The DBM Ltd took over the assets and liabilities of the Development Bank of Mauritius and started its operations as a public company on 1st January 1989.
Since 1936, the Bank has fully embraced its role of supporting SMEs and contributing to the socio-economic development of Mauritius and Rodrigues.
On the 1st March 1964, the Development Bank of Mauritius was established as a parastatal body. The purpose of the bank as enshrined in the Development Bank of Mauritius Ordinance No 34 of 1963 was to facilitate the industrial, agricultural, and economic development of Mauritius.
Mr Allan R Bates C.M.G, Financial Secretary was appointed as Managing Director.
The Agricultural Bank was set up on 5th January 1936 through the Mauritius Agricultural Bank Ordinance No.1 of 1936. It was initially established for the purpose of providing medium and long term finance or agriculture which was at that time the main or only sector in the economy.
In the 1930s to 1960, credit was not accessible to potential farmers and entrepreneurs. The small planters, suffered a lot after the 1931 cyclone and severe droughts. Furthermore, the sugar industries did not have an insurance cover. Government then set up the Mauritius Agricultural Bank on 5th January 1936 through the Mauritius Agricultural Bank Ordinance No.1 of 1936. The Agricultural Bank was originally established for the purpose of providing medium and long term Finance for agriculture which was at that time the main or only sector in the economy.
The bank started with 6 employees plus one temporary.
The Agricultural Bank started its operations on the second Floor of the Government House and then moved to the Mercantile Bank at La Chaussée, and finally to its brand new building in the same street in 1958. At that time, this building was the only highest one equipped with a lift in Mauritius and due to its strategic location, it inspired stability and power. The plan of the building was designed by the architects Messrs Boullé, Lagesse & Schaub and constructed by “Mauritius Building Co. Ltd”.
“To Serve as a Catalyst for the Promotion of Accelerated Socio-Economic Development of Mauritius”
“To be a financial institution of excellence and a strategic partner in providing an array of flexible support facilities to all, big and small, engaged in the socio economic activities”
WHAT IS HISTORY?
“An echo of the past in the future; a reflex from the future on the past”
Victor Hugo (1802-1885)
- Mr Anand Babbea
Board of Directors
- Mr Iswarlall Bonomaully
- Mr Hemprakash Dhotah
- Mr Gurushunkur Akash Goojha
- Mr Jean Daniel Henry
- Ms Rooma Pillay Narrainen
- Mr Vassoo Allymootoo Putchay
- Mr Premchand Tanakoor
- Mr. Bardwazsingh Jokhoo