bˈæŋk ˌɛsbˌiːˈɛm mˌædəɡˈæskɚ, ɐ fˈʊli ˈoʊnd sʌbsˈɪdjɚɹi ʌv ˌɛsbˌiːˈɛm, stˈɑːɹɾᵻd bˈæŋkɪŋ ˌɑːpɚɹˈeɪʃənz ɪn mˌædəɡˈæskɚɹ ɪn dʒˈænjuːˌɛɹi nˈaɪntiːnhˈʌndɹɪd nˈaɪnti ˈeɪt.
Banque SBM Madagascar, a fully owned subsidiary of SBM, started banking operations in Madagascar in January 1998.