SBM BANK (MAURITIUS) LTD AND TDB GROUP SIGN AN MOU TO COLLABORATE ON BUSINESS DEVELOPMENT, CO-FINANCING AND CAPACITY BUILDING
Media Contacts:
Anne-Marie Iskandar
Senior Communications Officer
Corporate Affairs and Investor Relations
Trade and Development Bank
Anne-Marie.Iskandar@tdbgroup.org
SBM Bank (Mauritius) Ltd
Roy Neeraye
Communications Lead
Office of the Chief Executive
roy.neeraye@sbmgroup.mu
Port-Louis, 16 April 2024 – 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 (MoU) to collaborate on opportunities for joint cooperation in various fields, including business development, co-financing and joint capacity building.
The signing ceremony was held on Monday the 15th of April 2024 with TDB Group represented by Mr. Admassu Tadesse, Group President and Managing Director, and SBM Bank represented by Mr. Premchand Mungar, Chief Executive. The signing ceremony took place on the margins of a two-day Common Market for Eastern and Southern Africa (COMESA) awareness workshop held in Ebène, Mauritius, on the theme “Economic Integration for a Thriving COMESA Anchored on Green Investment, Value Addition and Tourism.”
The MoU provides a framework for TDB Group and SBM Bank to collaborate on joint business opportunities and co-financing agreements with TDB Asset Management (TAM), and the implementation of joint capacity building programmes and initiatives with TDB Academy.
Mauritius is home to one of TDB Group’s principal offices, and to some of the Group’s subsidiaries such as the ESATAL fund management company and the ESATF trade fund, which are part of the Group’s asset management activities through TAM, and TDB Captive Insurance Company (TCI). In addition to some key Group-level functions which are carried out from the Mauritius Principal Office, Indian-Ocean Member States are covered by this office.
Mr. Admassu Tadesse, TDB Group President and Managing Director, said: “We are pleased to partner with SBM Bank to facilitate new joint opportunities in the asset management and capacity-building spaces. We value the strong partnerships developed with Mauritian institutions over the years and look forward to work with SBM Bank to contribute to the sustainable development of the country and the region, leveraging Mauritius’ position as gateway to our continent for financial services.”
Mr. Premchand Mungar, the Chief Executive of SBM Bank (Mauritius) Ltd, expressed his enthusiasm about the collaboration: “We are delighted to join hands with TDB Group to create synergies that will benefit our clients, contribute to the economic prosperity of the African region and promote the Mauritius International Financial Centre.”
About TDB
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is an investment-grade African regional development finance group, with the mandate to finance and foster trade, regional economic integration and sustainable development. With an asset base of USD 10.2 bn, TDB Group has 25 African member states, which alongside non-regional member countries and institutional investors from Africa, Europe and Asia, form TDB’s community of shareholders.
TDB Group counts several subsidiaries and strategic business units including Trade and Development Banking, TDB Group Asset Management (TAM), Trade and Development Fund (TDF), TDB Captive Insurance Company (TCI), the ESATAL fund management company and TDB Academy.
www.tdbgroup.org
About SBM Bank (Mauritius) Ltd
SBM Bank (Mauritius) Ltd is a leading banking institution in Mauritius with total assets of MUR 281.1 billion and total deposits amounting to MUR 240.9 billion as at 31 December 2023. It is the mainstay of the SBM Group, the third largest listed entity on the Stock Exchange of Mauritius.
Since its creation in 1973, the Bank has paved its way to become one of the leading banks in Mauritius, with a major partaking in the country’s socio-economic development over the years through its participation in important projects and the active deployment of corporate sustainability initiatives in various fields.
As a key growth enabler, the Bank has a wide physical presence and an extensive distribution network, with 45 branches and counters and over 125 ATMs in Mauritius and Rodrigues. The Bank has a workforce of over 1,700 employees, who serve around 550,000 customers across a wide range of market segments.
www.sbmgroup.mu
