Maubank Names New Chairman to Drive 2026 Economic Strategy

The Mauritian government has appointed economist and strategic management expert Sanjay Matadeen as the new Chairman of state-owned MauBank.

The appointment comes as the institution continues its strategic focus on financing the local economy, specifically targeting Small and Medium Enterprises (SMEs) and individual retail customers.

Mr Matadeen, a Senior Lecturer at Middlesex University Mauritius, brings over 25 years of experience to the role, bridging the gap between academic theory and practical field expertise.

A Specialist in Innovation

Specialising in strategic management and innovation, the new Chairman has a history of leading consultancy projects for international organisations and local SMEs.

His professional background includes regular contributions to national development initiatives within Mauritius.

Supporting Inclusive Growth

MauBank remains a cornerstone of the Mauritian financial landscape. Its current mandate focuses on:

• Inclusive growth: Facilitating wider access to credit.
• Business support: Assisting local enterprises with development and expansion.
• Systemic stability: Reinforcing the integrity of the national banking sector.

Historical Context: From Crisis to Stability

The bank was established in 2016 during a period of significant upheaval in the Mauritian banking sector.

It was born out of the collapse of the Bramer Banking Corporation Ltd, which was linked to the BAI Group conglomerate.

In April 2015, authorities revoked Bramer Bank’s licence following the discovery of severe financial irregularities.

The intervention was part of a broader operation to dismantle the BAI Group, which faced allegations of operating a pyramid-style scheme.

To prevent a total loss of public confidence and to protect depositors, the State initially formed the National Commercial Bank Ltd to absorb Bramer’s activities.

MauBank was subsequently created through the merger of the “healthy” assets of Bramer Bank and the National Commercial Bank Ltd.

This state intervention was designed to ensure service continuity for affected clients while safeguarding the country’s broader financial stability.

Source: Defi Media