Absa Bank (Mauritius) Limited is poised to acquire HSBC’s domestic Wealth and Personal Banking, as well as Business Banking business in Mauritius. Greg Lowden, CEO of HSBC Mauritius, underscored the strategic shift, noting that HSBC’s decision to sell aligns with a focus on strengthening its position as a leading international bank in Mauritius. Ravin Dajee, Managing Director of Absa Mauritius, expressed a dedicated commitment to ensuring a seamless transition for customers and colleagues, emphasizing their focus on the local Retail and Business Banking market.
Absa Bank (Mauritius) Limited signs an agreement to acquire HSBC’s domestic Wealth and Personal Banking and Business Banking business in Mauritius. This transaction is in line with Absa Mauritius’ growth ambition and reinforces its commitment to expand and continue to be an influential player in the banking sector and the Mauritian economy.
The transaction will include the assets and liabilities pertaining to 38,000 customers and relevant employees who support these customers.
HSBC will continue to support large and mid-market domestic corporates and international subsidiaries of corporates headquartered outside of Mauritius, with a focus on cross-border trade and international business. Markets and Securities Services, multi-currency corporate lending, foreign exchange, trade finance, global custody, and sustainable finance will continue to be offered to clients.
Greg Lowden, Chief Executive Officer of HSBC in Mauritius, said: “Our decision to sell these operations reflects our desire to focus on our strengths as a leading international bank in Mauritius. Absa Mauritius is a worthy home for the many domestic retail and business banking customers we have served for many years. We will continue to serve the needs of our international customers, connecting them to our world-leading capabilities and international network”.
An important milestone for Absa Mauritius
The transaction provides Absa Mauritius the opportunity to further expand its Retail and Business Banking division, leveraging on existing resources, expertise, and infrastructure such as its innovative digital solutions.
“Today marks an important milestone on Absa Mauritius’ journey as we sign an agreement with HSBC to acquire their domestic Wealth and Personal Banking and Business Banking business in Mauritius. This transaction confirms our commitment to the local Retail and Business Banking market. We are proud to be taking over a solid portfolio from HSBC. We are committed to working closely with HSBC to secure all necessary approvals and ensure a seamless transition of colleagues and customers concerned. Their interest is our top priority and we look forward to onboarding them.” says Ravin Dajee, Managing Director, Absa Mauritius.
Absa Bank (Mauritius) Limited is a wholly owned subsidiary of Absa Group Limited. It is a leading financial institution on the domestic market and has a history spanning over 100 years. It serves as a universal bank offering an integrated set of financial solutions for individual and corporate clients operating locally and internationally. The bank is structured around the following business segments:
- Corporate and Investment Banking
- Wealth Banking
- Business Banking
- Retail Banking
The transaction is subject to specific conditions being fulfilled, including regulatory approvals, as is customary for a transaction of this nature. The deal is expected to be completed in 3Q2024.