Our History
The Development Bank of Mauritius was originally established as a parastatal body on the 1st March 1964, to diversify agriculture and promote development in Mauritius, in line with the government’s economic policy. The new established DBM took over the assets and liabilities of the Mauritius Agricultural Bank through the DBM ordinance of 1963.
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 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.
Budgetary proposals, New schemes implemented to facilitate and increase financial access of Small and Medium Enterprises (SMEs)
DBM Energy was incorporated to contribute to the realization of Government goal of producing 35% of its energy requirements through renewable Source.
DBM Energy has been granted authorization to act as an Independent Power Producer and in this vein the Bank is proceeding with the installation of PV on its buildings situate at Coromandel, Plaine Lauzun, Triolet and Head Office.
DBM Energy has entered an agreement with the Ministry of Health and Quality of Life for the installation of solar panels on the roof of Jawaharlall Nehru Hospital at Rose Belle.
The subsidiary is already holding talks with the Ministry of Education and Human Resources for the installation of PV in Educational Schools belonging to the Government.
Wage Support Loan Scheme – to provide financial assistance to Export Oriented (Goods) Enterprises impacted by the COVID-19 in order to support payment of wages of their employees.
Plan de Soutien- COVID-19 -Working Capital Loan Facility for businesses affected by the pandemic
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. For example to bring into existence a single institution which would cater for the need of industry, agriculture, tourism and other activities that have relevance to the country’s economic development.
Further, it functions as an autonomous institution with decisions taken through a board of directors consisting of people coming from different walks of life. As a financing institution it followed what a prudent and forward looking banker should follow. The Development bank of Mauritius Limited adopted liberal and pragmatic policies and Procedures without at the same time sacrificing the virtues of orthodox banking and Finance, thus evolving a synthesis between dynamism and caution. The Bank keeps on evolving so that policy decisions of government are met and the common goals of the country are reached.
The Privatisation of the Development of Mauritius
In conformity with the provisions of the companies Act in force in Mauritius, the Bank was privatised and incorporated as a public company on 30 June 1988, under the registered name of the DBM LTD, hereafter referred to as the ‘DBM Ltd’. 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.
OUR MISSION
To Serve as a Catalyst for the Promotion of Accelerated Socio-Economic Development of Mauritius
OUR VISION
To be a financial institution of excellence and a strategic partner in providing anarray of flexible support facilities to all, big and small, engaged in the socio economic activities
Board of Directors
Mr Percy Georges Laxade, M.S.K
CHAIRPERSON
He was appointed as Chairperson on 01.12.2025. He worked as Human Resources and Administrative Director with over three decades of executive experience, has been formally recognized for his significant contributions to national development, corporate governance, community wellbeing, and civic engagement.
His distinguished career includes senior leadership roles at prominent organizations such as Total Mauritius Ltd, Barclays Bank (Indian Ocean Region), Delphis Bank, the Mauritian sugar industry, Iframac and Constance group. At Total Mauritius Ltd, he served as Chairman of the Total Mauritius CSR Fund, founding and steering impactful community initiatives. He also served as HR and Administrative Director.
In recognition of his outstanding service to the community, Mr. Laxade was decorated with the MSK (Member of the Star & Key of the Indian Ocean).
Mr Hemraj Rubee
CHIEF EXECUTIVE OFFICER
Mr Hemraj Rubee has joined the services of the Development Bank of Mauritius Ltd as Chief Executive Officer with effect from 22 December 2025.
Mr Iswarlall Bonomaully
He was appointed as Director since 15 May 2012 and is currently Deputy Financial Secretary at the Ministry of Finance, Economic Planning and Development. Mr Bonomaully is a Fellow of the Association of Chartered Certified Accountants (FCCA) and also holds a MSc Finance. He is director on the Board of several Government-owned institutions.
Mr Nayendrah Reechaye
He was appointed as Director on 01.12.2025. He has worked at the SBM for a period of 41 years. He has been working as Bank Manager for 15 years and Area/Senior Manager for 9 years. He has followed a course in Management at Pune Institute of Management, India and has attended several local courses in Banking, Finance and Managerial/Leadership skills.
