Award 2002

SBM are delighted to announce that they have been awarded the Mauritius “Bank of the Year” for the second time running. The “Banker” a leading magazine for the banking industry published by the Financial Times Group of London, awards the “Bank of the Year” annually. The “Banker” award is made to banks in most major international markets and is based on: Technological initiatives and overall strategies as well as Growth, Performance and Achievement.

“Last year we were the first Mauritian Bank to win this prestigious award” says Mr. M.K.T Reddy. “I am delighted that despite tough competition and difficult market conditions we have managed to retain the award for another year”. “It is wonderful for us that the loyalty of our customers and all the hard work of our staff has been recognized by such a respected organization as the “Banker”.

“The Board Members, Management and all the staff are thrilled to be recognized once again by The Banker”

“But the hard work goes on” says Mr. Reddy “we will not be sitting back and congratulating ourselves. Mauritius is changing fast and we need to constantly change to understand the needs of our customers and the demands of the economy”.

“We will be bringing a number of new products and services to market over the next 12 months that will help empower our customers by giving them more value and more choice, and who knows we might even be awarded Best Bank for a third year”

STATE BANK OF MAURITIUS LTD created in 1973 is the second largest bank in Mauritius and in 2001 had Total Assets of Rs 36,524 million. We employ over 800 people Region-wide and have a presence in India, Madagascar and Malawi.

Since its inception in 1926 The Banker has been a trusted source of global financial intelligence and given its exclusive bank listings and banking coverage it is uniquely placed to bring its worldwide perspective to the awards

The Banker Awards go beyond The Banker's top 2000 global banks ranking, published each July, by looking at more than just hard statistics. All banks invited to enter are handpicked by The Banker and asked to answer questions on their growth and performance in terms of tier one capital, assets and return on equity. Added to this they must demonstrate how use of technology is helping them advance their market position and show how their banking structure and strategy will equip them for future developments in their market. All these factors are taken into consideration by The Banker's global editorial team to judge the standard of their performance over the whole year, as well as the strength of their position for the coming year. http://www.thebanker.com