SBM Bank (Mauritius) Ltd (SBM Bank), one of the leading banking institutions in Mauritius, and the Eastern and Southern African Trade and Development Bank Group (TDB Group) have signed a Memorandum of Understanding (MoU) to collaborate on opportunities for joint cooperation in various fields, including business development, co-financing and joint capacity building.
The signing ceremony was held on Monday the 15th of April 2024 with TDB Group represented by Mr. Admassu Tadesse, Group President and Managing Director, and SBM Bank represented by Mr. Premchand Mungar, Chief Executive. The signing ceremony took place on the margins of a two-day Common Market for Eastern and Southern Africa (COMESA) awareness workshop held in Ebène, Mauritius, on the theme “Economic Integration for a Thriving COMESA Anchored on Green Investment, Value Addition and Tourism.”
The MoU provides a framework for TDB Group and SBM Bank to collaborate on joint business opportunities and co-financing agreements with TDB Asset Management (TAM), and the implementation of joint capacity building programmes and initiatives with TDB Academy.
Mauritius is home to one of TDB Group’s principal offices, and to some of the Group’s subsidiaries such as the ESATAL fund management company and the ESATF trade fund, which are part of the Group’s asset management activities through TAM, and TDB Captive Insurance Company (TCI). In addition to some key Group-level functions which are carried out from the Mauritius Principal Office, Indian-Ocean Member States are covered by this office.
Mr. Admassu Tadesse, TDB Group President and Managing Director, said: “We are pleased to partner with SBM Bank to facilitate new joint opportunities in the asset management and capacity-building spaces. We value the strong partnerships developed with Mauritian institutions over the years and look forward to work with SBM Bank to contribute to the sustainable development of the country and the region, leveraging Mauritius’ position as gateway to our continent for financial services.”
Mr. Premchand Mungar, the Chief Executive of SBM Bank (Mauritius) Ltd, expressed his enthusiasm about the collaboration: “We are delighted to join hands with TDB Group to create synergies that will benefit our clients, contribute to the economic prosperity of the African region and promote the Mauritius International Financial Centre.”