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Table of Contents
Evolution of Banking Sector in Mauritius ......................................................... 3
Commercial Banks ........................................................................................... 4
Functions of Commercial Banks ................................................................... 5
ABC Banking Corporation Ltd .......................................................................... 6
AfrAsia Bank Limited ....................................................................................... 7
Bank of Baroda ................................................................................................. 8
Bank of China (Mauritius) Limited .................................................................... 9
Bank One Limited ........................................................................................... 10
Banque des Mascareignes Ltée ..................................................................... 11
BanyanTree Bank Limited .............................................................................. 12
Barclays Bank Mauritius Limited ................................................................... 13
Century Banking Corporation Ltd ................................................................... 14
Deutsche Bank (Mauritius) Limited ................................................................ 15
Habib Bank Limited ........................................................................................ 16
HSBC Bank (Mauritius) Limited ...................................................................... 17
Investec Bank (Mauritius) Limited ................................................................. 18
MauBank Ltd .................................................................................................. 19
PT Bank MayBank Indonesia .......................................................................... 20
SBI (Mauritius) Ltd ......................................................................................... 21
SBM Bank (Mauritius) Ltd............................................................................... 22
Standard Bank (Mauritius) Limited ................................................................ 23
Standard Chartered Bank (Mauritius) Limited ............................................... 24
The Hongkong and Shanghai Banking Corporation Limited ........................... 25
The Mauritius Commercial Bank Ltd .............................................................. 26
Conclusion ...................................................................................................... 27
Reference ....................................................................................................... 28

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 Evolution of Banking Sector in Mauritius
Despite Mauritius is a small island, it has kept on struggling relentlessly to achieve an ‘outward
looking strategy’ in its economic development sector, and its progression has been occurred
through different stages. We can obviously analyze that since Mauritius has gained its
independence on 12th March 1968, the latter has experienced outstanding transformations by
enjoying a rapid growth and a substantial diversification. For example, from the shift of mono-
agricultural industry (sugar) to a service industry and from high to low unemployment. The
financial system of Mauritius has progressively evolved over time by initially providing banks like
Mauritius Commercial Bank, established in 1838 and consequently the need for Non-Banking
Financial Institutions was being felt. However, in the late 1970s and early 1980s, there was an
increase in the number of banks and NBFIs in the country.
Nowadays in the 21st century, there is approximately 21 commercial banks and 1 central bank,
that is, Bank of Mauritius.
List of commercial banks in Mauritius are:
• ABC Banking Corporation Ltd
• AfrAsia Bank Limited
• Bank of Baroda
• Bank of China (Mauritius) Limited
• Bank One Limited
• Banque des Mascareignes Ltée
• BanyanTree Bank Limited
• Barclays Bank Mauritius Limited
• Century Banking Corporation Ltd
• Deutsche Bank (Mauritius) Limited
• Habib Bank Limited
• HSBC Bank (Mauritius) Limited
• Investec Bank (Mauritius) Limited
• MauBank Ltd
• PT Bank MayBank Indonesia
• SBI (Mauritius) Ltd
• SBM Bank (Mauritius) Ltd
• Standard Bank (Mauritius) Limited
• Standard Chartered Bank (Mauritius) Limited
• The Hongkong and Shanghai Banking Corporation Limited
• The Mauritius Commercial Bank Ltd

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 Commercial Banks
As you know, people have to save money so that they can use it in their needy times. They used
to keep their money sparing in their own houses which apparently attracted theft, robbery and other
accidents which result to a risk of loss. So, consequently, people needed a safe place to keep their
money. Hence, financial institutions, that is banks, are such places where people can deposit their
savings with the assurance that they will be able to withdraw money from the deposits whenever
required.
In other words, financial institution which is an institution that completes and facilitates monetary
transactions, such as loans, mortgages, and deposits, is key to the financial intermediation process,
where financial institutions transfer funds from those who save money (savers) to those who
borrow money (spenders). There are two types of banks mainly the Central Bank and Commercial
Bank.
A Commercial Bank is owned by stockholders and operated for profit. Commercial banks are
often called full-service banks as they offer checking accounts, demand deposits, business and
personal loans, savings vehicles and a variety of other related financial services. These banks are
open to the public and serve individuals, institutions, and businesses.

