SBM Bank (India), a wholly owned subsidiary of SBM Bank (Mauritius) Ltd, is looking to sell a 26% stake even as it seeks to expand its India operations.

The bank has appointed EY as its investment banker and is open to private equity as well. The proceeds of the sale will be deployed as growth capital for SBM Bank (India).

"The bank has appointed a consultant for the process, and we are at the Expression of Interest stage. As you know, there are very regulatory processes involved, so it is very difficult to give a timeline," news agency PTI quoted SBM Bank (India) executive director and CFO Amit Jagdhari as saying. 

SBM Bank at a parent level has infused Rs 75 crore in June. Another Rs 75 crore will come later this month to grow the business, Jagdhari said.

The lender, which has a limited branch presence in India, aims for credit growth of 32-35% in FY27. It manages assets of Rs 11,450 crore.

The bank, which received universal banking licence from RBI in 2018, opened its 23rd branch in Gurugram near Delhi.

Alongside its physical expansion, SBM Bank India is also strengthening its digital wealth proposition, Jagdhari said.

The bank recently expanded its digital wealth proposition by launching an online mutual fund investment platform powered by Sprint Money. Available through the bank's Mobile Banking and Internet Banking applications, the platform enables customers to invest seamlessly across a wide range of mutual fund schemes.

Customers also benefit from access to Morningstar ratings, portfolio analytics and comprehensive fund information, helping them evaluate investment opportunities and make informed decisions aligned with their financial goals and risk preferences.