*** Growth to focus on corporate clients that are expected to benefit from the HSBC Group’s international capabilities ***
The Hongkong and Shanghai Banking Corporation Limited, a wholly owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its domestic Wealth and Personal Banking and Business Banking operations in Mauritius to Absa Bank (Mauritius) Ltd (Absa Mauritius), a major commercial and retail bank that has been operating in Mauritius since 1919.
The transaction will include assets and liabilities pertaining to approximately 38,000 customers and relevant employees who support these customers.
HSBC will continue to support large and mid-market domestic corporates and international subsidiaries of corporates headquartered outside of Mauritius, with a focus on cross-border trade and international business. Markets and Securities Services, multi-currency corporate lending, foreign exchange, trade finance, global custody and sustainable finance will continue to be offered to clients.
Greg Lowden, CEO of HSBC in Mauritius, said,”Our decision to sell these operations reflects our desire to focus on our strengths as a leading international bank in Mauritius. Absa Mauritius is a worthy home for the many domestic retail and business banking customers we have served for many years. We will continue to serve the needs of our international customers, connecting them to our world leading capabilities and international network.”
“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 conditions, including regulatory approvals and is expected to be completed in Q3 2024.
About HSBC Holdings plc:
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$3,021bn at 30 September 2023, HSBC is one of the world’s largest banking and financial services organisations.
About Absa Group Limited:
Absa Group owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia and has insurance operations in Botswana, Kenya, Mozambique, South Africa and Zambia. Absa also has representative offices in Namibia, Nigeria and the United States, as well as securities entities in the United Kingdom and the United States, along with technology support colleagues in the Czech Republic. For further information about Absa Group Limited, visit www.absa.africa.
About Absa Bank (Mauritius) Limited:
Absa Bank (Mauritius) Limited is a wholly owned subsidiary of Absa Group Limited. It is a leading financial institution on the domestic market and has a history spanning over 100 years. It serves as a universal bank offering an integrated set of financial solutions for individual and corporate clients operating locally and internationally. The bank is structured around the following business segments:
- Corporate and Investment Banking
- Wealth Banking
- Business Banking
- Retail Banking.
Absa Bank (Mauritius) Limited is part of Absa Group Limited. Leveraging the Group’s leading position on African capital markets and as a pioneer of international banking in Mauritius, the bank is well-equipped to respond to the local and regional needs and drive connectivity across key channels – in the UK, Europe, United States, and China, into and within Africa. For further information about Absa Bank (Mauritius) Limited, visit www.absabank.mu.
