SBM Bank bets on tie-ups to grow India ops; not to add branches

SBM Bank bets on tie-ups to grow India ops; not to add branches
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Last Updated: Apr 19, 2021, 12:57 PM IST
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DBS, the only other wholly-owned subsidiary, acquired struggling private sector lender Lakshmi Vilas Bank last year, which gave it access to 563 branches.
Reuters
The bank is not keen on adding to its brick and mortar branch network, which right now consists of six outlets in metro cities and two in unbanked rural areas, Rath said
SBM Bank India, the wholly-owned subsidiary of the Mauritian government's SBM, is betting on partnerships with fintechs and non-bank entities to grow its business here and is not interested in growing its branch network like DBS Bank India did with an acquisition, a top official has said. SBM Bank India wants to grow its business through granular liabilities collection and booking fees by aiding in various banking transactions, its managing director and chief executive Sidharth Rath said.

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