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Regulatory approvals secured for Absa Bank to acquire the domestic Wealth, Personal Banking and Business Banking businesses of HSBC Mauritius.

Absa Bank Mauritius Limited is pleased to announce that it has obtained the regulatory approval from the Bank of Mauritius and all other mandatory key regulatory authorities to acquire the domestic Wealth and Personal Banking and Business Banking businesses of the Hongkong and Shanghai Banking Corporation Limited (HSBC), Mauritius branch.

This transaction includes the assets and liabilities of approximately 38,000 retail customers and about 400 small and medium enterprises from Business Banking, along with relevant employees.

With a strong emphasis on transparency and diligence, respective project teams from both HSBC Mauritius and Absa Mauritius are working in close collaboration to ensure a seamless transfer and onboarding for the new customers and colleagues alike. The official transition is planned to begin on Friday, 5 July 2024 and expected to be completed on Monday 8 July 2024.

Commenting on this new milestone, Ravin Dajee, Managing Director of Absa Mauritius states,

“Now that the regulatory approvals have been obtained, this transaction enters a new stage. We will continue to collaborate closely with HSBC to ensure a seamless transition for all customers and employees in scope. Regular communication has been planned throughout the journey to provide timely information and support throughout the transition. We look forward to onboarding both the new customers and colleagues and welcoming them to Absa Mauritius.”

This transaction is in line with Absa Mauritius growth ambition and reinforces its commitment to expand and continue to be an influential player in the banking sector and the Mauritian economy. The transaction provides Absa Mauritius the opportunity to further expand its Retail and Business Banking division, leveraging on existing resources, expertise and infrastructure such as its innovative digital solutions.

HSBC will continue to support large and mid-market domestic corporates and international subsidiaries of corporates headquartered outside of Mauritius, with a focus on cross-border trade and/or international business. Markets and Securities Services, multi-currency corporate lending, foreign exchange, trade finance, global custody and sustainable finance will continue to be offered to clients.

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