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 Functions of Commercial Banks
Commercial bank being the financial institution performs diverse types of functions. It satisfies
the financial needs of the sectors such as agriculture, industry, trade, communication, etc. That
means they play very significant role in a process of economic social needs. The functions
performed by banks are changing according to change in time and recently they are becoming
customer centric and widening their functions. Generally, the functions of commercial banks are
divided into two categories that is primary functions and the secondary functions.
Commercial Banks performs various primary functions some of them are given below:
1. Accepting Deposits: Commercial bank accepts various types of deposits from public
especially from its clients. It includes saving account deposits, recurring account deposits,
fixed deposits, etc. These deposits are payable after a certain time period.
2. Making Advances: They provide loans and advances of various forms. It includes an
overdraft facility, cash credit, bill discounting, etc. They also give demand and term loans
to all types of clients against proper security.
3. Credit creation: It is most significant function of the commercial banks. While sanctioning
a loan to a customer, a bank does not provide cash to the borrower, instead it opens a
deposit account from where the borrower can withdraw. In other words. while sanctioning
a loan, a bank automatically creates deposits. This is known as a credit creation from
commercial bank.
The secondary functions of commercial banks can be divided into agency functions and utility
functions.
1. Agency Functions
• To collect and clear cheque, dividends and interest warrant.
• To make payment of rent, insurance premium, etc.
• To deal in foreign exchange transactions.
• To purchase and sell securities.
• To act as trusty, attorney, correspondent and executor.
• To accept tax proceeds and tax returns.
2. General Utility Functions
• To provide safety locker facility to customers.
• To provide money transfer facility.
• To issue traveler’s cheque.
• To act as referees.
• To accept various bills for payment e.g. phone bills, gas bills, water bills, etc.
• To provide merchant banking facility.
• To provide various cards such as credit cards, debit cards, Smart cards, etc.

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 ABC Banking Corporation Ltd
ABC Banking Corporation Ltd which is the first leasing company under the name of ABC Finance
& Leasing Ltd had established in 1997 the banking arm of the ABC Group of Companies. It has
gained its banking licence on 1 st June 2010 and it is a local company.

ABC Banking Corporation Ltd started operations on 9th December 2010 as a full‐fledged
commercial bank at Port Louis with a solid base of deposit and leasing portfolio. The Bank’s goal
is to provide excellent service delivery driven by innovation and operating on the most advanced
banking technology platform in the market.

A major milestone was achieved in January 2016 when ABC Banking Corporation Ltd opened its
shareholding to the public and was listed on the Development and Enterprise Market (DEM) of
the Stock Exchange of Mauritius (SEM).

The board of directors is composed of:

• 5 Independent Directors
• 1 Managing Director
• 1 Independent Chairman

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 AfrAsia Bank Limited
AfrAsia Bank is a local bank founded in October 2007 by Groupe Mon Loisir. Headquartered in
the Mauritius International Financial Centre, AfrAsia Bank is a boutique financial services
provider, serving the Africa‐Asia trade and investment corridor and operating as an integrated
bank, combining its strengths and expertise in three core divisions namely; Private Banking and
Wealth Management, Corporate and Investment Banking and International Banking Solutions.

Its board of directors is composed of

• 1 Independent Non-Executive Chairman
• 1 Chief Executive Officer
• 4 Non-Executive Directors
• 4 Independent Non-Executive Director

Shareholder Structure
a) IBL Ltd
The Bank’s anchor shareholder, IBL Ltd, is the 1st business group in Mauritius and employs more
than 21,800 employees.
b) National Bank of Canada (NBC)
NBC which is founded in 1859 is one of the six systemically important banks in Canada. It is an
integrated provider of financial services to retail, commercial, corporate, and institutional clients.

c) Intrasia Capital Pte Ltd

Intrasia Capital Pte Ltd (Group) is a Singapore established family office and investment holding
company. Its operations are managed from Mauritius.

