HSBC to Sell Retail, Wealth Businesses in Mauritius to Absa

Absa Bank has acquired the wealth and personal banking business as well as the business banking business of HSBC Bank in Mauritius.

The deal, whose value has not been disclosed, was reportedly signed and made public on Monday, November 13.

This transaction allows Absa Mauritius to strengthen its retail and SME segments by adding four new branches from HSBC, as well as leveraging their existing resources, expertise, and infrastructure.

In total, Absa Mauritius will have a network of around fifteen branches across the country.

Ravin Dajee, CEO of Absa Bank, expressed his satisfaction with this important step in Absa’s journey in Mauritius, stating that by taking over the retail division and SME client portfolio of HSBC, they are demonstrating their commitment to the local market. 

The deal includes assets and liabilities linked to about 38,000 customers and their relevant supporting employees.

The transaction is expected to be completed in the third quarter of 2024, subject to conditions including regulatory approval.

Thereafter, HSBC will continue to serve mid-sized and large domestic corporates as well as the local subsidiaries of international firms.

Source: l’Express