Absa Bank finalizes takeover of HSBC activities

Absa Bank finalizes takeover of HSBC activities
Absa Bank finalizes takeover of HSBC activities

7 months after the start of the process of selling the wealth management, investment banking and retail banking activities of HSBC Mauritius, the Central Bank has just validated this operation. The finalization of the sale process is planned by the end of September

Absa Bank Mauritius, the Mauritius subsidiary of the South African Absa group, announced that it had obtained the green light from the Central Bank of Mauritius as well as other regulatory authorities to acquire the wealth management, retail banking and banking activities business of HSBC in Mauritius.

HSBC Mauritius will transfer to Absa Bank Mauritius, during the period from July 5 to 8, 2024, assets and liabilities of approximately 38,000 retail customers and 400 SMEs in the Business Banking sector. This transfer will make it possible to finalize the sale agreement between the two banks by the third quarter of 2024.

This transaction offers the acquirer the opportunity to develop its retail and business banking divisions by leveraging existing resources, expertise and infrastructure. It is thus strengthening itself in the banking sector and the economy of Mauritius.

For the subsidiary of the British group HSBC, this sale does not mean a disengagement from Mauritius. “We will continue to support local businesses with international needs. We will offer products and services such as trade finance, loans in different currencies, global market security services», underlines Greg Lowden, its Managing Director. On the continent, apart from Mauritius HSBC also operates in South Africa, Egypt and Algeria.

By AJ.SEditorial Committee

-

-

NEXT Gas prices, DPE, savings plan… What’s changing on July 1, 2024