Absa Bank Mauritius

Absa Bank Mauritius Limited
Company typeSubsidiary of Absa Group Limited
IndustryFinancial services
Founded1919; 106 years ago (1919)
HeadquartersAbsa House, 68 Wall Street, Cybercity, Ebene, Mauritius
Key people
Iqbal Rajahbalee
Chairman[1]
Ravin Dajee
Managing Director and CEO[2]
ProductsLoans, checking, savings, mortgages, debit and credit cards, wealth management, investments, etc.
Websitewww.absabank.mu/en/personal/

Absa Bank Mauritius Limited (ABML), formerly known as Barclays Bank Mauritius Limited, is a commercial bank in Mauritius, licensed by the Bank of Mauritius, the country's central bank and national banking regulator.[3]

Location

The headquarters of the bank are located at Absa House, 68 Wall Street, Cybercity, Ebene, Mauritius.[3][4] Ebene is a town approximately 16 kilometres (10 mi), by road, south of Port Louis, the capital and largest city in the country.[5]

Overview

Absa Bank Mauritius is a large financial services company, serving corporate clients, high networth individuals, retail customers and small and medium enterprises. As of September 2010, the bank had assets of MUR:127,295,000,000 (US$3.343 billion), with shareholders' equity of MUR:16,011,000,000 (US$420.494 million).[6]

This bank is a subsidiary of Absa Group Limited, a financial services conglomerate, headquartered in South Africa, with subsidiaries in 12 African countries and with assets in excess of US$87 billion as of 30 June 2017,[7] whose shares of stock trade on the Johannesburg Stock Exchange under the symbol ABG.[8]

History

According to the archives of Barclays Bank Mauritius, the oldest bank in Mauritius that became a component of the bank, is The National Bank of South Africa, which established a branch in the country in 1919. In 1925, Anglo-Egyptian Bank, Colonial Bank and National Bank of South Africa were merged to form Barclays Bank (Dominion, Colonial and Overseas). Since then the bank went through mergers, acquisitions and divestitures. Barclays Bank Mauritius operated as a branch of Barclays, until 1 June 2013, when it was incorporated as Barclays Bank Mauritius. That same year, the bank became a member of Barclays Africa Group, with Barclays Plc holding a controlling 62.3 percent majority ownership.[9]

Name change

In 2016, Barclays, which owned 62.3 percent of Barclays Africa Group (BAG), the then majority shareholder of Barclays Bank of Mauritius Limited, decided to divest its majority shareholding in BAG, worth £3.5 billion at that time. In 2017 Barclays reduced its shareholding in BAG to 14.9 percent.[10]

Subsequently, in 2018 BAG re-branded to Absa Group Limited. Under the terms of that re-brand, Absa has until June 2020 to change the names of its subsidiaries in 12 African countries.[11]

In Mauritius, the re-brand concluded on 10 February 2020, when both the bank's legal and business names became Absa Bank Mauritius Limited.[12]

Governance

The bank is supervised by a ten-person board of directors, chaired by Iqbal Rajahbalee, one of the non-executive directors. The managing director and CEO is Ravin Dajee.[1][2]

See also

References

  1. ^ a b Absa Bank Mauritius Limited (25 March 2020). "Absa Bank Mauritius Limited: About Us: Our Board: Iqbal Rajahbalee, Chairman of the Board". Ebene, Mauritius: Absa Bank Mauritius Limited. Retrieved 25 March 2020.
  2. ^ a b Le Mauricien (2 March 2020). "Ravin Dajee, managing director of Absa bank: "Going from Barclays to Absa is not just a change of name"" (Translated from the original French language). Le Mauricien. Port Louis. Retrieved 25 March 2020.
  3. ^ a b Bank of Mauritius (25 March 2020). "List of Licensed Banks in Mauritius". Port Louis: Bank of Mauritius. Retrieved 25 March 2020.
  4. ^ Absa Bank Mauritius Limited (25 March 2020). "Absa Bank Mauritius Limited: Head Office". Ebene, Mauritius: Absa Bank Mauritius Limited. Retrieved 25 March 2020.
  5. ^ Globefeed.com (25 March 2020). "Distance between Port Louis, Mauritius and Ebene, Mauritius". Globefeed.com. Retrieved 25 March 2020.
  6. ^ Barclays Bank Mauritius Limited (30 September 2019). "Barclays Bank Mauritius Limited: Summary Statement of Financial Position As At 30 September 2019" (PDF). Ebene, Mauritius: Barclays Bank Mauritius Limited. Retrieved 25 March 2020.
  7. ^ Relbanks.com (July 2017). "Profile of Barclays Africa Group (now Absa Group Limited)". Relbanks.com. Retrieved 25 March 2020.
  8. ^ Moneyweb (25 March 2020). "Financial overview of the JSE listed company Absa Group Ltd. (ABG)". Johannesburg: Moneyweb South Africa. Retrieved 24 March 2020.
  9. ^ Barclays Plc (2020). "History of Barclays Bank Mauritius Limited". London: Barclays Bank Archives. Archived from the original on 25 March 2020. Retrieved 25 March 2020.
  10. ^ Martin Arnold and Patrick Jenkins (26 February 2016). "Barclays set to exit African business". The Financial Times. London. Retrieved 24 March 2020.
  11. ^ "Barclays Africa returns to its SA roots with rebrand". Business Daily Africa. Reuters. 11 July 2018. Retrieved 24 March 2020.
  12. ^ Isaiah Mwebaze (13 February 2020). "Absa Group completes renaming of African subsidiaries". Kampala: Eagle Uganda Online. Retrieved 25 March 2020.

20°14′36.5″S 57°29′37.5″E / 20.243472°S 57.493750°E / -20.243472; 57.493750