Absa Bank (Mauritius) Limited (‘Absa’, formerly Barclays) has obtained regulatory approval to acquire the Domestic Wealth, Retail Banking and Business Banking businesses of HSBC Mauritius. This transaction will affect the Mauritian banking landscape, reshuffling the cards between the major players in the sector.
Absa will incorporate the assets and liabilities of approximately 38,000 retail customers and close to 400 small and medium-sized enterprises from the merchant banking division of HSBC Mauritius. As part of this acquisition, Absa has announced that it will ensure a smooth transition for all customers and employees involved, with HSBC and Absa teams working closely together for the transition from Friday 5 July 2024 to Monday 8 July 2024. With this transaction, Absa Mauritius confirms its growth ambitions. While the MCB and SBM banks share the lion’s share of the business, banks like Absa are not letting go of the Premium segments, which include high net worth and wealthy customers (private banking included in the retail banking segment).
Absa Mauritius welcomed 67 new employees from HSBC and opened its new branch in the Bagatelle shopping centre, which is now fully operational.
