Bank of China to expand in Mauritius
The subsidiary should be operational in Mauritius by the end of the year.The Mauritian authorities have announced the opening of a branch of the Bank of China (BoC) in Mauritius by the end of the year. It will support Chinese investors on the island and in the rest of Africa.
The banking institution - the fifth state bank in China - will act as a financial conduit between China and the African continent, via the Mauritius platform.
"A delegation of the bank will be in Mauritius at the end of August for a first visit. I will ask the Central Bank to activate the procedures to grant an operating licence. I want everything to be done quickly enough for the Bank of China to be operational before the end of 2015," said Minister of Finance of Mauritius, Vishnu Lutchmeenaraidoo, quoted by the newspaper L'Express.
The director of the Board of Investment of the BoC, Ken Poonoosamy, added that the bank will mainly serve Chinese companies wanting to invest cash management in projects in Mauritius but also in African countries.
China supplies 16 per cent of the island's investments.