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 Bank of Baroda
Bank of Baroda (BOB) was established on 20th July 1908 in the princely state of Baroda by the
great visionary, Sir Sayajirao Gaekwad III. The founder strongly believed that,” a bank of this
nature would prove to be a beneficial agency for lending, transmission and deposit of money and
a powerful factor in the development of art, industries and commerce of the state as also of
adjoining territories”. Unlike other state-owned bank, BOB could maintain its unique identity and
established a strong national presence even before independence, to all corners of the country.
The Bank was led by eminent personalities and great bankers like Shri V.D. Thakersey, Walchand
Hirachand, R.D. Birla, N.M. Chokshi, M.G. Parikh and others.
BOB was amongst the first few banks to venture overseas by opening a branch at Mombassa in
1953. Today it has 38 branches and 23 offices of its overseas subsidiaries having presence in 16
overseas countries.
Bank of Baroda has 95 years of glorious performance and an uninterrupted profit record, serving
generation after generation around the globe.

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 Bank of China (Mauritius) Limited
th
On 27 September 2016, Bank of China (Mauritius) Limited officially opened for business,
becoming the first Chinese-funded bank in Mauritius.
Bank of China (Mauritius) Limited will be mainly engaged in corporate banking, energetically
expanding deposit-taking, lending, international settlement, trade finance and financial
institutional business, proactively conducting cross-border RMB businesses, and endeavoring to
grow into a strategic platform for African businesses of the BOC Group as well as to providing
all-round quality financial services for multinationals and customers, handling businesses between
the two countries, thereby serving as a bridge between economic and investment contacts between
China and Mauritius.
BOC is the most internationalized and diversified bank in China. The Bank grooms its footprint in
46 countries and regions. It has set up a global services network to deliver all-round financial
services to customers across the globe. It is the sole Chinese financial institution that has operated
for more than 100 years, the sole Chinese enterprise that has been listed in Fortune Global 500 for
28 consecutive years, and the sole financial institution from emerging market economies that has
been enrolled as a Global Systemically Important Bank for five consecutive years.

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 Bank One Limited
Bank One Limited commenced its business operations as from June 2002, with the acquisition of
another banking business in Mauritius. Bank One is a 50:50 joint venture (JV) between CIEL
Group of Mauritius and I & M Bank of Kenya. The JV took over the bank in Feb 2008 which was
rebranded as Bank One. Bank One is a universal bank providing a range of banking and financial
products and services which include transaction and deposits accounts, personal finance, trade
finance, corporate finance and capital market services, and a host of other unique banking services,
with tailor‐made solutions for Retail Banking, Corporate Banking, Private Banking & Wealth
Management and International Banking.
It operates with sixteen branches throughout Mauritius and has a well distributed network of ATMs
and fully operational Banking platform. With a client base of above 50,000 serviced by a team of
highly professionals in a fully computerized on‐line IT environment, the Bank also offers
international Debit Card, Visa Card, Visa prepaid Card as a well as e‐commerce facilities.
Bank One’s board of directors consist of:
• 1 Independent Director/Chairperson
• 1 Executive Director & Chief Executive Officer
• 4 Non-Executive Director
• 3 Independent Directors
• 1 Chief Executive Officer
Bank One has as shareholders CIEL Finance Limited and I&M Holdings PLC with both entities
owning sizeable banking operations in Madagascar, Kenya, Tanzania and Rwanda. Undeniably, it
is one of the few banks in Mauritius to have a tangible presence in Africa and is strategically
positioned to benefit from the local market insight and the vast market potential of the continent.
It aims to offer the Mauritius advantage to clients looking to invest or establish a foothold in Africa.

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 Banque des Mascareignes Ltée
Banque des Mascareignes exists in Mauritius since 2004 and is an exclusively owned subsidiary
of Groupe BPCE through BPCE- International. Born from the vision and determination of Groupe
BPCE to take an active part in the economic development of Mauritius, Banque des Mascareignes
is the sole French bank to be present in the jurisdiction. Banque des Mascareignes is a wholly-
owned subsidiary of Groupe BPCE, the 2nd largest banking group in France with over 36 million
customers.
The bank branches located all over the island and a Change Counter at the airport. The bank
provides tailor-made banking products and services to individuals, corporate customers and SMEs
as well as to Financial Institutions and Non-Banking Financial Institutions. Banque des
Mascareignes has dedicated business units for each customer segment, namely Retail and SME
Banking, International & Global Business Banking, Corporate Banking and Treasury services.

