HSBC Granted the Big Move: 30% Biz Goes to Absa

In a major development, the Bank of Mauritius has accorded Hongkong and Shanghai Banking Corporation Limited (HSBC) its approval to transfer a portion of its activities to Absa Bank (Mauritius) Limited.

The transfer is set to take effect on July 6th, according to a press statement released by the central bank on Monday evening.

This development came on the heels of an agreement signed between Absa and HSBC in November 2023, under which Absa will acquire HSBC’s wealth management, personal banking, and corporate banking activities in Mauritius.

The agreement is marking a significant milestone for Absa, which has expressed its commitment to working closely with HSBC to ensure a seamless transition for employees and clients affected by the deal.

“We are proud to be taking over a solid portfolio from HSBC,” said Ravin Dajee, Managing Director of Absa Mauritius, following the signing of the agreement.

“We are committed to working closely with HSBC to obtain all necessary authorizations and ensure a smooth transition for employees and clients. Their interest is our absolute priority, and we are eager to integrate them.”

For its part, HSBC has stated that its decision to sell these activities reflects its desire to focus on its core strengths as a leading international bank in Mauritius.

The transaction is expected to involve the transfer of assets and liabilities related to approximately 38,000 clients, as well as the employees who serve them.

The transfer of HSBC’s activities to Absa Bank Mauritius Limited is a significant development in the country’s financial sector, and is expected to have a positive impact on the local economy.

With the deal set to take effect on July 6th, both parties are gearing up for a smooth transition that prioritizes the interests of employees and clients alike.

Source: Defi Media