Then in 1997 the South African bank Nedcor acquired 20.1% of SBM's voting equity.

The next year, SBM and Nedcor established SBM Nedcor International (SNI) as a 50/50 joint venture to engage in offshore banking, and SNI started operations in 2000.

In 2005, Nedcor sold back to SBM its 20.1% in the latter, and at the same time took over 100% ownership of SNI.

In November 2016, SBM Group announced that it has reached an agreement to acquire a majority stake in Kenya based Fidelity Commercial Bank Limited.

[7] The bank maintains 43 networked branches and 35 freestanding automated teller machines in Mauritius.