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The State Bank of Mauritius (SBM), that had publicly expressed interest in launching a subsidiary in India, has hired two senior bankers and is going to infuse more capital into India as it has been preparing the ground of launching the full-fledged operations in the country.
The former ICICI executive Siby Sebastian, earlier this month, joined the bank for the purpose of heading its Indian operations whereas the former IndusInd Bank’s executive J Moses Harding has joined the bank as an advisor to the chairman and board of directors of SBM Holdings, the holding company of the bank four months ago.
Siby Sebastian has said that “We are both on board to help with opening of the wholly-owned subsidiary. It is still under process with RBI. We think that this is the right time to open a subsidiary in India because there is an opportunity for growth in the country, especially in the retail portfolio.”
