Patronus Bank Takes Over Habib Bank’s Operations

In a significant development within the banking sector, the Bank of Mauritius has approved the transfer of Habib Bank Limited’s operations to Patronus Bank Limited. This announcement was made in a statement issued by the central bank on Thursday, August 29. The transition will take effect on August 31.

As a result of this transfer, all customer accounts previously held by Habib Bank Limited will be moved to Patronus Bank Limited.

The decision followed the issuance of a banking license to Patronus Bank on February 27 of this year.

This move marked the culmination of Habib Bank’s search for a buyer for its Mauritian operations, a process that has been ongoing since 2021.

Patronus Bank Limited is a subsidiary of Patronus Wealth Holdings Limited, based in the Dubai International Financial Centre (DIFC).

The bank was established with a capital of $16.1 million (approximately Rs 751 million) and announced its plans to quickly increase its workforce in the coming months, alongside comprehensive training programs aimed at staff growth and retention.

The leadership team at Patronus Bank includes Chairman Sunil Lankathilake, who previously served as the Deputy Governor of the Central Bank of Sri Lanka from January 2016 to April 2017.

The Chief Executive Officer, Romesh Elapata, boasts over 30 years of experience in the financial sector.

Additionally, among the bank’s directors is Somduth Dulthumun, the former president of the Mauritius Sanatan Dharma Temples Federation.

Dulthumun revealed to Défi Media Group that he acted as an intermediary between Habib Bank Limited and foreign investors throughout the acquisition process.

Source: Defi Media