From Dubai to Mauritius: Patronus Bank Launches with Rs 700M Capital

A new bank has entered the Mauritian banking scene: Patronus Bank Limited (PBL). Originating from Dubai-based Patronus Wealth Holdings Limited, the bank became officially operational on June 15, and was inaugurated by Deputy Finance Minister Dhaneshwar Damry.

Founded by Rom Atapattu and Nikhilesh Pawar, PBL takes over from Habib Bank Limited (HBL), ending more than 60 years of HBL’s presence in Mauritius.

The bank operates alongside its sister companies, regulated by both the Dubai Financial Services Authority and the Financial Services Commission of Mauritius.

With a capital of Rs 700 million, PBL aims to modernize local banking services by combining advanced technology with personalized wealth management.

Its target clients include high-net-worth individuals, family businesses, and local and international institutions.

Rom Atapattu explained, “We have been present in Mauritius for several years, with significant assets here, including relationships with SBM, MCB, and in Switzerland.

We’ve been active in the sector for 25 years, and we received our license in Mauritius in 2017.” Since then, the group has balanced its activities between Dubai and Mauritius.

Patronus bought all HBL’s assets, staff

Regarding the acquisition of HBL, Atapattu said the bank was seeking a buyer as it planned to exit certain markets. Patronus bought all HBL’s assets and staff, ensuring a smooth transition for clients and employees, in line with the Bank of Mauritius’s requirements.

Atapattu highlighted that having a presence in both Mauritius and the UAE offers strategic advantages.

“Mauritius is a hub for African investments, while the UAE provides quick global reach,” he said.

“Mauritius is ideal for fund structuring and accessing African markets, complementing the UAE’s fast and effective international connectivity. For clients in Asia or Africa, this combination offers technical strength and lifestyle efficiency.”

PBL targets ultra-high-net-worth individuals based in financial centers such as Singapore, Switzerland, the Cayman Islands, the Bahamas, and Miami.

The bank also aims to democratize its services through digital platforms, including mobile apps and online services.

Wealth management and family office services form the core of PBL’s offerings. The bank also supports clients’ operational activities through partnerships with institutions like the Bank of New York and Euroclear.

Rom Atapattu emphasized, “We are conservative but fast and client-focused. We have a quick onboarding process—if it doesn’t fit, we say no quickly.”

Regarding Africa, PBL is remaining cautiously open, adopting a measured and responsible approach. On the ownership side, Atapattu said he is among the major shareholders, alongside Singapore-based LOLC Group, which operates in 25 countries.

LOLC is involved in microfinance, banking, agriculture, and hospitality, and owns the Radisson Blu Azuri Resort & Spa in Mauritius.

Source: Le Mauricien