What is the idea behind taking over a small bank like Indian Ocean International Bank (IOIB) in Mauritius?
IOIB is a good bank, the fourth largest in Mauritius. We will upgrade its technology and take it to the number one position, with a retail focus. This acquisition would also enable us to expand our network in the neighbouring economies. SBI has mostly been an inward looking organisation. Locally, we have grown from 400 branches in 1955 to almost 14,000 branches in 2005. Globally, we have hardly grown – we have 54 offices spread over 38 countries. As the largest bank in the country, it is befitting for us to have some global ambitions and a global presence. Our bank would also like to position itself to handle business in keeping with the country’s growth in external trade. This is why we have a substantial overseas expansion on the cards. We are new to this area; we have never acquired banks overseas. So, to begin with, we would like to acquire some small banks; gain some experience; and even burn our hands, if need be. Are you looking for similar acquisition in other countries? Yes, w
