The logo of South Africa's Absa bank is seen outside an Absa branch in Cape Town.
Absa Group subsidiary Absa Bank (Mauritius) had reached an agreement to acquire the domestic Wealth and Personal Banking and Business Banking business of The Hongkong and Shanghai Banking Corporation (HSBC) in Mauritius.
“The transaction speaks to Absa’s growth aspirations in Africa where we see significant opportunity,” said Absa Group CEO Arrie Rautenbach in a statement yesterday.
“We remain purposeful in our efforts to create a more diversified business across geography, segment and product, and we will continue to deploy capital to attractive growth prospects across the continent as we deliver on our ambition to being a leading pan-African bank,” he said.
The transaction also reinforced Absa Mauritius’s commitment to expand as an influential role-player in the Mauritian economy.
The transaction would allow Absa Bank Mauritius to increase the scale of its Retail and Business Banking division, leveraging off existing resources, expertise and infrastructure such as its innovative digital solutions.
“We are proud to be taking over a solid portfolio from HSBC. We are committed to working closely with HSBC to secure all necessary approvals and ensure a seamless transition,” said Absa Bank Mauritius MD Ravin Dajee.
The transaction was subject to specific conditions being fulfilled, including regulatory approvals, as is customary for a transaction of this nature.
Absa Group owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia and has insurance operations in Botswana, Kenya, Mozambique, South Africa and Zambia.
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