In line with the latest regulatory developments, the board of directors of State Bank of Mauritius (SBM) has considered and approved the reorganization of the SBM Group following its meeting held on May 15, 2014.
The restructuring of the Group will entail the creation of a new entity, SBM Group Holdings Ltd, which, after regulatory approval, will become the ultimate listed holding company of the group with three distinct segments.
All the assets and businesses of State Bank of Mauritius Ltd will be transferred under three segments namely (i) SPV-SBM (Bank) Holdings Ltd for banking activities; (ii) SPV-SBM (NBFC) Holdings Ltd for non banking financial activities; and (iii) SPV-SBM (NFC) Holdings Ltd for non financial investments.
SBM Bank (Mauritius) Ltd, SBM Bank (India) Ltd and Banque SBM Madagascar SA will be set under the first segment for banking activities, which is SPV-SBM (Bank) Holdings Ltd.
Under the second segment, SPV-SBM (NBFC) Holdings Ltd, for non-banking financial activities, we find SBM Mauritius Asset Managers Ltd, SBM Securities Ltd, SBM Fund Services Ltd, SBM Asset Management Ltd, SBM Capital Management Ltd, SBM E-Commerce Ltd and SBM Custody Services Ltd.
Finally, the SPV-SBM (NFC) Holdings Ltd for non financial investments will consist of other individual investments.
Overall, as part of the re-organisation, the present shareholders of SBM will become shareholders of SBM Group Holdings Ltd, with the same pool of assets, and their underlying interests in the Group will remain unchanged.
Image (Dario Li Collection): All the assets and businesses of State Bank of Mauritius Ltd will be transferred under three segments for banking activities, non-banking financial activities and non financial investments respectively.
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