Its board of directors consist of:

• 1 Chief Executive Officer
• 1 Deputy CEO
• 3 Independent Non-Executive Directors
• 1 Chairman of the Board

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 BanyanTree Bank Limited
BanyanTree Bank was established in Mauritius in December 2012 and commenced operations in
February 2013. The bank is promoted by finance professionals both local and international with
business and strategic experience in the financial services space and forms part of the Banyan Tree
Group.
It offers fixed deposit accounts and current and savings accounts in foreign currency and Mauritian
Rupees at attractive rates. The bank also provides remittance products both local and international
through the SWIFT network and “Go Account” for banking the unbanked/underserved population.
BanyanTree Bank is at the forefront of technological innovation and is committed to enhance the
user experience by providing differentiated and innovative products. The bank aims to offer
products and solutions that are cost effective and encourage savings by individuals and corporates.
It has partnered with Tata Consultancy Services (India’s largest Technology Company) for a cloud
services model which will significantly reduce costs for the bank.
Its board of directors compose of:
• 1 Non-Executive Chairman
• 1 Vice Chairman
• 1 Shareholder Director
• 1 Chief Executive/Executive Director

Shareholders

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 Barclays Bank Mauritius Limited
Barclays Bank Mauritius is part of Absa Group Limited, an African financial services group that
aims to be the pride of the continent. Absa Group Limited is listed on the Johannesburg Stock
Exchange in South Africa and is one of Africa’s largest diversified financial services groups with
a presence in 12 countries across the continent and around 42,000 employees.
Barclays Bank was the first international bank to establish operations in Mauritius on 15 October
1919. The bank operated as a branch of Barclays Bank PLC until 1 June 2013 when it became
Barclays Bank Mauritius Limited (“BBML”) and a subsidiary of Barclays Group.
One of the most important landmarks on the financial front is that the bank pioneered offshore
operations by being the first financial institution in Mauritius to launch itself into global business
in 1990. Barclays Mauritius provides a range of banking services to personal and corporate
customers. Personal services include 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.
Board of Directors consist of:
• 1 Chairman of the board
• 2 Executive Directors
• 6 Non-Executive Directors

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 Century Banking Corporation Ltd
Century Banking Corporation Ltd (CBC), the first Islamic Bank, was granted a banking licence on
3 September 2010 and started its operations on 31 March 2011. CBC is a boutique investment
bank, combined with private banking and international banking facilities, which targets mainly
clients from Africa, Asia and Middle East by offering tailor-made Shari’a compliant products and
services.
Century Global Ltd (CGL), the fully‐owned subsidiary of CBC, is a category 1 Global Business
Company. It acts as the investment arm of CBC and holds the following financial services licenses
issued by the FSC namely CIS Manager License and Investment Dealer (Full Service Dealer ‐
including underwriting) License.
Vision:
Leadership through effective performance in Shari’a compliant banking practices.
Mission:
Driven by a selfless belief that personalized service will build valued relationships when delivered
with integrity.

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 Deutsche Bank (Mauritius) Limited
Deutsche Bank (Mauritius) Limited (DBML), is the local subsidiary of Deutsche Bank group
which is present in 74 countries. DBML has established its operations in Mauritius since 1995 and
has a staff of 200 people. Its activities span from corporate and investment banking to private
clients and asset management. Deutsche Bank is a leading global investment bank with a strong
and profitable private client’s franchise. Established in 1870, it is listed on both the Frankfurt and
New York Stock Exchanges. A leader in Germany and Europe, the bank is continuously growing
in North America, Asia and key emerging markets. Deutsche Bank (Mauritius) Limited (DBML),
whose main office is based in Port Louis, is a fully owned subsidiary of Deutsche Bank AG,
Germany. DBML was incorporated in 1998 and began operating in early 1999.
The bank provides a comprehensive range of global business banking services to financial
institutions and intermediaries, international business groups and private clients through its Private
Wealth Management, Fiduciary and Global Transaction Banking divisions. Deutsche Bank also
runs a large in‐sourcing operations base in Mauritius, which services a number of Deutsche Bank
offices worldwide. Currently, the bank employs a total staff complement of over 250. In 2009,
Deutsche Bank (Mauritius) Limited opened another office situated in Ebène.

