Mauritius | Finances

August 02, 2013

DBM Restructuring : Procedures Entering a Final Phase

A Steering Committee set up to restructure the DBM worked hard to transform the bank will offer a wider range of services. Similarly, consultants Deloitte are working on the shift of the bank and have established a time.

The restructuring of the Development Bank (DBM) is entering a critical phase. Measures are taken at various levels to give a new boost to this institution. The aim is to give a new purpose to the bank that would deal exclusively grant more loans.

A Steering Committee has been set up for this purpose. It includes representatives from the DBM, the Ministry of Finance or the State Investment Corporation, one of the shareholders of the institution. This committee, we learn, actively working on various aspects that take this restructuring.

Last year, the consulting firm Deloitte had the responsibility to look into the various options available to the bank so that it improves its financial health. The firm had submitted a few months ago, a report. The consultants have since established a permanent headquarters of the DBM in order to build a better 'monitoring' procedures through this restructuring.

"We proceed in stages. We have already obtained the approval of the Cabinet. Stock of the day, the finalization of the restructuring will be soon, "said a source authorized to DBM. However, according to this source, it is difficult to give a timeline ('time frame') specific for the completion of these procedures.

With this restructuring, the bank should become a Micro Small and Medium Enterprises Bank should provide more services to SMEs, and would not only be responsible for granting loans. This new entity should take a more commercial aspect with, for example, the ability to provide services (savings plans - 'savings accounts') to customers.

For some time, the Development Bank is facing serious financial difficulties, mainly due to some deadbeats who have not settling their debts. What makes inevitable revision of the operating mode of the bank.

To emphasize that the DBM since 1988, is for the funding of projects, small and medium fit with the goals of development, and in providing funding with subsidized interest rates (preferential).

 

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