16, Sir William Newton Street
Port Louis, Mauritius
1. Client portfolios for the Corporate and Investment Banking segment are often internationally oriented (segment B). How did the inclusion of Mauritius on the FATF grey list and EU blacklist impact this segment? How did the situation evolve since the exit of the Mauritian jurisdiction from those lists in October 2022?
At Bank One, we have not seen any noticeable attrition of our segment B portfolio during this period.
We proactively took advantage of the economic slowdown caused by the pandemic to conduct a full review of our portfolios, which allowed us to retain those clients that we are best suited to serve. So, in fact, when the island was included on the FATF grey list / EU blacklist, as their trusted advisors, we had a frank conversation with our clients explaining to them that the Mauritian Government, regulatory bodies, and industry players were relentlessly working towards exiting those lists by implementing the FATF recommendations with urgency. The strength of our relationship enabled us to organically grow our business and retain our existing clients.
Furthermore, on 27th June 2022, after a rigorous review, Fitch Ratings assigned Bank One a BB- rating with a Stable outlook, which reflects our strength and increases our attractiveness. From a ratings perspective, we rank among the top 20 banks in sub-Saharan Africa. The announcement came right before the exit of Mauritius from the grey list and increased confidence in Bank One and our ability to position ourselves as the “preferred gateway to Africa”, and hence, to grow further our Segment B.
2. Segment B (international) accounts for more than 54% of banks’ deposits in Mauritius, amounting to over $600 billion. Given that the global business is on a good run, should we expect this trend to reflect on the performance of the Corporate and Investment Banking segment?
Definitely, there’s a clear linkage between Global Business and CIB. Most global businesses form part of the CIB value chain and ecosystem. As they grow, we should expect a growth in CIB too, and most probably, a couple of good M&A deals too.
3. Corporate and Investment Banking professionals are also involved in growing the wealth of entrepreneurs as individuals. Can you tell us more about this aspect of your business?
When it comes to entrepreneurs, there’s usually a grey area in their finances as they’re often tempted to mix their company’s assets with their own. To better assist them in serving their individual needs, we dedicate a personal Relationship Manager (depending on their profile: Private Banking or Mass Affluent) to take care of their personal finances, leveraging the extensive knowledge and network of our Wealth Management & Securities Services team to provide bespoke solutions to grow their investments.
Click here to read the French version published in Business Mag on 26 April 2023
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