The Hindu Business Line : SBI buys 51% stake in Mauritius bank

In a notice to the stock exchange, SBI said that it has finalised the deal with the principal shareholders of IOIB for acquisition and obtaining management control.

SBI officials were unreachable for comments. Mr A. K. Purwar, Chairman, SBI, had recently announced the bank's intention to acquire banks in the African or Asian region.

Currently, SBI has a presence in 28 countries through 54 offices, which it plans to expand to 70 offices in 36 countries by the end of the current fiscal.

The bank is in the process of raising funds through a $1-billion Medium Term Notes programme, which will be used to further its global expansion plans.

Last year, SBI awarded a $35-million contract to Infosys Technologies to power its international banking operations with Finacle, the company's universal banking solution.

The bank deployed Finacle core-banking, e-banking and treasury solutions across current operations in 20 countries and use it for all future additions to its global operations. The idea was to bring the bank's international operations under a single platform.

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SBI buys 51% stake in Mauritius bank