Mauritius: Launch of a new bank focused on SMEs
It becomes the third largest bank in the country.The third largest bank in Mauritius, MauBank, opened on Monday, January 4th.
The new bank was created following the Bramer Bank scandal, which had its licence withdrawn after the discovery of a scam.
Last year, the Mauritius Central Bank discovered a Ponzi scheme - a fraudulent financial package - of about 25 billion rupees (€646 million).
To replace it, the Mauritian government announced the creation of a new banking entity owned by the state - named National Commercial Bank (NCB).
In September, the government decided to merge the NCB and the Mauritius Post and Cooperative Bank (MPCB) to give birth to MauBank, which will focus on small and medium-sized enterprises (SMEs).
The new bank has 36 branches and assets of up to 33 billion rupees. "The aim is to consolidate the four pillars of the bank. Our priority is the small and medium-sized enterprises segment. We intend to make every effort to contribute to the integrated approach taken by the government to support SMEs," MauBank chief executive officer Sridhar Nagarajan told newspaper L'Express.
He added that the other pillars - namely corporate, retail and international banking - will also be consolidated this year. "We want to spruce up retail banking," he said.
All MPCB and NCB branches are now operating under the name of the MPCB MauBank, with customers able to use their bank cards in NCB branches and vice versa.