estatus
SBM
e newsletter
• issue 0 9 • au gust 20 1 1
contents
Delighting customers
Service Recovery
01
Late Afternoon Talk
SBM Talk
02
Inf lation - Faqs
03-04
Customer satisfaction is deeply rooted in SBM’s philosophy and
CSR
that of its staff. Some clients have expressed their appreciation of
Marketing05-07
the service they received from us. We are pleased to share with
Events08
you below customer feedback that makes us really proud:
edito
Dear Valued Customer,
Welcome to this 9 edition of eStatus!
th
We are once again very pleased to take
you through the different happenings at
our Bank that have occurred over the
past few months.
In this issue, you will discover some of the
feedback being given by our clients for
the service we provided to them.
SBM has rolled out quite a few Marketing
initiatives with very interesting tie-ups for
various projects. One of our core projects
is without doubt the launch of SBM
Ecoloan to provide f inancing solutions
to clients willing to acquire and install solar
photovoltaic systems. On the cards side,
the Bank has also revamped its Merchant
Discount Programme to delight you, our
customers, with even more discounts at
our merchant partners.
As usual, SBM has once again been very
active on the CSR side for the benefit of
the community and we were all pleased
to see that we are able to help the needy
through our actions and commitment to
laudable causes.
Enjoy your reading!
Editorial Team
Fast and efficient service
The customer we will here refer
to is one who has been very
thankful to the bank for the
outstanding service she received
from one employee when she
applied for a loan. She wrote the
message below to the bank:
“I want to place on record my deep
appreciation of your employee,
Miss Muriel Bru. Her professional and
cour teous attitude and patience in
handling my specific issues were beyond
my expectations. I was delighted to
know that I was a valued customer.
Her exper t knowledge in the matter
helped in answering all my queries.
Service like yours is rare in business
these days and I did not want my
appreciation to go unstated.”
Going out of our way to
address customers’ need
This customer sent a thank you
mail to the Bank via Vikash
Bheemsingh, Team Leader –
Customer Service, who had addressed
his complaint promptly and turned
the complaint into an opportunity.
“We have to thank you for your
prompt intervention. The message was
transmitted within the least possible
time… Personally, we never expected
that you would follow the fast track
of modern system of management
for which we are proud of being a
long standing client of the bank.
We wish SBM to flourish and flourish
not only in Mauritius but all par ts of the
world where you have a branch.The
blessing of the population is with you all.”
Customer satisfaction
Extract of another letter from a customer, very happy about
the rapid service received from SBM Royal Street:
“I would like to convey my deepest appreciation and thanks for the efficient
work performed by the SBM – Royal staff. I was in need of a home loan
and (...) the SBM - Royal staff were more than attentive to my request…
All legal procedures took place at ‘record’ time and the loan was disbursed
within two weeks. I am very happy to have approached the bank and
I will for sure consider it as my ‘first’ bank in the near future.”
late afternoon talk
Vishal Joyram présente
« Trading International et ETFs »
Troisième édition de la conférence organisée par la SBM pour
ses clients, le jeudi 9 juin 2011 à la SBM Tower, Port Louis.
Ce « Late Afternoon Talk », a été menée par Vishal Joyram, team
leader – Wealth Management & Private Banking, en présence
de nombreux acteurs économiques et chefs d’entreprises.
aux bourses étrangères et d’acquérir des
actions comme Apple et Microsoft.
Vishal Joyram a aussi présenté le concept
des ETFs (Exchange Traded Funds). Ces
fonds liquides reproduisent fidèlement
la performance d’un indice boursier
comme le FTSE 100, indice des 100 plus
grandes capitalisations boursières sur la
Bourse de Londres. Ces indices présentent
M. Vishal Joyram, Team Leader du
un large éventail d’investissements, et
dépar tement Wealth Management & Private
peuvent aussi être achetés et vendus sur
Banking de notre banque, était l’intervenant
plusieurs marchés, y compris la Russie
principal du SBM Late Afternoon Talk.
ou l’Inde à un prix plus attrayant qu’en
Le dépar tement Wealth Management &
utilisant les investissements traditionnels
Private Banking de la SBM offre un service
comme les SICAV (Mutual Funds).