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 Habib Bank Limited
Habib Bank Limited was established in 1941 in Pakistan and its presence in Mauritius, through
one of its branches, dates back to 1964. The bank (formerly known as "Habib Bank (Overseas)
Limited") is one of the founding members of the MBA.
The bank currently has 1 main and 4 branches in Mauritius. Habib Bank Limited (HBL) has a
presence in 25 countries (including France, USA, UK, Singapore, Seychelles, Dubai, China
amongst others) worldwide, serving a customer base of over 10 million with a network of over
1700 branches across the globe, with its Head Office located in Karachi, Pakistan. The Aga Khan
Fund for Economic Development (AKFED) acquired 51% of the shareholding of HBL in Feb
2004.
Its board of directors consist of:
• 1 Chairman
• 5 Directors
• 1 Chief Executive Officer

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 HSBC Bank (Mauritius) Limited
HSBC Bank (Mauritius) Limited is a local subsidiary of the HSBC Group and started its operations
in August 2006. The new entity has taken over the majority of the global offshore banking
activities which were under one of the divisions of The Hongkong and Shanghai Banking
Corporation Limited.
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The
Group serves customers worldwide from over 6,100 offices in 73 countries and territories in
Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$
3,445bn at 31 December 2016, HSBC is one of the world’s largest banking and financial services
organizations. Through its 11 full‐service domestic branches, HSBC offers a wide range of
products and services including accounts services, credit cards, home loans, personal loans and
custodian services to domestic customers.
In Mauritius, HSBC operates two entities: a branch of The Hongkong and Shanghai Banking
Corporation Limited, which has been present in Mauritius since 1916 and a locally incorporated
subsidiary, HSBC Bank (Mauritius) Limited (HBMU), which was one of the first bank to set up
an International Banking Unit in Mauritius in 1991.
HSBC is also a leading bank in the International Business sector and offers its global customers
sophisticated products that facilitate cross border trade and investment.

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 Investec Bank (Mauritius) Limited
Investec is an international specialist banking group that provides a diverse range of financial
products and services to a select client base. Founded as a leasing company in Johannesburg in
1974, Investec acquired a banking licence in 1980 and was listed on the Johannesburg Stock
Exchanges (JSE) in South Africa in 1986.
Since inception, Investec has expanded through a combination of substantial organic growth and
a series of strategic acquisitions. Today, Investec has an efficient integrated international business
platform, offering all core activities in the UK and South Africa and select activities in certain
other countries.
Investec Bank (Mauritius) Limited was established as a wholly owned subsidiary of Investec Bank
Limited (in South Africa) in 1997. Today it is recognized as one of the leading banks in Mauritius
operating within the regulatory standards of both Mauritius and South Africa. The Bank offers a
wide range of products and services targeting high net worth individuals, corporate, trusts,
institutions and government.
Investec fosters an entrepreneurial culture, which is balanced by a strong risk management
discipline, client‐centric approach and ability to be nimble, flexible and innovative. Investec aims
to build well defined, value added businesses focused on serving the needs of select market niches
where it can compete effectively.
Its board of directors comprise of:
• 1 Chairman
• 1 Senior Independent Director
• 2 Chief Executive Officer
• 8 Independent Non-Executive Director
• 1 Non-Executive Director
Its shareholders are:
• Allan Gray (ZA), 38 471 349 shares, 12.4%
• Public Investment Commissioner (ZA), 35 492 302 shares, 11.4%
• Investec Staff Share Scheme (ZA), 14 674 608 shares, 4.7%
• Old Mutual (ZA), 13 123 570 shares, 4.2%
• BlackRock Inc (US & UK), 12 223 803 shares, 3.9%
• Sanlam Group (ZA), 10 554 623shares, 3.4%
• The Vanguard Group, Inc (US & UK), 10 492 686 shares, 3.4%
• Coronation Fund Managers (ZA), 10 186 937 shares, 3.3%
• Dimensional Fund Advisors (UK), 8 276 719 shares, 2.7%
• Entrepreneurial Development Trust (ZA), 5 547 362 shares, 1.8%

