A search for the top Mauritius investment companies should logically lead to a review of the country’s leading banks. Tracing back to the early 19th century, the Mauritian banking industry is comprised of more than 20 local and international banks.

A major driver of the country’s economy, the banking sector of Mauritius has sustained its growth despite past regional challenges and the volatility of global markets. The total assets of Mauritius’ banking sector reached MUR1,347.8 billion as of the end-December 2018, according to the Bank of Mauritius.

Local commercial banks alone held foreign currency assets of some MUR780 billion as of end-March 2020, the Minister of Finance, Economic Planning, and Development, Dr Renganaden Padayachy, told the National Assembly in May this year. He also revealed that Mauritius currently holds a record MUR1,000 in foreign currency reserve.

This stable footing augurs well for the country’s ability to deal with the economic hurdles of the Covid-19 pandemic. The continuing dynamism of Mauritius banking sector is likewise a bright omen for the country’s capability to weather the crisis. Here are the top three banks whose activities as Mauritius investment companies make them count amongst the key players in a post-Covid-19 rebound.

Mauritius Commercial Bank

MCB is the oldest and biggest bank in Mauritius. Founded in 1838, this bank boasts of a network of 42 branches and more than 4,000 point-of-sale terminals across Mauritius. It has an overseas presence that extends to Madagascar, Maldives, Mozambique, Seychelles, amongst other countries. MCB offers various banking and financial services to corporate and individual clients, including deposit accounts, credit and debit cards. It also provides trade financing products and extends loans for housing, education, and car purchase.

State Bank of Mauritius

SBM is a government-owned commercial bank established in 1973. It is the second largest bank in Mauritius, accounting for some 25 per cent of domestic banking assets. Listed on the Stock Exchange of Mauritius starting 1995, SBM has 45 Mauritian branches and counters. It also has branches in Madagascar and India (Chennai, Hyderabad and Mumbai). SBM provides a range of savings, investment and financing products available in local and foreign currency.

Absa Bank Mauritius

This local commercial bank was formerly known as Barclays Bank Mauritius which was operating in the country since 1919. Barclays Bank Mauritius, reputed as the third largest bank in Mauritius, was rebranded Absa Bank on February 10, 2020. This after the London-based Barclays Bank divested of its majority shareholdings in the Barclays Africa Group in 2017, which led to the group’s rebranding to Absa Group Ltd. The products and services of Absa Bank Mauritius are focused on personal and business banking, corporate and investment banking, and wealth management. This bank flaunts its clout amongst Mauritius investment companies through the Absa Group’s international network woven around 12 countries.

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Drivers of growth: Mauritius property investment schemes