adapté aux clients privés et aux institutions Les ETFs offrent l’avantage d’une grande
locales et internationales, pour la gestion
transparence et d’un investissement minimal,
de por tefeuilles et l’allocation d’actifs. La
hormis les commissions. Les cours sont
SBM a lancé le Trading International qui
accessibles sur Internet ou à travers SBM
offre l’oppor tunité aux Mauriciens d’accéder Securities. Les ETFs peuvent être échangés
comme des actions pendant les heures
ouvrables des marchés sur lesquels ils sont
traités. Il existe aujourd’hui plus de 2,900
ETFs à travers le monde et la demande ne
cesse de croître, représentant un montant
total sous gestion de plus de $1,3 trillions.
Plus de renseignements sur les services SBM
Securities en appelant le 2021437/1438/1429
(en semaine de 9h00 à 16h30).
Les initiatives SBM
SBM Securities offre un service
boursier permettant aux clients
un contrôle total sur leurs
investissements. S’appuyant sur
des rapports de performance
des titres boursiers de Maurice et
à l’international, SBM Securities
propose notamment des actions
cotées en Bourse de Maurice,
des fonds gérés localement
et des bons du Trésor.
Le département Wealth
Management & Private Banking
de la SBM a récemment lancé le
premier produit à capital garanti
en roupies, dont la performance
est liée aux pays émergeants. De
plus, un résumé quotidien permet
aux clients de suivre l’activité
boursière internationale et locale.
Resources of the marine biodiversity
The 24th SBM Talk held on
8 June 2011 focused on
“Our Oceans...Our Future...”,
a subject elaborated by
SBM guest speaker
Mr. Vassen Kauppaymuthoo,
a qualified Oceanographer.
Mr. Kauppaymuthoo talked about the
evolution of continents, the plate tectonics
and the formation of the Indian Ocean
and Mauritius. Talking about the wide
diversity of ocean life, he mentioned that it
hosts around one million species of which
only 10% have been identified to date.
The Indo-Pacific region is the highest in
terms of biodiversity. The ocean is a rich
source of oxygen and helps in balancing the
ear th’s climate, while supplying food and
raw materials abundantly. A rich source
of protein, fish is becoming increasingly
impor tant in our diet. Our speaker
highlighted the impor tance of marine
biodiversity, giving examples on coral life
degradation in Mauritius due to rise in seal
level, coastal development and sea leisure
activities. As a financial institution, SBM has
an impor tant role to play in the protection
SBM Talk
of marine environment he said. He also
suggested that banks should be more
careful on financing projects which harm
our environment and should ask for exper t
advice to assess such risks prior to financing.
Mr Vassen Kauppaymuthoo is the Director
and main consultant of Delphinium
ltd, specialised in environment and
oceanography consultancy services. He
was formerly Consultant of the UNDP for
drafting of a Global Environment Facility
(GEF) MSP document entitled: “Par tnerships
for Marine Protected Areas in Mauritius and
Rodrigues”. He has been Project Officer
for Physical Oceanography at the Mauritius
Oceanography Institute. Mr Kauppaymuthoo
holds an MSc in Oceanography
from the University of Québec,
Canada, and an MSc in Environmental
Engineering from Ecole des Mines.
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inflation
Inflation FAQs
1. What is inflation?
Inflation is defined as the general
increase in the price of goods and
services. It leads to a decline in
the purchasing power of money.
2. How is inflation
measured?
The most commonly used indicator
of price levels is the Consumer Price
Index (CPI) which is compiled by the
Central Statistics Office (CSO) on
a monthly basis from the prices of a
fixed basket of goods and services.
This basket is updated every 5 years
by the CSO according to general
trends in consumption as depicted
by the Household Budget Survey.
An increase (or decrease) in the
CPI indicates that the average
price of the basket of goods and
services is increasing (or decreasing).
The inflation rate is computed as
the percentage change in the CPI
relative to a reference point.
3. What is the difference between year-on-year
and headline inflation rates?
In Mauritius, the two main measures of the inflation rate are the year-on-year
and the headline rates. The year-on-year inflation rate for a given month is
defined as the percentage change in the CPI with respect to the same month
of the previous year. The headline or twelve-month average inflation rate is
the percentage change in the average of the CPI during a twelve-month period
as compared to the average level of the preceding twelve-month period.
