L-R: Simaba Corp CEO Dinesh Kotecha, talk to visiting SBM Bank Holdings Group Chairman Mahendra Vikramdass Punchoo and the bank’s Group CEO Raoul Gufflet, at a reception cocktail in Nairobi.
By ATN
NAIROBI, July 9, 2026 — SBM Bank Holdings Group Chairman Mahendra Vikramdass Punchoo has assured Kenyan customers that their deposits are safe, saying the bank will continue to prioritize strong corporate governance and prudent risk management as it expands its regional footprint.
Speaking in Nairobi during his first visit to Kenya since assuming the role of Group Chairman, Punchoo said his decades of experience at the Central Bank of Mauritius had equipped him to provide the oversight needed to strengthen the group’s governance framework. He emphasized that the bank remains committed to protecting customers’ investments while supporting their long-term financial ambitions.
“Your money is in safe hands. Don’t worry about it,” he said. “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.”
Punchoo explained that his role differs from that of the bank’s executive leadership. While SBM Bank Kenya Chief Executive Officer Bhartesh Shah and SBM Group Chief Executive Officer Raoul Gufflet concentrate on growing the business, he said his responsibility is to ensure the institution maintains high standards of governance and accountability.
“Contrary to Bhartesh Shah and Raoul Gufflet, who are experienced commercial bankers, I am a central banker,” he said. “I spent my entire career at the Central Bank of Mauritius and served as Deputy Governor from 2014 until my retirement in 2020. My focus is governance.”
Punchoo, who joined SBM Bank Holdings as Group Chairman in September 2025, also highlighted the financial strength of the institution. He said SBM Group manages assets worth about $9 billion, with its flagship banking operations based in Mauritius and additional operations in Kenya, India and Madagascar. Beyond banking, the group also operates businesses in corporate finance, trading and stockbroking.
He said one of the main objectives of his visit was to explore how Kenyan customers could benefit more from the group’s regional presence. Rather than limiting clients to services available within Kenya, he said the bank wants to leverage its international network to provide more competitive and seamless cross-border banking solutions.
“For example, if you are trading with India, could we offer you a better service at a lower cost than what you are currently paying elsewhere? That is the purpose of our visit,” he said.
During his visit, Punchoo met officials from the Central Bank of Kenya and held discussions with SBM Bank Kenya’s management team. He praised the local leadership for its performance and expressed confidence in the bank’s future.
“I think Bhartesh and his team are doing a fantastic job,” he said. “You have many advantages banking with us, and we want to continue building on that.”
SBM Bank Kenya entered the Kenyan market in 2017 and serves retail, small and medium-sized enterprises, and corporate customers. Punchoo’s assurance comes at a time when customers are paying closer attention to the financial stability, governance standards and resilience of banking institutions.
