Deutsche Bank Mauritius act as collecting bank for Indian Millennium Deposits

Deutsche Bank (Mauritius) Limited ('DBML') acted as collecting bank in the State Bank of India's ('SBI') recently closed 5 year foreign currency denominated deposit scheme - the 'India Millennium Deposits' ('IMD'). The primary aim of the IMD was to mobilise funds from Non-Resident Indians and Overseas Corporate Bodies. In excess of US$5bn was raised by the SBI in the 6 weeks that the scheme was open.

DBML worked closely with colleagues in Deutsche Bank Private Banking in Mumbai and was the only Deutsche Bank office outside India appointed as collecting bank. DBML collected in excess of US$120mio on behalf of investors.

The SBI is the largest domestic bank in India with majority shareholding by the Government of India through the Reserve Bank of India. The SBI successfully floated the 'India Development Bond' issue 7 years ago with Deutsche Bank as one of the 20 collecting bankers, these bonds have since redeemed in the last quarter of 1997. The SBI subsequently floated another issue named 'Resurgent India Bonds' in 1998 and was successful in attracting in excess of US$4bn.