The State Bank of Mauritius aims to increase its deposit base in the country and expand its branch network from four times to 16 in two years, senior officials said. The bank, which had already expressed a desire to raise its Indian loan portfolio to Rs. 5,000 crore, will not offer aggressive interest rates, said Sidharth Rath, chief executive officer and chief executive officer, at PTI. He said the bank currently has four branches, which will be doubled to eight by the end of fiscal year 20 and to 16 by the end of fiscal year 21.
Details about the location of the branches or the hiring were not shared. When asked if she would offer higher interest rates on savings deposits, he said the rates would be competitive, but the bank would not bother to trap, saying it would not not at a high level. It should be noted that DBS, one of the other major foreign lenders to obtain approval to operate as a wholly-owned subsidiary, focused on interest at higher rates to attract customers.
The group's general manager, Andrew Bainbridge, said the bank did not want to run after a number, but instead wanted to avoid mistakes that could occur when pursuing a number. Its loan portfolio now stands at 800 crore rupees and the group has invested Rs 500 crores in accordance with the requirements in force at the time of the transformation of a WOS last December, which gives great power. growth. Bainbridge said the bank considers that India is a complex market and will focus on specific customer groups to grow.
Rath said that the upper segment of the SME segment and the medium-sized companies would be sued by the bank. In addition to the loan portfolio expansion opportunities, it will also look at other products such as depository services, clearing and settlement, as well as cross-border advisory services, both in capital rather than debt, which generates fees, Rath said.