Standard Bank Mauritius expands offering to Africa’s mid-sized businesses.
Standard Bank Mauritius broadens its offering to now service Africa’s family-owned businesses and mid-sized corporates, through the introduction of a dedicated Business and Commercial Banking (BCB) arm. The official announcement was made at Standard Bank’s head office in Johannesburg on 18 September 2024 during a launching ceremony in the presence of Sim Tshabalala – Chief Executive Officer Standard Bank Group; Bill Blackie – Chief Executive Standard Bank Business and Commercial Banking; Thunde Macaulay – Head of Africa Regions and Offshore, Standard Bank Business and Commercial Banking and Francois Gamet – Chief Executive, Standard Bank Mauritius.
For Francois Gamet, Chief Executive Standard Bank Mauritius: “The Bank is building on its long-standing presence in Mauritius, which has historically focused on global multinationals and large listed companies through its Corporate and Investment Banking (CIB) arm since it was established in 2001. Corporates businesses who wish to use Mauritius as a global gateway for trade and investment to Africa will now have access to all the benefits that Mauritius, as the leading international finance centre (IFC) in Africa has to offer to investors. The introduction of a dedicated Business and Commercial Banking (BCB) arm to the Mauritius offering is a natural extension of the facilities and services the Bank is already offering to its current portfolio of clients such as global multinationals and large listed companies. “
“Servicing this new client segment in Mauritius, also meets the strategic objectives of the Bank of promoting and contributing to the growth of African markets, says Francois, adding that, for our clients and potential clients, Standard Bank Mauritius also offers the added attraction of its strategic partnership with the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, ICBC, ideally positioning between Africa and China.”
Tunde Macaulay, Head of Africa Regions and Offshore, for Standard Bank Business and Commercial Bankingcommented on this launch: “Our clients will now be able to enjoy the full benefits of operating from an IFC which facilitates international activity and operates under a strong regulatory framework. Mauritius’ advantages also include political and economic stability, factors which have helped establish it as a business and cross-border investment hub of choice for Africa. The island’s location, a few flying hours from major centres on the African continent, and visa-free access for many countries has added to its status.”
“For large family businesses and local corporations that we bank throughout our 20 markets across Africa, operating through the Mauritian IFC means the opening of investment and trading opportunities that capitalise on its business-friendly environment, solid infrastructure, skilled workforce, competitive tax rates and a well-regulated banking sector. For African businesses, Mauritius is, therefore, a place for protecting wealth and working capital against the present challenges being faced in some African markets,” says Macaulay.
“We believe that our strong presence across 20 African countries and our deep understanding of the continent are added attractions for family-owned businesses and local corporates across the continent. By expanding our offerings in Mauritius, we are allowing our geographic footprint to be fully leveraged for the benefit of our customers,” concludes Macaulay.