Due to the nature of the computation, the year-on-year inflation is more volatile
than the headline inflation. The Government uses the headline rate for determining
the annual salary compensation to be paid to employees while the Bank of
Mauritius primarily monitors the year-on-year rate for monetary policy purposes.
Calculation of year-on-year and headline inflation rates for May 2011
Year-on-year
CPI (May 2010)
CPI (May 2011)
Year-on-year inflation for May 2011
119.1
127.6
100*(127.6-119.1)/119.1 = 7.1%
Headline
12-month average CPI (ending May 2010)
12-month average CPI (ending May 2011)
Headline inflation for May 2011
118.0
123.7
100*(123.7-118.0)/118.0 = 4.8%
e STATUs
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03
inflation
4. Why do prices continue
to increase even when
inflation goes down?
6. How does the inflation
rate reflect changes in
my personal expenses?
Declining but positive inflation means
that prices are still rising but at a
slower pace. Negative inflation, or
deflation, occurs when prices fall.
The consumption of goods and
services are specific to the individual
and therefore do not entirely match
with the CSO’s fixed basket. As a
result, changes in the CPI and hence
inflation would be different from
individual to individual but the official
rate still reflects general trends.
There is no specific inflation target in
Mauritius. In the UK and in the Euro
area, monetary authorities have
defined price stability as achieving
an inflation target of 2 per cent
(measured using the year-on-year
methodology) over a given period
of time. Price stability is deemed
essential to achieving sustainable
growth in output and employment.
7. How does inflation
affect my standard
of living?
10.What is stagflation?
5. What are the causes
of inflation?
Inflation is dependent on a number of
factors including demand and supply
fundamentals, costs of production of
firms, the growth in money supply
in the economy, and on exchange
rate movements for an economy
that is dependent on impor ts.
Demand-pull inflation occurs
when the demand for goods and
services exceeds supply as a result
of economic boom and/or low
unemployment. On the other hand
a contraction in demand exer ts
downward pressure on prices.
An increase in costs of production
(higher wages or raw materials)
reduces the profit margins of producers
leaving them with the option of
increasing their selling price that
causes inflation (cost-push inflation).
The growth in money supply, that
is the amount of money available in
the economy, is linked to inflation
over the long term. An excessive
expansion of money supply in the
economy is inherently inflationary.
The rate of exchange of the
domestic currency relative to the
currency paid for impor ted goods
also influences the domestic inflation
rate to some extent. A stronger
rupee is expected to dampen the
effect of any increase in the prices
of goods impor ted. On the other
hand, a depreciation of the domestic
currency would lead to inflation, as
impor ts would become costlier.
The main consequence of a positive
inflation rate is a decline in your
purchasing power if your income
grows at a slower rate. Inflation has
a negative impact on savings in two
ways: it leads to lower savings as
expenses get higher and also means
that the amount saved would be
able to purchase less in the future.
8. How can inflation be
brought under control?
The Bank of Mauritius (BOM) has the
dual mandate of maintaining price
stability and ensuring orderly and
balanced economic development.
The BOM can affect inflation levels
through raising or lowering the key
Repo Rate (KRR) or by increasing
or reducing the amount of reserve
requirements of commercial banks.
If, during its assessment of the
economy, the BOM foresees a possible
deterioration in the inflation rate
ahead as a major threat, it may decide
to intervene by increasing the KRR.
The increase in interest rate in turn
has a dampening effect on consumer
spending that would prevent to cer tain
extent fur ther price increases with a
time lag. An appreciation of the rupee
is also expected to par tly counter
inflationary pressures by making the
costs of impor ted goods cheaper.
9.Is there a desirable
rate of inflation?
Stagflation is when the economy
experiences slow GDP growth
combined with high inflation. Under
normal conditions, a slowing economy
dampens demand and reduces
inflationary pressures. An example
which could trigger stagflation
is an oil price shock affecting an
impor ting country. The resulting
high inflation would in turn cause
fur ther deceleration in the economy.
