State Bank of Mauritius to open six branches in India

State Bank of Mauritius, announced its expansion plan for India with six new branches by next year, after becoming the first foreign bank to get a wholly-owned subsidiary (WOS) licence.

The lender, which received its WOS licence from the Reserve Bank of India, is expected to operate as a banking subsidiary of SBM Group in India under the name of SBM Bank (India) Ltd.

“This new structure will provide more leeway for SBM in its branch-expansion strategy,” the bank said in a release.

For its India operations, the lender plans to set up six new branches in Delhi, Bengaluru, Kolkata, Pune, Ahmedabad and Jaipur, and also tap the IndiaAfrica trade corridor.

Established in 1994 in India, SBM currently has four branches in the country .