New Delhi, Sep 7 (PTI) SBM Bank (India), a wholly owned subsidiary of SBM Bank (Mauritius) Ltd, is exploring a 26 per cent stake sale, and the proceeds would be utilised for the expansion of its Indian operations, the bank’s ED and CFO, Amit Jagdhari, said.
“The bank has appointed a consultant for the process, and we are at the Expression of Interest stage. As you know, there are very regulatory processes involved, so it is very difficult to give a timeline,” he said.
He clarified that the money realised from the stake sale would be deployed as growth capital for SBM Bank (India).
He further said the parent entity has infused Rs 75 crore in June, while another Rs 75 crore is coming later this month to grow the business.
The bank, with a limited
branch presence in the country, aims for credit growth of 32-35 per cent in FY27.
Earlier in the day, the bank opened its 23rd branch in Gurugram near Delhi.
Alongside its physical expansion, SBM Bank India is also strengthening its digital wealth proposition, he said.
The bank recently expanded its digital wealth proposition by launching an online mutual fund investment platform powered by Sprint Money. Available through the bank’s Mobile Banking and Internet Banking applications, the platform enables customers to invest seamlessly across a wide range of mutual fund schemes.
Customers also benefit from access to Morningstar ratings, portfolio analytics and comprehensive fund information, helping them evaluate investment opportunities and make informed decisions aligned with their financial goals and risk preferences. PTI DP DP MR
