Mauritius has a well regulated banking system and all banks are supervised by the Bank of Mauritius.
Nearly all banks in Mauritius provide for facilities such as internet banking , credit cards, debit cards, etc
The two main local banks are the Mauritius Commercial Bank and the State Bank of Mauritius. Foreign banks include HSBC, Barclays, Standard Bank, etc. A brief on these banks is as per below.Local Banks in Mauritius
The Mauritius Commercial Bank
Incorporated in 1838, MCB Limited is the leading bank in Mauritius while being an increasingly prominent player in the region. Backed by modern and adapted channel capabilities, high quality service, an innovative culture and a sound business model, MCB Limited has, throughout its history, been true to its guiding principle of assisting in the advancement of individuals, corporates and the country at large, in the process playing a key role in the development of the Mauritian economy. Leveraging its extensive network of correspondent banks, MCB Limited has diversified its activities beyond local shores notably through participation in major cross-border deals and transactions and the promotion of its ‘Bank of Banks’ initiative.
The State Bank of Mauritius
The SBM Holdings Ltd is a leading financial services group in Mauritius with a growing international presence. It provides all services of a universal bank within a diversified business model. The lines of business include: Retail Banking, Small and Medium Enterprises, Wealth Management & Private Banking, Corporate Banking and International Banking & Global Business, Treasury services, eBusiness, Fiduciary services, Asset Financing, Stockbrocking and Asset Management. SBM started operations in 1973 and was listed on the Stock Exchange of Mauritius in 1995. Innovation, flexibility, accessibility and reliability are the key attributes that have contributed to the Group’s reputation and trustworthiness. Owned by nearly 17,000 domestic and international shareholders, SBM has more than 1,200 employees and services over 340,000 customers through its network of 48 service units and counters in Mauritius, India and Madagascar. Going forward, the Group is laying greater emphasis on international operations as well as non-banking activities. The SBM brand value also benefits from continued investment in people, infrastructure and technology.
Offshore Banks
HSBC Mauritius
HSBC has two entities in Mauritius – a branch of the Hongkong and Shanghai Banking Corporation Limited and a local subsidiary, HSBC Bank (Mauritius) Limited. HSBC operates 11 retail branches offering a full range of retail banking and also offers global banking services through HSBC Bank (Mauritius) Limited
Barclays Bank Mauritius
Barclays Mauritius provides a range of banking services to personal and corporate customers. Personal services include a range of current and savings accounts, foreign currency accounts, loans – including home loans and multi-purpose loans, credit cards, ATMs and telephone banking. Business services include lending products, trade and export finance and many specialist services such as treasury, foreign exchange and capital markets capability.
One of the most important landmarks on the financial front is that it pioneered offshore operations by being the first financial institution to launch itself into global business in 1990. Almost a century later, Barclays Mauritius remains an indisputable player on the global business front thanks to the expertise and business capabilities it boasts locally and internationally.
Leveraging upon the global presence of Barclays through operations in 50 countries across 27 markets and building upon an extensive network in Africa, Barclays Mauritius is able to provide a complete range of sophisticated services spanning cash management, deposits, treasury, trade and lending to meet the needs of the most exacting customers.
Standard Bank Mauritius
Standard Bank Mauritius is is a wholly owned subsidiary of the Standard Bank Group, Africa’s largest bank by assets.Standard Bank has been present in Mauritius since 2001. At the end of 2013, our total assets amounted to USD2.3 billion. Today, we are a major player in our targeted segments and provide Corporate and Investment Banking and Private Client services to governments, parastatals, large corporates, financial institutions, international counterparties and high net worth individuals.Standard Bank Group had total assets of about USD162 billion at 31 December 2013, while its market capitalisation was about USD20 billion.
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