Bank of China opens subsidiary in Mauritius
The Chinese bank wants to expand on the African market.Bank of China (BOC) has received a commercial banking licence to operate in Mauritius, thus becoming the first Chinese bank to settle on the island.
"The establishment of Bank of China Mauritius is in line with [our] goal of attracting international and renowned banks, which strengthens the position of Mauritius as an international financial center," said the Central Bank of Mauritius on Friday, March 18.
The Chinese bank has already opened two branches in Africa, in Zambia and South Africa. A few days earlier, the BOC also opened a representative office in Casablanca, Morocco.
The Mauritian branch will support Chinese investors on the island and in the rest of Africa, acting as a financial conduit between China and the continent.
The director of the Board of Investment of the BoC, Ken Poonoosamy, said 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.