The Hindu Business Line : State Bank to pay $8 million for stake in Mauritius bank

STATE Bank of India will pay $8 million (around Rs 35 crore) for the acquisition of a 51 per cent stake in the Mauritius-based Indian Ocean International Bank Ltd (IOIB).

Post acquisition, IOIB will become a subsidiary of SBI.

SBI also plans to integrate the operations of the acquired entity with its existing operations in Mauritius in order to strengthen SBI's presence in the retail sector in the country, said Mr A.K. Purwar, speaking to newspersons on the sidelines of the third international conference on communications convergence, here today.

SBI is also looking to pick up stakes in banks located in Africa and Asia, he said.

IOIB's retail banking division presently has a market share of 7-10 per cent in Mauritius.

The bank also plans to introduce a bouquet of products to retain funds from Indian Millennium Deposits, which would mature in December, he said.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
To meeet priority sector lending targets — Foreign, new pvt banks move to buy out farm loans from PSBs

BoI helps farmers spot income avenues

Rupee slips; gilts up

RBI directs NBFCs to ensure full cover on public deposits

Centurion Bank gets shareholders' nod to raise Rs 600 crore

`Time for global banks to take cue from Indian peers'

Syndicate Bank chief urges officials to take bank to greater heights

PNB distributes Rs 3 cr loans at Palakkad

Wipro completes Corpn Bank order

Assocham seeks reduction in PLR

BoB shifts Rs 8,450-cr G-Secs to HTM basket

Cut-off price for bonds

PSB revises NRE, FCNR (B) deposit rates

State Bank to pay $8 million for stake in Mauritius bank