"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"
Mr Chundr Bhojesing (Chand) Bhadain
Board of Directors
|Acting Managing Director|
|Mr Rookum Aubeelack|
|Assistant Managing Director|
|Mr. Bardwazsingh Jokhoo|
|Mr Hedley Jean Claude Daugnette|
The chronological historical highlights of the DBM may be summarised as below:
In the 1930s to 1960, credit was not accessible to potential farmers and entrepreneurs. In 1936, Dr Maurice Curé in his “programme politique” included the setting up of an agricultural bank for small planters, who had 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:
Mr John Walter Furlong (temporary from the Government)
Mr A Bouton – Junior Clerk
Mr René Guérin- Accountant
Mr A René Adam – Clerk
Mr Raymond R Giraud – General Clerk
Mr S Canoosamy – Messenger
Mr Hamid Saidally- Messenger
Legal Adviser – Me. André Robert
The first Board of the Bank comprised the following members :
Hon. Clive Watts (Financial Secretary)
Mr Tristan D’Avice, O.B.E
Mr Gaston Anthelme
Mr René Maigrot
Hon. André Raffray
Mr W. R. Owens
Loans were sanctioned for a period of 30 years and bearing an interest rate of 5-5.25% p.a
Premises of the Bank
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”.
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 on the recommendation of Sir Seewoosagur Ramgoolam, who was the Chief Minister.
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.
The objects of the DBM Ltd, as set forth in Article 11 of Chapter 1 of the Memorandum of Association establishing the DBM Ltd, are as follows:
- To carry on the business of the Bank and to conduct, provide and operate banking services of all kinds.
- To promote or assist in the financing, management and establishment of projects which contribute to the economic development of Mauritius.
- To promote research into the economic development of Mauritius and the doing of all such things as are incidental or conducive to the above projects.
- The Development Bank of Mauritius Ltd has essentially an economic vocation, focussing on national policies by way of assisting the government in achieving the economic and social objectives set.
The operations of DBM Ltd involve primarily the provision of loan assistance and concession finance facilities to individuals or group of persons for implementing projects or carrying out businesses against varied forms of guarantees for loan repayments.
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