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 MauBank Ltd
On 4th January 2016, MauBank Ltd (formerly known as Mauritius Post and Cooperative Bank Ltd
“MPCB”) acquired the assets and liabilities of the National Commercial Bank Ltd pursuant to a
transfer of undertaking carried out as per the provisions of Section 32 A of the Banking Act 2004.
Subsequently, MPCB changed its name to MauBank Ltd (“MauBank”). The main shareholder of
MauBank is MauBank Holdings Ltd, which is a wholly owned state company. MauBank operates
Retail, SME and Corporate banking business locally and internationally for individuals and
businesses. The Bank’s distribution network consists of 19 branches and 32 ATMs across
Mauritius including internet banking to deliver proximity services to its customers. The bank also
provides basic banking services across the post office network operated by Mauritius Post Ltd.
MauBank is your ideal platform offering a wide choice of financing, deposits and transactional
facilities to meet personal, small & medium enterprise (SME), corporate, global business and retail
banking requirements.
The Bank has strong capabilities to build solutions around the needs of its customers through
innovative banking products and services as a key differentiator. The Bank is providing dedicated
and specialized SME banking solutions through 10 out of its 19 branches.
It aims at continuously exceeding the expectations of its key stakeholders namely customers,
employees, regulators, community and shareholders through a culture of Responsiveness,
Integrity, Innovation, Teamwork and Excellence.
Its board of directors consist of:
• 3 Independent Directors
• 3 Non-Executive Directors
The Board’s membership shall consist of a minimum of five (5) members and a maximum of
thirteen (13) members, out of which 40 percent of the members shall be independent directors.

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 PT Bank MayBank Indonesia
PT Bank MayBank Indonesia formerly known as P.T Bank Internasional Indonesia Tbk. (BII) was
established in Indonesia on 15 May 1959. After obtaining a license as a foreign exchange bank in
1988, the bank had its shares listed on the Jakarta Stock Exchange and Surabaya Stock Exchange
(now merged as Indonesia Stock Exchange) in 1989. As a publicly listed company, PT Bank
MayBank Indonesia has grown to become one of the leading private banks in Indonesia.
In 2008, Malayan Banking Berhad (Maybank) the largest bank in Malaysia and one of the leading
financial groups in ASEAN, acquired the bank through its entirely owned subsidiary, Maybank
Offshore Corporate Services (Labuan) Sdn. Bhd (MOCS). Since then, Maybank has become the
majority shareholder of PT Bank MayBank Indonesia through two of its subsidiaries: Sorak
Financial Holdings Pte. Ltd (Sorak) and MOCS.
The Shareholding pattern as at 31 December 2015 is as follows:
• Sorak Financial Holdings Pte. Ltd 45.02%
• Maybank Offshore Corporate Services (Labuan) Sdn. Bhd 33.96%
• UBS AG London 18.31%
• Public 2.71%

PT Bank MayBank Indonesia as one of the largest banks in Indonesia has an international network
and branches spread across all provinces in Indonesia and two overseas branches in Mauritius and
Mumbai.
PT Bank MayBank Indonesia obtained its banking licence and commenced its operations in
Mauritius in 1998. The bank focuses on providing advisory services to clients targeting the Asian
market (Singapore, India & Malaysia).

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 SBI (Mauritius) Ltd
SBI (Mauritius) Ltd (SBIML) was formed as a result of the amalgamation, in October 2008, of the
Indian Ocean International Bank Ltd, a domestic bank, with the SBI International (Mauritius) Ltd,
a global business bank, which had been operating in Mauritius since 1989. SBIML is a locally
incorporated bank and a subsidiary of the State Bank of India (SBI), the largest Commercial Bank
in India. SBI is the largest shareholder of SBIML holding 96.60 % shares.
SBIML offers a range of advances and deposit products for both corporate and retail customers,
apart from remittance facilities to anywhere in the world and in all the major foreign currencies. It
also provides a comprehensive range of global business banking services to corporate financial
institutions and intermediaries. SBIML makes a profound contribution in driving all sectors of the
Mauritian Economy – primary, secondary and tertiary, in equal measure. SBIML is constantly re‐
engineering itself and its role to keep step with the changing dynamics of the needs of its customers
and its operating environment.
SBIML`s core values are Integrity, Customer Care and sound Corporate Governance apart from
following Best International Practices. It is committed to be a responsible corporate citizen and a
significant player in the Mauritian Banking Sector. SBIML operates 14 branches in Mauritius
including Rodrigues and 18 ATMs, including 4 off‐site ATMs at different locations. It presently
employs 212 people locally.

