes first foreign bank to set up wholly owned subsidiary in India

Mumbai Jan 25(UNI) SBM Group, a diversified financial services provider and the second largest listed banking institution on the Stock Exchange of Mauritius, announced the launch of SBM Bank (India) Limited which will operate as a full-fledged universal bank.

SBM Bank (India) Limited becomes the first foreign bank in India to obtain a banking licence from the Reserve Bank of India to operate as a Wholly Owned Subsidiary (WOS), a release said.

Under this new structure, SBM Bank (India) Limited plans to extend its network by end of March 2020 with four new branches focusing on the mid-market segment comprising mid-corporate and higher end SMEs,

as well as building its retail banking footprint.

The Bank is targeting the creation of a healthy business and balance sheet and believes that quality assets of Rs 5,000 crore can be achieved over the next two years. Established in 1994 in India, the Bank currently operates four branches in Mumbai, Chennai, Hyderabad and Ramachandrapuram.

As part of its distinctive offering, the Bank will provide support to Indian companies investing into Africa across their trade finance needs. SBM’s strong presence in Kenya and Mauritius enables facilitation of trade across the India-Africa trade corridor. In addition to its retail, corporate and trade finance capabilities,

SBM offers a comprehensive range of services from capital markets to trading and stockbroking, asset management and custody services.

Mr KC LI KWONG WING, GOSK, Group Chairman, SBM Holdings Ltd said, 'I am very excited and hopeful of this venture. This change in our Indian strategy to convert our operations into a Wholly Owned

Subsidiary has as its main objective building greater proximity with our Indian clients. This banking licence to operate as a full-fledged universal bank complements our internationalisation strategy. Now with a bigger presence in Kenya through the acquisition of two local banks, SBM is able to accompany and facilitate trade and investment from India into Africa'.

Mr Sidharth Rath, MD & CEO, SBM Bank (India) Ltd said, 'This is a historic event, which lays the foundation to set up a robust and sustainable universal banking franchise in the long run. Our intent is to create a respected and admired financial institution which requires us to build a franchise which is nimble and agile, and at

the same time a trusted service provider.'

UNI JS SB 1349

More News

Innoviti Creates Juno, a Self-healing Machine to Heal Payment System Problems That are Hard for Humans to Detect

19 Feb 2020 | 6:07 PM

Pro-actively tracks 1mn transactions/day to identify issues & take remedial actions
BENGALURU, Feb 19, 2020 /PRNewswire/ - Leading payments technology company, Innoviti Payment Solutions, announced that after a successful internal pilot, it has now started deploying Juno, a Self-Healing Machine created by Innoviti for automatic detection and healing of complex payment systems, in a phased manner across its pan-India base of payment installations.

see more..

Social Finance Indias New CEO Shantanu Ghosh and Chair Ashish Dhawan to Deliver Social Outcomes at Scale

19 Feb 2020 | 6:07 PM

NEW DELHI, Feb 19, 2020 /PRNewswire/ - Social Finance Global Network (SFGN) and The Global Steering Group for Impact Investment (GSG) today announced that Shantanu Ghosh will be the new CEO and Ashish Dhawan the new Chair for the non-profit company. Social Finance India (SF-IND), part of the pioneering Social Finance Global Network and established with the support of The Global Steering Group for Impact Investment, is a catalytic impact investment intermediary designing products for improved social outcomes in India. In 2018, the initiative was incubated along with a marquee board and advisory council to oversee its operations.

see more..

Business Doctors announces foray into Fund Raising through new vertical 'The Funding Doctor'

19 Feb 2020 | 6:02 PM

Hyderabad, Feb 19 (UNI) Business Doctors, a multinational business support company based out of UK, with presence in eight countries, providing mentoring to MSME business owners, on Wednesday announced its foray into advisory on Fund Raising through a new vertical “ The Funding Doctor’.

see more..

Pocket52 announces association with Mobile Premier League

19 Feb 2020 | 5:59 PM

New Delhi, Feb 19 (UNI) Pocket52, India’s first cryptographically secure online poker platform, announced its association with Mobile Premier League (MPL), one of India's biggest mobile eSports platforms, launching online poker as a part of its diverse catalogue of online games.

see more..

Rainbox Studios Acquires the Adaptation Rights of Legendary Poet-songwriter Sahir Ludhianvis Biography

19 Feb 2020 | 4:50 PM

MUMBAI, Feb 19, 2020 /PRNewswire/ - Rainbox Studios, a division of Rainshine Entertainment, announces the acquisition of the book adaptation rights for 'Sahir Ludhianvi: The People's Poet.' Penned by award-winning author, Akshay Manwani, and published by Harper Collins, the biography covers Sahir's enigmatic journey right from his dysfunctional childhood to the point where he became India's most celebrated songwriter. With superhit songs in classic films like Pyaasa, Naya Daur, and Phir Subah Hogi, his work is truly exemplary.

see more..
image