SBM Bank Group Chairman Assures Kenyan Depositors of Funds Safety

PHOTO: SBM Bank Holdings Group Chairman  Mahendra Vikramdass Punchoo speaking on first visit to Kenya since his appointment as Group Chairman in September 2025.

NAIROBI, Kenya, July 9 – SBM Bank Holdings’ newly appointed Group Chairman, Mr. Mahendra Vikramdass Punchoo has assured customers that their deposits at SBM Bank Kenya remain completely secure, Outlining a growth strategy rooted in strict regulatory compliance.

Speaking in Nairobi during his first visit in the role on the bank’s regional outlook, Mr. Punchoo emphasized that elevating governance standards and tightening risk management protocols will be the primary drivers of the bank’s next chapter of expansion.

Mr. Punchoo said his background as a former central banker will be key in steering the $9 Billion financial group.

“Ladies and gentlemen, a very warm welcome to you, from SBM Kenya, and also from SBM group in Mauritius, Your money is in safe hands, We will make sure that the entire group focuses on strong governance and robust risk management”.

We are here to support your financial ambitions with a long term focus”. Additionally, The Chairman noted that while SBM Kenya’s leadership team is focused on driving business, his mandate is oversight.

“Contrary to Bhartesh Shah (SBM Bank Kenya CEO) and Raoul Gufflet (SBM Group CEO), who are experienced bankers, I’m a central banker”.

“All my career and experience was at the Central Bank of Mauritius and in 2014 I was appointed Deputy Governor, until 2020 when I retired,” he added.

Mr. Punchoo joined the bank as Group Chairman in September 2025. He said the distinction was deliberate: “Bhartesh and Raoul are much focused on the business. I’m focused on governance.”

Further, He outlined SBM Group’s footprint describing it as a financial conglomerate with approximately $9 billion in assets.

“Our mainstay is a bank in Mauritius. Then we have a presence in India, Kenya and Madagascar and we also have a non-banking arm, which covers corporate finance, trading and broking,” he explained.

A key focus of his visit, was to explore how SBM Kenya customers can benefit from the group’s regional scale.

“Rather than just SBM Kenya’s in-country Services, can we offer you a group-wide banking service? For instance, if you are doing trade with India, could we be cheaper than what you are currently paying elsewhere and could we offer you a better service? That’s the purpose of our visit.”

Punchoo said he had met with the Central Bank of Kenya and held extensive discussions with the local management team. 

“I think Bhartesh and his team are doing a fantastic job. And as I told you, I think you have lots and lots of advantages banking with us,” he said.

SBM Bank Kenya, which established its presence in the country in 2017 provides a comprehensive suite of financial solutions tailored for retail customers, small and medium enterprises (SMEs), and corporate organizations.

The assurance comes as customers across the sector place renewed focus on bank stability and governance.