Its board of directors consist of:

• 2 Non-Executive Directors
• 1 Chairman
• 1 Executive Director
• 2 Independent Directors

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 SBM Bank (Mauritius) Ltd
Established in 1973, SBM Bank (Mauritius) Ltd, a flagship member of SBM Group, is a leading
commercial bank in Mauritius. SBM Group is also present in India, Madagascar and Myanmar
and is engaged in banking, non‐banking financial services and non‐financial investments.
SBM Holdings Ltd (SBMH), the holding company, is the 3rd largest listing on the official market
of the Stock Exchange of Mauritius, with a market capitalization of MUR 20.2 billion as at end
December 2016.
SBM Bank (Mauritius) Ltd has a strong franchise with a market share of over 20% in domestic
advances and deposits. It caters for a wide range of customer segments including Personal, SME,
Corporate, Cross Border and Financial Institutions.
The bank offers a suite of products and services that encompasses deposits, lending, institutional
banking and international banking & global business, trade finance, cards, leasing, treasury,
insurance, custody and investment products, as well as a range of payments services. SBM Group
services over 525,000 customers through multi‐channel capabilities including branches, ATMs,
POS, internet, mobile and call centres.
Its board of directors comprise of:
• 1 Chairman
• 1 Chief Executive
• 6 Independent Non-Executive Directors

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 Standard Bank (Mauritius) Limited
Standard Bank (Mauritius) Limited is a wholly owned subsidiary of the Standard Bank Group, the
largest bank in Africa in terms of assets. The Bank is present in Mauritius since 2001, and our two
main pillars of business are Corporate and Investment Banking and Wealth and Investment.
Building on over 150 years’ experience, Standard Bank Group has direct, on‐the‐ground
representation in 20 African countries. Standard Bank Group has 560 branches and 1223 ATMs in
Africa, making it one of the largest banking networks on the continent.
Standard Bank Mauritius delivers a complete range of financial services across Corporate and
Investment Banking and Wealth and Investment to multinational companies, large domestic
conglomerates, management companies and high net worth individuals.
Standard Bank Corporate & Investment Banking aims to be the leading corporate and investment
banking business in, for and across Africa, with a deep specialization in natural resources. The
Corporate and Investment Banking unit provides tailor‐made solutions in banking, finance,
trading, investment, risk management and advisory services. Corporate and Investment Banking
delivers this comprehensive range of products and services relating to: investment banking; global
markets; and global transactional products and services.
Standard Bank Wealth and Investment Unit offers an integrated suite of end‐to‐end wealth
management services and banking solutions.
Its board of directors comprise of:
• 6 Non-Executive Directors
• 2 Executive Directors

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 Standard Chartered Bank (Mauritius) Limited
Standard Chartered Bank was established in Mauritius in 2002, as a wholly owned subsidiary of
Standard Chartered Bank in UK. It is part of the Standard Chartered international banking group
with an extensive network of over 1,700 branches and outlets in more than 70 countries in the Asia
Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.
Standard Chartered is a leading international bank, with more than 90,000 employees and a 150‐
year heritage in the world’s most dynamic markets. Standard Chartered banks the people and
companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle
East, where it earns around 90% of its income and profits.
Standard Chartered’s heritage and values are expressed in their brand promise, Here for good. The
bank is committed to build a sustainable business over the long term and is known worldwide for
its high standards of corporate governance, social responsibility, environmental protection and
employee diversity.
Standard Chartered Mauritius holds a full‐fledged banking licence, serving corporate and
institutional clients. The bank offers a range of onshore and offshore services including: Multi‐
currency accounts, Cash management services, International payments and transfers, Trade
services, Securities services, Client access, Treasury products and Credit facilities.
Its board of directors comprise of:
• 1 Chairman
• 2 Non-Executive Directors
• 2 Executive Directors

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 The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation (HSBC) Limited which is an international
bank, has established a branch in Mauritius since 1916. The Hongkong and Shanghai Banking
Corporation Limited operates 11 branches in Mauritius.

HSBC is one of the world’s largest banking and financial services organizations. We serve more
than 38 million customers through four global businesses: Retail Banking and Wealth
Management, Commercial Banking, Global Banking and Markets, and Global Private Banking.
Our network covers 66 countries and territories in Europe, Asia, the Middle East and Africa, North
America and Latin America.
With around 3,800 offices worldwide, we aim to be where the growth is, connecting customers to
opportunities, enabling businesses to thrive and economies to prosper, and ultimately helping
people to fulfil their hopes and realize their ambitions.
The Hongkong and Shanghai Banking Corporation Limited have around 200,000 shareholders in
more than 125 countries and territories. HSBC has a primary share listing on the UK’s London
Stock Exchange and branch listings on the Hong Kong Stock Exchange and Bermuda Stock
Exchange. Its shares are also listed on Euronext Paris and on the New York Stock Exchange.

