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Banking / Investment in Mauritius

  • Africa's last international banks make their stand

    BOTSWANA, 2017/10/31 On June 1, 2017, Barclays sold a 33.7% stake in its African business, Barclays Africa Group Limited (BAGL). The transaction reduced the UK lender’s stake in its African offshoot to 14.9% and permitted, in accounting terms, the deconsolidation of BAGL from its parent. Additional symbolically, it brought to an end Barclays’ operations on the continent next additional than 100 years. The rise of Africa’s home-grown financial players has led most international lenders to withdraw from the continent. However, Société Générale and Standard Chartered are not only staying put but marking territory for digital expansion. James King reports.
  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • Mauritius rides wave of Asian investment in Africa

    MAURITIUS, 2016/09/29 Its arrival was the new addition to what the finance ministry describes as an “significant number” of Asian national-owned enterprises using Mauritius as a launch pad to Africa. At the same time as the Bank of China secured a Mauritian banking license in March, it was hailed as proof of the island’s potential as a staging post for Africa. Antony Withers, chief executive of the Mauritius Commercial Bank, says the move was the majority tangible sign from presently on of Mauritius’s ability to become a centre for Chinese investment . “Mauritius has a wonderful opportunity to act as a conduit to spur the increase of the African continent,” he adds.
  • East Africa: Regional Microfinance Institutions Advised to Apply for Observer Status

    DJIBOUTI CITY, 2015/01/04 Regional microfinance institutions are poised to benefit from regional integration, if they apply for an observer status at the East African community secretariat, Innocent Safari, the permanent secretary, Ministry of East Africa community affairs has said. The advice follows plans by sector players to move towards integrating legal and regulatory frameworks during the recently concluded microfinance CEO's summit in Kigali. During the summit, top micro finance managers resolved to explore ways in which laws, regulations and supervisory frameworks governing the sector can be harmonised to enhance cross-border business.
  • Mauritian-Malagasy consortium acquires BNI Madagascar Bank

    MADAGASCAR, 2014/06/11 A consortium, in which the Mauritian group 'CIEL Ltd.' is a majority shareholder with 60%, in partnership with Malagasy group 'Initial Immo', has acquired the BNI Madagascar Bank, from official sources. In a communiqué published Monday, CIEL Ltd's Executive Director, Jean-Pierre Dalais, said the investment follows the development strategy plan of the group. 'We want to strengthen our presence in the financial sector in Madagascar by investing in an by presently established bank,' he said.
  • Customers are angry about the 'excessive level of profits' registered by some banks.

    MAURITIUS, 2014/06/09 The Bank of Mauritius Friday published a Public Consultation Document to help banks and their customers strike a fairer transaction . In the preamble of this document, the Bank said customers feel that banking services are too expensive in the island. 'They feel they are being unfairly treated. They feel that their hard-earned money is being used to generate substantial profits for shareholders while they are being made to pay high interest rates and onerous fees and charges,' the Bank indicated. Customers are angry about the 'excessive level of profits' registered by some banks.
  • Mauritius Commercial Bank gets US$150 million loan from AfDB

    MAURITIUS, 2013/10/23  The Mauritius Commercial Bank (MCB) and the African Development Bank (AfDB) on Monday signed a loan agreement for US$150 million to enable MCB to accelerate its expansion in Africa. Pierre Guy Noël, chief executive Group of MCB, said that the financial support from AfDB would enable the bank to increase its loan portfolio in currencies and strengthen its basic capital while helping it to finance its restructuring plan. Mohamed Kalif, AfDB division manager, said that in the next three years, Africa would need a financing of US$100 billion to overcome the challenges posed by the deficit in investment and infrastructure.
  • Mauritius is keen on attracting additional Chinese investment

    MAURITIUS, 2013/07/22 Mauritius is keen on attracting additional Chinese investment as it seeks a bite of the Asian country's much-documented foray into Africa. Finance minister Xavier-Luc Duval said that the country has been pursuing investment opportunities with both the Chinese government and private investors. Speaking in Port Louis, Mr Duval said that promoting the prosperous island country as a seafood hub would as well attract additional investors from China.  The minister last month travelled to China accompanied by government officials and representatives from both the Mauritian Board of Investment and Mauritian companies in what he termed a fruitful trip.
  • Mauritius offers Africa investment route for Indian firms

    MAURITIUS, 2013/07/22 Having been a preferred route for foreign investors coming to India for a long time, Mauritius presently wants Indian companies to use its platform for their outward investments to Africa. Presenting it as a 'gateway to Africa' for investments in various sectors, a high-level delegation from Mauritius, comprising policymakers and industry players, has come here to meet industry bodies and other stakeholders to apprise them about the benefits of the Indian Ocean island country. "We have recently seen an enormous increase in the number of world business companies being incorporated in Mauritius and targeting Africa," Mauritius' integrated financial sector regulator FSC (Financial Services Commission) Chairman Marc Hein told PTI here.