Stagflation can also be the
result of inappropriate fiscal or
monetary policies. For example,
an excessive supply of money in
the economy by the central bank
could lead to high inflation.
FAQs prepared by
Pravesh Bacorisen
Analyst
SBM Strategic Planning &
Research Team
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CSR
3,000 ordinateurs
pour les élèves
nécessiteux du ter tiaire
Initiative sans précédent dans le domaine de la responsabilité
sociale ! 3000 ordinateurs ont été mis à la disposition
d’élèves nécessiteux du ter tiaire, dans le cadre d’un projet
mené par la SBM, en collaboration avec le E-Inclusion
Foundation. La banque a investi plus de 60 % de ses fonds
de responsabilité sociale dans cette initiative intitulée “IT
Project with E-Inclusion Foundation”, qui est le plus grand
projet de responsabilité sociale et informatique jamais
réalisé à Maurice. Etant donné l’impor tance croissante des
nouvelles technologies dans le développement du pays,
la SBM a donc appor té son aide aux jeunes qui, faute de
moyens, ne peuvent accéder à un ordinateur, afin qu’ils
soient par tie prenante de la mouvance de progrès. Le
projet vise les élèves issus de familles dont les revenus ne
dépassent pas
Rs. 10,000 par mois. Les bénéficiaires sont soit ceux qui
étudient déjà dans des institutions reconnues par la Ter tiary
Education Commission ou ceux qui entameront cette année
leur première année d’études dans ces institutions. Ils sont
aussi désignés parmi ceux ayant reçu une bourse sous le
Human Resources Development Knowledge and Ar ts Fund
(HRDKAF) ou le SBM Scholarship Scheme for Bright and
Needy Students, programme lancé l’année dernière par la
SBM. Lors du lancement de cette allocation d’ordinateurs,
M. Gautam Vir, Chief Executive de la SBM, a souligné que
cette initiative accorde des chances égales aux étudiants
issus de milieux modestes et les a encouragés à poursuivre
leurs études ter tiaires pour se donner les meilleures chances.
M. Vivian Serret, président de la E-Inclusion Foundation, a
précisé que les ordinateurs étaient alloués aux bénéficiaires
pour la durée de leurs études, mais demeuraient la
propriété de la Fondation qui assurera leur maintenance et
éventuellement leur recyclage.
100 bourses d’étude avec
le SBM Scholarship Scheme
La SBM a renouvelé son engagement en faveur de
l’éducation en offrant une centaine de bourses d’études
universitaires aux jeunes étudiants brillants et nécessiteux.
L’an dernier 57 bourses (dont 5 pour Rodrigues) avaient
été offer tes à travers ce SBM Scholarship Scheme.
Cette hausse reflète la volonté de la SBM de rendre
l’éducation ter tiaire accessible à un plus grand nombre
et affirme aussi sa conviction dans une société égalitaire
et dans l’éducation comme pilier essentiel de réussite.
Le SBM Scholarship Scheme cible les étudiants dont le
revenu familial ne dépasse pas Rs 15,000 par mois et
désirant faire des études supérieures au sein d’institutions
ter tiaires locales reconnues par la Ter tiary Education
Commission (TEC). Chaque bourse couvre les frais
de scolarité, de bibliothèque, d’examen, d’adhésion à
l’union des étudiants et autres frais administratifs, jusqu’à
concurrence d’un montant maximal de Rs 30,000 par an.
Une allocation annuelle de Rs 5,000 est aussi accordée
pour l’achat de livres et autres matériels éducatifs.
Les étudiants de Rodrigues et d’Agaléga recevront un
montant mensuel additionnel de Rs 5,000 pour leur
hébergement à Maurice et un billet aller-retour. Les
étudiants souffrant d’un handicap sont aussi encouragés
à postuler pour ce projet de bourses d’études.
Blood Donation at SBM Tower
In line with the World Blood Donor Day held on 14 June,
the Marketing and Communications team organised the
annual Blood Donation Campaign at SBM Tower on Friday
10 June. Blood donation is not only about saving lives, but is
also good for the donor as it favors regeneration through
replacing the lost blood with fresh new cells. Some 175 staff
members attended the blood donation campaign and some
100 pints of blood were successfully collected.
