Banking sector: BoM authorizes HSBC to transfer part of its activities to Absa Bank

It's official ! The Bank of Mauritius authorizes the Hongkong and Shanghai Banking Corporation Limited (HSBC) to transfer part of its activities to Absa Bank (Mauritius) Limited. This measure will take effect on July 6, the Central Bank indicated in a press release issued this Monday evening.

It is in November 2023, remember, that Absa entered into an agreement with HSBC for the acquisition of its wealth management, personal banking and corporate banking activities in Mauritius.

“We are proud to take over a strong portfolio from HSBC. We are committed to working closely with HSBC to obtain all necessary approvals and ensure a smooth transition for affected employees and customers. Their interest is our top priority and we look forward to integrating them,” declared Ravin Dajee, Managing Director of Absa Mauritius, after signing the agreement.

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

Namely that the transaction will include the assets and liabilities relating to approximately 38,000 customers as well as the employees who support them.