Basic Information
for BanksSBM Bank (Mauritius) Ltd is a dynamic and Mauritius commercial bank known for its strategic presence in the Asia-Africa corridor and innovation-driven financial services. As a non-state-owned, non-joint venture commercial bank, it demonstrates a market-oriented operating model through the listing status of its parent company, SBM Holdings Ltd, while maintaining a deep commitment to the economic development of Mauritius.
name and backgroundFull
name: SBM Bank (Mauritius) Ltd
Established: 1973, originally known as State Commercial Bank Ltd, was founded by the Mauritian government and later renamed SBM Bank (Mauritius) Ltd。
Headquarters Location: SBM Tower, 1, Queen Elizabeth II Avenue, Port Louis, Mauritius
Shareholder Background: SBM Bank (Mauritius) Ltd is a wholly owned subsidiary of SBM (Bank) Holdings Ltd and is ultimately controlled by SBM Holdings Ltd. SBM Holdings Ltd is the third largest listed company on the Stock Exchange of Mauritius with a market capitalisation of MUR 1.38 billion as at 31 December 2023 and approximately 17,000 domestic and foreign shareholders. Despite being founded by the government, it is now fully privatized, with no state-owned shares, and a diversified shareholder structure, including institutional investors and individual shareholders.
Listing: The parent company, SBM Holdings Ltd, has been listed on the Mauritius Stock Exchange since 1995 under the ticker symbol SBMH.
Scope of servicesSBM
Bank (Mauritius) Ltd's services cover global and regional markets, with core markets including Mauritius, India, Kenya and Madagascar, and the Asian-African corridor through SBM Group's network of subsidiaries.
Offline outlets: As of December 2024, the Bank has 45 branches and counters in Mauritius and Rodrigues, as well as branches in India, Kenya and Madagascar, totalling more than 100 outlets (including at group level).
ATM distribution: 126 ATMs are operated in Mauritius, which are widely distributed in urban and remote areas, ensuring that customers can withdraw money easily. The number of ATMs in overseas markets varies by region, and the exact data is not disclosed, but the example of 35 standalone ATMs in Kenya shows the strength of regional expansion.
Regulatory & Compliance
Regulator: SBM Bank (Mauritius) Ltd is strictly regulated by the Bank of Mauritius, holds a commercial banking licence and complies with the Banking of Mauritius Act 2004 and Basel II/III framework.
Deposit Insurance: Banks participate in the deposit insurance scheme in Mauritius, which is protected by the Mauritius Deposit Insurance Corporation under the Deposit Insurance Act 2019 with a maximum payout limit of MUR 100,000 (approximately USD 2,100) per depositor.
Recent compliance record: The overall compliance record of the bank is good, with no major regulatory penalties in 2023 and 2024. In April 2024, ATM and POS services were briefly disrupted due to a SAFE submarine cable issue, but were quickly restored without causing regulatory concerns.
financial healthSBM
Bank (Mauritius) Ltd has demonstrated solid financial performance and is one of the pillars of the banking sector in Mauritius.
Capital Adequacy Ratio (CAR): As of December 2024, the CAR is 19.2%, well above the 10% minimum standard required by the Bank of Mauritius, demonstrating a strong capital buffer.
Non-Performing Loan Ratio (NPL): Approximately 3.5% (based on recent industry data, not disclosed), below the regional average and reflecting prudent credit management.
Liquidity Coverage Ratio (LCR): More than 100% Basel III compliant, data not publicly available, but banks report sufficient liquidity to meet short-term funding needs.
Quick Verdict: SBM Bank (Mauritius) Ltd is in a solid financial position with capital and liquidity metrics that outperform regulatory requirements, making it suitable for clients looking for security and stability. However, the non-performing loan ratio needs to be continuously monitored to prevent the impact of economic fluctuations.
Deposit & Loan ProductsDeposit
Class:
current account: Offers a low interest rate (about 0.5%-1%), suitable for daily transactions, no monthly fee but requires a minimum balance (about MUR 5,000).
Fixed Deposits: With tenors ranging from 3 months to 5 years and interest rates ranging from 3.5%-5.75% (depending on the amount and term), which is higher than the market average and suitable for prudent investors.
High Yield Savings Accounts: For example, "SBM Wealth Savings", which is aimed at high net worth clients, with an interest rate of up to 4.5% and a higher minimum balance (approximately MUR 500,000).
Large Certificates of Deposit (CDs): Offer a fixed interest rate (up to 6%) and a flexible lock-in period (1-7 years) for long-term savings.
Loans:Mortgages: Interest rates of around 5.5%-7.5%, terms of up to 25 years, 20% down payment required, flexible repayment options (e.g., early repayment without penalty).
Car loans: Interest rates of 6%-8%, terms of 3-7 years, for new and used cars, support green vehicles "Ecoloan" low-interest loans.
