SBI to pay $8 million for Mauritian bank

By Our Banking Bureau | 07 Feb 2005

Mumbai: The State Bank of India (SBI) will pay $8 million for acquiring 51 per cent shareholding in the Maruritian bank, Indian Ocean International Bank Ltd (IOIB), which will be intergrated in to SBI's international business as a subsidiary with representation on the board.

The acquisition is expected to strengthen the SBI's retail operations in Mauritius since IOIBL has 7 per cent to 10 per cent market share.

According to AK Purwar, chairman, SBI, the bank would continue to scout around for more acquisitions in Africa and Asia. Purwar was speaking informally to reporters during the
telecom seminar organised by Indian Merchants Chamber in Mumbai.