[sbinews] SBI to pay $8mn for 51% stake in Mauritius bank (Economic Times)
- From: "Rajendra S. Pai" <rs.pai@xxxxxxxxx>
- To: <sbinews@xxxxxxxxxxxxx>
- Date: Tue, 8 Feb 2005 10:02:38 +0530
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SBI to pay $8mn for 51% stake in Mauritius bank
(Economic Times)
PTI[ MONDAY, FEBRUARY 07, 2005 10:50:40 PM]
MUMBAI: State Bank of India will pay about $8m for acquisition of 51% stake
in the Indian Ocean International Bank (IOIB), a Mauritian Bank, and
integrate it with SBI's international business to focus on retail segment.
The country's largest commercial bank group would continue to look at
opportunities for acquisition in Africa and Asia, SBI chairman AK Purwar
told reporters at a telecom seminar organised by Indian Merchants' chamber
today.
About $8m would be paid for acquiring a majority stake in IOIB, which will
become a subsidiary of SBI with a representation on the board, Purwar said
here adding, the agreement for acquiring the stake was signed last week.
"SBI already has operations in Mauritius and acquisition will strengthen our
presence in the island country, especially in the retail sector," he said.
IOIB, retail banking outfit, was founded in 1978 and has about 150 employees
on its rolls. It presently has a market share of 7-10 per cent.
On the business performance in '04-'05, SBI chief said the credit growth was
robust and expects a 20% growth on year on year basis by the end of March
growth as against over 29% till now.
The deposit growth was sluggish and the incremental credit to deposit ratio
has reached about 100%, he added. The bank plans to float various products
to retain funds from Indian millennium deposits which would mature in
December, Purwar added.
Speaking on the use of technology in banking, Purwar said the use of ATM was
highest in semi-urban areas and with the connectivity across 14,000
branches, SBI would be able to offer a variety of financial products at
competitive rates.
The use of ATMs was growing rapidly. The amount of cash dispensed from SBI's
ATMs grew from Rs 855 crore in January '04 to Rs 2,822 crore at the end of
January '05, he said.
SBI has an asset base of $126bn, 10 crore customers and 54 offices abroad,
he added.
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