(a) whether the State Bank of India has taken over a bank in Mauritius recently and
proposed to take over some more banks shortly;
(b) if so, the details thereof;
(c) whether the foreign banks so taken over are profitable banks;
(d) if so, the financial health of the banks; and
(e) the extent to which taking over banks would help in growth of SBI?
MINISTER OF STATE IN THE MINISTRY OF FINANCE(SHRI S.S. PALANIMANICKAM)
(a) &(b) State Bank of India (SBI) has acquired 51% equity stake with management
control in Indian Ocean International Bank Ltd (IOIB) in Mauritius. Presently,
SBI has no other proposal for acquisition in Mauritius.
(c) & (d) : IOIB has been profitable during the last three years and earned a net profit
of Mauritius Rupee 33.44 Million as on 30th June 2005 and had a capital adequacy
ratio of 23.98%.
(e) The acquisition of IOIB has given an existing profit making platform to SBI for launching retail banking and other products in the Mauritius market.