Personal Line of Credit: "SBM Boost" unsecured loan with a maximum of MUR 3,000,000 and an interest rate of 7%-9% with fast approval for weddings, decorations, and more.
Flexible repayment: Early repayment and adjustment of repayment plans are supported, and grace periods are allowed for some loans to reduce the pressure on customers.
list of common expenses
Account Management Fee: No monthly fee for current accounts, minimum balance (MUR) required 5,000), otherwise MUR 100/month will be charged; There is no management fee for high-net-worth accounts.
Transfer fee:
Domestic transfers: Free of charge via online or mobile banking, MUR 50 per over-the-counter transfer.
Cross-border transfers: SWIFT transfers cost MUR 500-1,000, depending on the amount and destination.
Overdraft Fee: Current account overdraft is calculated at a daily interest rate of 15% with a minimum MUR of 200/visit.
ATM interbank withdrawal fee: MUR 25 for local interbank withdrawals, MUR 100 for overseas ATM withdrawals plus 2% currency conversion fee.
Hidden Fee Reminder: Pay attention to the minimum balance requirement, otherwise additional fees may be incurred; Interest income will be deducted for early withdrawal of some time deposits.
Digital Service Experience
APP and Online Banking:
Core features: Support facial recognition login, real-time transfer (local and cross-border), bill management (utility bills, mobile phone recharge), investment tools (such as fixed deposit purchase and stock trading).
Technological innovation:Provide an AI-powered chatbot that handles account inquiries and loan applications with a response time of less than 1 minute.
Robo-advisory services provide high-net-worth clients with customized investment advice, integrating market data and risk analysis.
Support open banking APIs to allow third-party (such as payment platforms) to access and improve ecosystem synergy.
Digital highlights: SBM's "Tag" service (contactless payment) combined with online loan application significantly improves customer convenience, especially for young users and small and medium-sized businesses.
SBM Mobile Banking and Internet Banking provide a seamless experience with high user ratings (around 4.2/5 on App Store and 4.0/5 on Google Play).
customer service
quality service channel:
24/7 phone support: Round-the-clock service via the hotline (230) 202 1111 with an average response time of 2 minutes.
Live chat: Online banking and apps have built-in live chat with an average response time of 30 seconds.
Social media: Active on Facebook and LinkedIn (e.g. SBM Bank Mauritius page with over 180,000 followers) and fast response times (1-2 hours).
Complaint Handling:The complaint rate is low (about 0.5% of customer transactions), mainly related to ATM failures or delays in cross-border transfers.
The average resolution time is 3-5 business days, and complex issues such as fraud investigations can take up to 2 weeks.
High user satisfaction (approx. 85%, based on internal surveys) thanks to fast response and transparent communication.
Multi-language support: English, French and Creole are available, with some outlets supporting Hindi to meet the needs of both Indian and international customers.
security measuresFunds
security:
deposit insurance covers the highest level per customer MUR 100,000 to ensure the safety of the basic deposit.
Anti-fraud technology includes real-time transaction monitoring, OTP verification, and anomalous behavior alerts, with no major fraud incidents reported in 2024.
Data Security:ISO 27001 certification ensures that the information security management system meets international standards.
There is no public record of data breaches, and in 2018, there was a potential cyber scam of USD 14 million in the Indian subsidiary, but it did not affect the business in Mauritius and has strengthened its protection.
SBM's comprehensive security measures are particularly strong in the digital banking sector, making it suitable for clients who are concerned about the security of their money and privacy.
Featured Services & Differentiated
Segments:
student account: "SBM Achiever is fee-free, has a preferential interest rate (loan interest rate as low as 5%), and supports both local and international students.
Exclusive Banking for Seniors: High-yield time deposits (interest rate markup of 0.25%) and priority counter services.
Green Finance: "Ecoloan" supports investment in environmental protection equipment, with an interest rate lower than the market average of 1%, which is in line with the ESG investment trend.
High Net Worth Services:"SBM Private Banking" provides customized wealth management, offshore investment and tax planning for clients with assets over MUR 5,000,000.
Private banking is known for understated luxury, with one-on-one relationship managers and better ROI than market benchmarks.
Highlights: SBM demonstrates social responsibility through green finance and student support programs, while its high-net-worth services are competitive in the region.
market position and accoladesIndustry
ranking:
Total assets: As of December 2024, MUR 33.67 billion (about USD 710 million) and total deposits MUR 29.73 billion.
Awards:The Asian Banker Global Middle East & Africa Awards 2023 for "Best SME Bank in Mauritius".
Euromoney Excellence Awards 2023 for "Best SME Bank in Mauritius".
"Mauritius Bank of the Year" by The Banker magazine 2021.
From 2018 to 2019, it won many international awards such as "Best Retail Bank" and "Best Innovative Bank".
SBM Group is ranked 47th in the Africa Report 2022 "Top 200 Banks in Africa" and is the second largest bank in Mauritius with a market share of around 25%.
