"This is the moment to go to Africa as the continent emerges as the next economic center and enormous potential. We intend to establish ourselves in the countries of East Africa in the years to come, "reveals Muni Krishna Reddy, chairman of the State Bank of Mauritius (SBM).
" We will expand our activities in Africa either alone or in partnership , "he adds. SBM plans to open a fourth branch in India, after the vote Wholly Own Subsiduary (WOS) by the Indian government. SBM Holding company intends to push the expansion to India.
Despite the very difficult economic environment, SBM shows an excellent performance for fiscal year 2012. The board of directors of the bank, who met the press yesterday, welcomed the group's performance over the last twelve months. Net income and earnings per share of SBM increased by 30%. Profits rose from Rs 2.013 billion to Rs 2.617 billion, and earnings per share of Rs 7.80 to Rs 10.14. The return on assets increased by 2.69% and equity of 15.44%.
" The customer experience transformation, innovation and proximity are the four forces driving the success of our bank, " said Muni Krishna Reddy. SBM has been engaged in the reorganization and restructuring exercise. In this context, it separated into different groups with a clear demarcation, banking non-banking activities. SBM also separated more retail banking activities and those of the investment. This should allow SBM to pursue its expansion strategy.
In an attempt to sharpen its competitive position, SBM has also launched a new IT platform to provide a more competitive service to its customers and potential investors. HP Enterprise Services and Accenture have been selected as strategic partners for technological solutions. HP Enterprise will implement the new platform.