In a strategic shift to concentrate on its core strengths, HSBC has finalized an agreement to divest its domestic Wealth and Personal Banking and Business Banking segments in Mauritius. The acquiring party, Absa Bank (Mauritius) Limited, is a prominent banking institution in Mauritius with a history dating back to 1919.
This notable transaction transfers the accounts and related responsibilities of approximately 38,000 customers to Absa Mauritius, along with the HSBC employees dedicated to supporting these clients.
While this sale marks a significant change, HSBC’s commitment to its large and mid-market domestic corporate clients and international subsidiaries remains steadfast. The bank’s focus will pivot towards leveraging its global reach and expertise in international markets, continuing to provide services in cross-border trade, international business, Markets and Securities Services, multi-currency corporate lending, foreign exchange, trade finance, global custody, and sustainable finance.
Greg Lowden, CEO of HSBC Mauritius, highlighted the decision as aligning with HSBC’s goal to fortify its position as a top-tier international bank in Mauritius. He assured that Absa Mauritius would be an excellent successor to take over the domestic retail and business banking services, which HSBC has been providing for many years. HSBC is poised to enhance its services for international customers, linking them to its extensive global network and array of world-leading banking capabilities.
The transaction is expected to be concluded in 3Q, 2024, subject to regulatory approvals
