The National Bank of Mauritius (SBM) is a bank in Mauritius licensed as a commercial bank by the Bank of Mauritius (the national banking regulator).

SBM is the second largest bank in Mauritius with a market share of approximately 25% of domestic banking assets. As of June 2011, its total assets were valued at approximately US $3.34 billion (MUR: 95.70 billion) and shareholders' equity was approximately US $557.10 million (MUR: 16 billion).

SBM and its subsidiary businesses in Kenya, Mauritius, Madagascar and India are known as the SBM Group. The Group's shares are listed on the Mauritius Stock Exchange and are owned by nearly 17,000 domestic and foreign shareholders. SBM has around 1,900 employees and serves around 527,000 customers through its network of 48 service units and counters in Mauritius, India, Madagascar and Kenya.

History

The Mauritian government established the National Bank of Mauritius in 1973 under the name National Commercial Bank. In 1994, SBM opened its first overseas branch in Mumbai, India. In 1995, the bank was listed on the Mauritius Stock Exchange. Then in 1997, the South African bank Nedcor acquired 20.1% of SBM's voting rights. In the same year, SBM opened a second branch in Chennai, India, and a branch in Hyderabad, India, the following year.

Banco de Madagascar, a wholly owned subsidiary of Banco de Madagascar, began banking in Madagascar in January 1998. The company operates in the capital city of Madagascar, Antananarivo. The following year, SBM and Nedcor established SBM Nedcor International (SNI) as a 50/50 joint venture to engage in offshore banking. SNI started operations in 2000. To avoid any conflict of interest with SBI International (SBI International), Mauritius (formerly known as National Bank International Bank), another offshore joint venture between SBM and State Bank of India, invested its 49% stake in SBI International. In 2005, Nedcor sold back its 20.1% stake to SBM, while acquiring 100% ownership of SNI. Nedcor then announced the sale of SNI to Sasfin Bank, which will be renamed Sasfin Bank International (SBI) Bank.

In November 2016, SBM Group announced that it had entered into an agreement to acquire a majority stake in Fidelity Commercial Bank Limited, Kenya. The process ended in May 2017 and the bank name was changed to SBM Bank (Kenya) Limited.

Branch

The bank has 43 networked branches and 35 stand-alone ATMs in Mauritius.