SBM Bank (Mauritius) Ltd (SBM Bank), one of the leading banking institutions in Mauritius, and the Eastern and Southern African Trade and Development Bank Group (TDB Group), have signed a memorandum of understanding focusing on opportunities for joint cooperation in areas such as business development, co-financing, and capacity building.
The signing ceremony took place on Monday, April 15, 2024, with the TDB Group represented by Mr. Admassu Tadesse, President, and CEO of the Group, and SBM Bank represented by Mr. Premchand Mungar, its CEO. The signing ceremony occurred alongside a two-day sensitisation workshop of the Common Market for Eastern and Southern Africa (COMESA) in Ebene, Mauritius, under the theme “Economic Integration for a Prosperous COMESA Anchored on Green Investment, Value Addition, and Tourism.”
The memorandum of understanding provides a framework for TDB Group and SBM Bank to collaborate on joint business opportunities and co-financing agreements with TDB Asset Management (TAM), as well as the joint implementation of capacity-building programs and initiatives with the TDB Academy.
Mauritius hosts one of the main offices of the TDB Group, and some subsidiaries of the Group such as the ESATAL Fund Management Company and the ESATF Trade Fund, which are part of the Group’s asset management activities through TAM, as well as the TDB Captive Insurance Company (TCI). In addition to several key functions at the Group level implemented from the Mauritius Office, Indian Ocean member states are also covered from this office.
Mr. Admassu Tadesse, President, and CEO of the TDB Group, said: “We are delighted to establish this partnership agreement with SBM Bank to facilitate new joint opportunities in asset management and capacity building. We value the strong partnerships developed with Mauritian institutions over the years, and we look forward to working with SBM Bank to contribute to the sustainable development of the country and the region, leveraging Mauritius’ position as a gateway to our continent’s financial services.”
Mr. Premchand Mungar, CEO of SBM Bank (Mauritius) Ltd, expressed enthusiasm for this collaboration: “We are excited to join forces with the TDB Group to create synergies that will be timely for our clients and contribute to the economic prosperity of the African region and promote Mauritius as an international financial centre.”
ABOUT THE TDB GROUP
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a regional African development financial group with an ‘investment-grade’ credit rating, mandated to finance and stimulate trade, regional economic integration, and sustainable development. With assets worth USD 10.2 billion, the TDB Group has 25 African member states, alongside non-regional member countries and institutional investors from Africa, Europe, and Asia, forming TDB’s shareholder community.
The TDB Group has several subsidiaries and Strategic Business Units, including Trade and Development Banking, TDB Asset Management (TAM), Trade and Development Fund (TDF), TDB Captive Insurance Company (TCI), ESATAL Fund Management Company, and TDB Academy.
ABOUT SBM BANK (MAURITIUS) LTD
SBM Bank (Mauritius) Ltd is a leading banking institution in Mauritius, with assets totaling Rs 281.1 billion and deposits amounting to Rs 240.9 billion as of December 31, 2023. It is the cornerstone of the SBM Group, the third-largest listed company on the Stock Exchange of Mauritius.
Since its establishment in 1973, SBM Bank (Mauritius) Ltd has paved its way to become one of Mauritius’ major banks, making a significant contribution to the country’s socio-economic development over time through its participation in significant projects and the active deployment of sustainable development initiatives in various fields.
As a key player in the banking sector in Mauritius, SBM has a significant physical presence and an extensive network, with 45 branches and counters, and over 125 ATMs across Mauritius and Rodrigues. It employs over 1,700 people serving around 550,000 clients covering various market segments.
