Mauritius Banks

Over the last decade, Mauritius has emerged as an important financial hub in the Indian Ocean region and effectively acting as a strategic business platform bridging the east and west. Since its early days, the financial activities have been largely dominated by banking sector.

Mauritius has a long tradition of commercial banking dating back to 1812 and the largest Mauritian bank; The Mauritius Commercial Bank Ltd was established in 1838.

The local banking system and financial environment has adopted international trends in deregulation, liberalization and globalization of financial markets.

The financial sector boomed as commercial banks expanded and offshore activities and the Stock Exchange of Mauritius entered the scene.

The interest rates have been fully liberalized since 1987 and as from 1991, the Central Bank of Mauritius embarked on monetary policy reforms aiming at effective open market operations.

Today, the local banking sector consist of locally incorporated commercial banks, alongside international - globally known banks.

The Bank of Mauritius

The Bank of Mauritius was established in September 1967 as the Central Bank of the country. It was modeled on the Bank of England and was, in effect, set up with the assistance of senior officers of the Bank of England.

The Bank of Mauritius regulates and supervises the activities of banks to make sure that the banking system functions properly. The Bank also plays a major role in creating a conducive environment to enhance economic expansion.

The Bank has been set up as the authority which is responsible for the formulation and execution of monetary policy consistent with stable price conditions. It also has responsibility for safeguarding the stability and strengthening of the financial system of Mauritius.

Mauritius Leading Commercial Banks:

Mauritius Commercial Bank - MCB

Mauritius Commercial Bank (MCB), founded in 1838, is the oldest and largest banking institution of Mauritius. It is also the oldest banking institution south of the Sahara and one of the oldest banks of the Commonwealth to have preserved its original name.

The Mauritius Commercial Bank’s history dates to 1838 when Governor Sir William Nicolay proclaimed the establishment of 'La Banque Commerciale de l'îsle Maurice'. The bank was an initiative by a group of traders of the capital, headed by Mr. James Blyth and Mr. William Hollier Griffiths, who wanted to establish an alternative to the Bank of Mauritius, which they felt favored the planters on the island.

Today, the Mauritius Commercial Bank is the biggest bank in Mauritius. The bank operates a network of 42 branches and over 4,000 point of sale terminals across the island.

The holding structure of the MCB Group translates its two-fold strategy namely diversification into financial services through local subsidiaries and associated companies and regional expansion through its foreign subsidiaries.

The MCB group is also present in the Seychelles, Madagascar, Mozambique, Maldives and South Africa through a representative office. MCB also operates branches in Reunion, Mayotte and Paris through Banque Française Commerciale Océan Indien, a joint-venture with Société Générale.

State Bank of Mauritius - SBM

State Bank of Mauritius (SBM) is the second largest bank in Mauritius with a market share of about 25% of domestic banking assets. It has 42 domestic branches, and three branches in India.

The State Bank of Mauritius Group provides all services of a universal bank within a diversified business model. The lines of business include: Retail Banking, Small and Medium Enterprises, Wealth Management & Private Banking, Corporate, International and Investment Banking, Treasury services, eBusiness, Fiduciary services, Asset Financing, Stockbrocking and Asset Management.

The government of Mauritius established State Bank of Mauritius in 1973 under the name State Commercial Bank. In 1994, SBM opened its first overseas branch in Mumbai. The bank was listed on the Stock Exchange of Mauritius in 1995.

Owned by nearly 17,000 domestic and international shareholders, SBM has more than 1,200 employees and services over 340,000 customers through its network of 48 service units and counters in Mauritius, India and Madagascar.

Barclays Bank Mauritius

Barclays presence in Mauritius dates back to 1919, and ever since then, the bank has played a key role in the expansion of business on the island.

Barclays Bank Mauritius has grown to be the third largest bank in Mauritius, after Mauritius Commercial Bank and State Bank of Mauritius. Today the bank has 20 branches and a market share of about 10-12%.

Barclays Mauritius provides a range of banking services to personal and corporate customers. Personal services include a range of current and savings accounts, foreign currency accounts, loans – including home loans and multi-purpose loans, credit cards, ATMs, and telephone banking.

Business services include lending products, trade and export finance and many specialist services such as treasury, foreign exchange and capital markets capability. Barclays Mauritius is also present in the asset finance (leasing) business through the Barclays Leasing Company Ltd.

The list of Mauritius Banks includes:

• Mauritius Commercial Bank
• State Bank of Mauritius
• Barclays Bank
• Indian Ocean International Bank
• Bramer Banking Corporation
• Bank One Mauritius
• Banque des Mascareignes
• Investec Bank
• SBI International Mauritius
• Standard Bank
• Deutsche Bank
• HSBC Bank
• PT Bank International
• AfrAsia Bank