Mr Sanjitsing Prayagsing
He was appointed as Director on 01.12.2025. He is an Executive Leader with deep experience driving organizational success and fostering collaboration. He has the requisite skill in strategic planning, financial oversight and stakeholder engagement. He is presently the Executive Director of Inesha Tech Holdings Ltd and Anagha Capital Ltd. He was previously working as Administration and Accounting Executive of the same company. He holds a diploma in Accounting from the Association of Chartered & Certified Accountants and is pursuing his studies to be a qualified accountant.
Mr Maxime Julien Olivier Permal
He was appointed as Director on 01.12.2025. He is a Businessman and Company Director since 2018, with experience in hotel renovation projects and residential cleaning services and Contracting Services. He has also held senior responsibility positions within private sector companies, contributing to operational management, team coordination and service delivery, with a focus on performance, efficiency and quality standards.
As part of his leadership, he brings a pragmatic entrepreneurial mindset and strong management capabilities, supporting structured operations, stakeholder coordination and sustainable business growth.
Previously, he served within a local government institution, gaining exposure to public sector administration, regulatory processes and institutional coordination.
Mr Meckduth Chumroo
He was appointed as Director on 01.12.2025. He is holder of a MA from University of Baroda. He was previously the Chairperson of the CEB during the period 1992 to 1995 and during his Chairmanship, he had the opportunity to acquire profound experience of the various process of good governance.
Mr Surendra Moonien
He was appointed as Director on 01.12.2025. He holds a Master of Science (MSC) from the University of Surrey (UK). He is an HR professional with a proven ability to develop and implement Human Resource strategies that support business and financial objectives. He has performed as HR Director/Head of HR in several companies across all sectors of Mauritius like Omnicane Ltd, Ferney Spinning Mills Ltd, Alcodis Ltd, Axess, Cie de Beau Vallon Ltée, Holiday Inn Mon Tresor, SO Sofitel Mauritius and Mauvilac Industries Ltd.
Mr Roopveersingh Rambaruth
He was appointed as Director on 01.12.2025. He works as Chartered Management Accountant, bringing over 13 years of experience in Financial Management, Investment Analysis and regulatory compliance. As a Finance Director, he actually leads financial strategy, reporting, internal auditing and overall performance of an organisation.
Mr R Rambaruth holds an MBA with a focus on strategic financial management and business leadership, further strengthening his ability to align financial objectives with long term corporate strategy. With deep expertise in accounting, taxation, finance and strategic planning, he applies a management accountant perspective whereby he integrates business strategy, finance and operations to enhance organisational value. His strategic insight, analytical rigour and practical leadership enable him to bring substantial value to the Board, contributing to strong governance, sustainable growth and decision making.
Mrs Anisha Purlackee
She was appointed as Director on 01.12.2025. She is a dedicated professional with over 13 years of experience in the education sector. She holds a BSc in Mathematics and Statistics, a PGCE, and an MSc in Educational Administration and Technology. She has demonstrated strong leadership through the successful coordination of major committees and community-focused initiatives. Mrs Purlackee provides valuable insights in data-driven decision-making, process improvement, and talent development, contributing meaningfully to organizational and community advancement.
Mr Khishan Sharma Purmanund
He was appointed as Director on 01.12.2025. He is a high-caliber professional and strategic leader with over 15 years of multifaceted experience in international trade, financial risk management, and organizational governance.
As a seasoned entrepreneur and Managing Director, he has demonstrated a sophisticated understanding of the Mauritian business landscape, successfully founding and scaling Dodoboutique.com and co-leading C&K Purmanund Co Ltd. His expertise spans the end-to-end supply chain, from managing complex international supplier relationships across Europe, South America and Asia to optimizing local logistics and digital infrastructure.
His professional background is underpinned by an elite academic foundation. He holds an MSc in Management, Organisation and Governance (Merit) from the London School of Economics and Political Science (LSE) and a BSc (Hons) in Investment and Financial Risk Management (First Class) from Cass Business School, London. His technical proficiency in financial engineering, company valuation, and asset-liability management provides him with the analytical depth required for the rigorous oversight of development banking.
Mr Steven Armoogum
He was appointed as Director on 01.12.2025. He holds a Bachelor Degree in Social Science (Specialisation in Sociology) and Master Degree in Social Development both from the University of Mauritius and is presently completing a MPhil in Education at the Mauritius Institute of Education. He is a Sociology Educator at the Ministry of Education & Human Resource and is presently the Head of Department. He is also a part-time Lecturer in Sociology, School social work and Poverty related issues.