SBM Bank is the first foreign bank to set up a Wholly Owned Subsidiary (WOS), to provide universal banking service with a focus on Wholesale Banking, Trade Finance, Capital Market and Retail Banking, the bank said in a statement.
Following the approval, the SBM Bank (India) Limited will start operation as scheduled commercial bank under the Banking Regulation Act, 1949 with effect from December 1, 2018, it said.
The statement said that Rath has taken over as the MD & CEO of SBM Bank (India) Limited pursuant to the approval received from the Reserve Bank of India.
Prior to this assignment, he was with Axis Bank as the Group Executive and Head, of Corporate, Transaction Banking and International Banking.
SBM Bank is backed by SBM Group, diversified financial services provider with a strong base in Mauritius, Eastern Africa and India.
SBM Holdings Ltd is the third largest listing on the Stock Exchange of Mauritius.