1 Disciplinary Suspension at SBM & Other Shake-ups in the Banking Sector

The financial sector in Mauritius has been hit by a wave of upheaval as a senior SBM Holdings executive, Sanjaiye Rawoteea, has been suspended by a disciplinary committee. The suspension of Rawoteea, the Group Chief Business Development Officer, follows the earlier suspension of Bank of Mauritius financial analyst Chid Rughoobur.

The development at SBM Holdings comes at a time of leadership uncertainty for the group’s banking arm, with both Manou Bheenick and Gervais Gua still awaiting official “fit and proper” certifications before they can assume their roles as chairman and Chief Executive Officer (CEO), respectively.

Absa Bank Loses Top Talent to Rival

The turmoil isn’t limited to SBM. Absa Bank, long considered a bastion of stability, has seen a significant exodus of high-ranking executives to competitors.

This strategic shift in the Mauritian banking landscape has seen AfrAsia Bank emerge as a key player, boosted by its new shareholder, Access Bank UK.

The first notable departure from Absa was Yogen Soobarah, the former Head of People & Culture, who was appointed as AfrAsia Bank’s new Chief People and Culture Officer on 16 April.

With three decades of international human resources experience, Soobarah’s mandate is to foster an inclusive and high-performing culture while establishing AfrAsia as an employer of choice.

Following Soobarah’s move, Vishal Joyram, Absa’s former Head of Global Markets, joined AfrAsia as Head of Strategy.

Having spent over a decade at Absa and a previous stint at SBM, Joyram’s appointment is a clear signal of Access Bank UK’s intent to strengthen AfrAsia’s strategic foundation.

A third high-profile departure is reportedly underway, with another senior Absa executive, identified only as R. M., tipped for the CEO position at a state-owned bank. An official announcement is expected soon.

Strategic Realignment in Mauritian Banking

These personnel changes are not merely a reflection of professional mobility. They signify a broader strategic realignment within Mauritius’s banking industry.

AfrAsia is gaining momentum under the guidance of Access Bank, SBM is undergoing a leadership reshuffle, and Absa is in the unexpected position of supplying talent to its rivals despite its reputation for rigour.

This power play is rapidly redrawing the competitive lines between the island’s major banks.

Source: l’Express