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 The Mauritius Commercial Bank Ltd
The Mauritius Commercial Bank Ltd was established in 1838 and as such is the longest standing
bank of Mauritius. It is listed on the Stock Exchange of Mauritius since 1989. Present mainly in
the commercial banking sector, the bank is diversifying in the non-bank financial services which
include leasing, factoring, asset management, private equity, stockbroking, registry and investor
services business.
The bank has 11 subsidiaries and 2 associated companies and also operates 42 branches and 10
exchange offices across Mauritius and Rodrigues. It has operations in France, Madagascar,
Mayotte, Mozambique, Réunion Island and Seychelles.
MCB has market shares of around 40% in respect of domestic credit to the economy and local
currency deposits and nearly 50% of cards issued. The Bank has over 930,000 individual and
institutional customers and a workforce of some 2,500 employees. The Bank’s Mauritian business
is anchored on an extensive network of 40 branches, 166 strategically‐located ATMs, above 7,000
point‐of‐sale terminals, over 105,000 registered Internet Banking customers, network of over
1,600 correspondents’ banks across the world and around 60 clients being serviced by the Bank in
the context of the ‘Bank of Banks’ initiative.

Its board of directors consist of:

• 2 Executive Directors
• 1 Non-Executive Director
• 8 Independent Non-Executive Directors

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 Conclusion
It is obvious that every bank provides and exercises the same services and that only some elements
differ them from each other in order to attract more clients by providing new facilities such as
Juice by MCB, internet banking and so on. Moreover, we must bear in mind that commercial banks
have different structures of board of directors, but they must follow the rules and regulations
imposed by the Bank of Mauritius. That is, according to Banking Act 2004, under section 14, no
financial institution incorporated in Mauritius shall have a board of directors consisting of fewer
than 5 natural persons and 40 per cent independent directors. Nevertheless, commercial banks
facilitate the life of people by storing their money in a safe place and by paying them an amount
of interest which make people’s money grow, for example in a savings account.

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References
Global Finance Mauritius, Overview of Financial System of Mauritius,
http://www.globalfinance.mu/files/20150929/Country-Report-Mauritius.pdf
MoLaBank, List of Banks in Mauritius, http://molabank.info/banks-list-mauritius/#mcb
Investopedia, Commercial Banks, https://www.investopedia.com/terms/c/commercialbank.asp
Economic Discussion, Functions of Commercial Banks,
http://www.economicsdiscussion.net/banks/commercial-banks-its-functions-and-types-
explained/4149
ABC Banking Corporation, https://www.abcbanking.mu/
AfrAsia Bank Limited, https://www.afrasiabank.com/en
Bank of Baroda, https://www.bankofbaroda-mu.com/
Bank of China (Mauritius) Limited, http://molabank.info/banks-list-mauritius/#hsbcbank
Bank One Limited, https://bankone.mu/en/
Banque des Mascareignes Ltée, https://www.bm.mu/
BanyanTree Bank Limited, https://www.banyantreebank.com/
Barclays Bank Mauritius Limited, https://www.mu.barclaysafrica.com/personal/
Century Banking Corporation Ltd, http://www.cbc.com.mu/
Deutsche Bank (Mauritius) Limited, https://www.db.com/mauritius/
Habib Bank Limited, http://globalhbl.com/mauritius/contact-us.php
HSBC Bank (Mauritius) Limited, https://www.hsbc.co.mu/1/2/home
Investec Bank (Mauritius) Limited, www.investec.com
MauBank Ltd, www.maubank.mu
PT Bank MayBank Indonesia, http://www.mba.mu/members/bii.php
SBI (Mauritius) Ltd, www.sbimauritius.com
SBM Bank (Mauritius) Ltd, www.sbmgroup.mu
Standard Bank (Mauritius) Limited, www.standardbank.mu
Standard Chartered Bank (Mauritius) Limited, www.standardchartered.com/mu
The Hongkong and Shanghai Banking Corporation Limited, www.hsbc.co.mu
The Mauritius Commercial Bank Ltd, www.mcb.mu

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