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Marketing
CSR
SBM 1:2 Matching Scheme
A number of initiatives were undertaken by various SBM Service Units as
actions of solidarity towards the disabled and the underprivileged. The
profits collected were “trebled” under the SBM 1:2 Matching Scheme,
with a contribution from the bank. Here are the recent projects carried out.
DMU’s contribution to
the School for the Deaf
Successful initiative for
Curepipe Service Unit
Colleagues of the Data Management
unit (DMU) organized a raffle to
suppor t the Society for the Welfare of
the Deaf. A cheque of Rs 155,050 was
remitted on Saturday 21 May to this
organization in Beau Bassin. The funds
will go towards the purchase of hearing
aids and upgrading of two primary
school classes at the Black River Unit.
SBM’s Curepipe Service Unit under took
a praisewor thy fund raising initiative
to help out two NGOs in the region
of Curepipe. A total amount of
Rs 54,000 was used for the purchase of
equipment and upgrading of premises
at the Centre Daniel Lagesse (working
for the empowerment of women with
physical disability) and for financing
of studies of inmates at African
Network for the Protection and
Prevention of Child Abuse and Neglect
(ANPPCAN) which runs a home for
girls experiencing social difficulties.
SBM Flacq fundraising for
mentally handicapped children
Suppor ting the Welfare
of Disabled Persons
A raffle, under taken by Corporate
Banking, International Banking & Global
Business and Asset Finance teams
brought a total amount of Rs 172,350
to cover for the purchase of adapted
furniture and specialised equipment and
upgrading of the premises at the Mille
Soleil Association for the Welfare of
Disabled Persons. Colleagues from the
organizing depar tments also organized
a day out with the children of the
Association on Saturday 11 June, offering
lunch and distribution of pedagogical
materials, books and equipment.
SBM Flacq Service Unit recently
organised a raffle to raise funds
in favour of mentally handicapped
children. A total sum of Rs 121,575,
was used to suppor t the welfare of
mentally handicapped children at the
Centre d’Education pour le Progrès
des enfants Handicapés (CEPEH) and
Association des Parents d’Enfants
Inadaptés de l’île Maurice (APEIM) of
Argy and Bonne Mère respectively.
SBM ECOLOAN :
pour une île Maurice
plus écologique
Soucieuse de soutenir les effor ts pour la
sauvegarde de l’environnement, la SBM le
prouve avec la SBM ECOLOAN, un produit
écologique dédié aux clients individuels et
aux Petites et Moyennes Entreprises (PMEs).
SBM ECOLOAN cible les foyers
désirant s’équiper d’un système solaire
photovoltaïque (PV) afin de produire
de l’électricité pour leurs besoins
personnels ou pour être revendue à la
Central Electricity Board (CEB). Ce prêt
écologique rend l’accès au financement
de projets environnementaux plus
accessible aux clients et non clients
de la banque et aide à promouvoir le
PV dans chaque foyer mauricien.
La SBM propose jusqu’à 100 % de
financement du coût d’acquisition et
d’installation du système PV, incluant la
TVA. Le prêt est assor ti de taux d’intérêt
compétitifs, d’un remboursement flexible
jusqu’à 7 ans et d’une car te de crédit pré
approuvée pour les individuels et PMEs.
Des prix compétitifs sont également
offer ts par le par tenaire de la banque
pour ce projet, notamment Solar-ErnteTechnik Ltd (SETL) du Groupe Leal,
dont les produits impor tés d’Allemagne
présentent une garantie au-delà de 25 ans.
Le Dr Mukesh Sooknundun, directeur
de la Clinique du Nord, un des premiers
clients à contracter un tel emprunt,
considère que le projet ECOLOAN
contribuera à changer la vie des citoyens
mauriciens et aidera à réduire des
émissions de carbone à Maurice.
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Marketing
SBM BILLPAY rend
la vie plus facile !
Comptoirs
dédiés aux PME
Soft rolling out
of our revamped
SBM BOOST
Innovation de la SBM qui rend
la vie encore plus facile pour le
consommateur, le SBM BILLPAY a été
lancé le 4 mai dernier. Cette facilité
permet aux clients de la SBM de régler
leurs factures d’électricité (CEB) et
de téléphone (Mauritius Telecom et
Orange PostPay) avec leur car te de
débit ou de crédit de la banque.
