Absa Bank (Mauritius) Limited (Absa Mauritius) is pleased to announce that we have reached an agreement with
The Hongkong and Shanghai Banking Corporation Limited (HSBC) to acquire its 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 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.
The transaction is subject to specific conditions being fulfilled, including regulatory approvals, as is customary for a transaction of this nature.