Le règlement des factures s’effectue
24h/24h* sur tous les ATMs de la SBM
ou aux caisses des supermarchés
Winners. Les clients désireux de
bénéficier de ce service se voient offrir
un enregistrement gratuit et simple qui
peut se faire dans toutes ses succursales.
SBM BILLPAY a fait l’objet d’une
campagne de promotion dans les
médias, sur le site Web, sur les
ATMs et dans nos succursales.
*Offre soumise à conditions
La SBM a organisé la mise en place
de comptoirs dédiés aux Petites et
Moyennes Entreprises (PME) dans
cer taines de ses succursales. Cette
initiative qui suit le lancement du
produit SMEase est devenue réalité à
la SBM Tower (au 3ème étage), à Rose
Belle, Curepipe et Quatre Bornes.
Rappelons que SBM SMEase réunit
un ensemble de produits et services
conçus spécialement pour les PME, leur
permettant de se développer et de se
professionnaliser grâce à des solutions
innovatrices taillées sur mesure. Des
spécialistes en PME sont à l’écoute des
entrepreneurs qui bénéficient de prêts
à des taux compétitifs, de conseils en
gestion, de garanties bancaires, de
leasing, de compte en devises, de car tes
de crédit ainsi que de terminaux de
points de ventes et des avantages du
Internet Banking et du Mobile Banking.
Launching of the new
SBM Discount Programme
SBM now has a new
Discount Programme for
debit and credit cardholders
with discounts of up to 50%
at more than 250 par tners.
For more details, please
refer to our online brochure
on www.sbmgroup.mu/
discountprogramme.
A personal loan of up to
Rs 750,000 in less than 48 hours
and without security! This is one
of the main attractive features
of SBM Boost, which has been
re-launched in March 2011. The
multipurpose loan offers numerous
advantages such as loan value
of up to 20 times the borrower’s
salary, flexible reimbursement
over 7 years, competitive interest
rate, free pre-approved credit
card for the first year and
insurance cover, among others.
SBM at
Madagascar Fair
SBM had remarkable presence at
the recent Madagascar Fair. SBM
Madagascar SA displayed a range
of corporate and promotional
items at the fair, which made SBM’s
par ticipation a great success.
Incredible tie-ups!
A number of tie-ups were done with
proper ty promoters with marketing
collaterals produced to promote the
special offers to customers. These
included special loan facilities for
acquisition of a hotel unit or an
apar tment or iconic condominium in the
centre of the island. Loans were available
to foreigners and Mauritians with
attractive rates and flexible repayment
periods. The tie-ups were done with the
Long Beach, Le Meritt Elipsis/Octagon
and Domaine de Gris Gris projects as well
as with St Geran (for SBM cardholders).
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Events
Consolidation des liens
avec nos clients
[ Vacoas / mesnil ]
[ Flacq / Bel air / Lallmatie ]
[ bambous ]
La tradition des « Retail networking events » est maintenant bien ancrée à la SBM.
Elle favorise l’interaction entre les cadres de la banque et la clientèle et donne
l’occasion de remercier ces derniers pour leur fidélité et leur confiance en la SBM, tout
en consolidant les liens avec les nouveaux venus et les par tenaires institutionnels.
Ainsi des réceptions ont été organisées récemment dans les succursales de Bambous,
Goodlands, Vacoas / Mesnil, Flacq / Bel Air / Lallmatie et Mahebourg / Plaine Magnien.
Durant ces réceptions, notre Chief Executive a passé en revue la performance
financière du groupe et a présenté les récentes initiatives en termes de services
bancaires et de nouveaux produits.
[ Mahebourg / Plaine Magnien ]
estatus
SBM eNewsletter
iss ue 0 9 • au gu s t 20 1 1
[ Goodlands ]
PLEASE CONVEY YOUR SUGGESTIONS AND CONTRIBUTION TO :
T HE EDI TOR I A L TEA M - e STATUs
C/O Mar keting & Communications Depar tment
Level 6 - State Bank Tower
1, Queen Elizabeth II Avenue, Por t-Louis
Email: www.sbmgroup.mu
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