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Absa secures regulatory approval to acquire parts of HSBC Mauritius

Absa secures regulatory approval to acquire parts of HSBC Mauritius
19-06-24 / Shelly Nxumalo

Absa secures regulatory approval to acquire parts of HSBC Mauritius

Johannesburg  - Absa Group is pleased to announce that it has obtained regulatory approval from 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. The 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.

This transaction is aligned to Absa's strategy to be a diversified franchise and its ambition to being a leading Pan African bank.

With a strong emphasis on transparency and diligence, respective project teams from HSBC Mauritius and Absa Mauritius are working in close collaboration to ensure a seamless onboarding for the new customers and colleagues alike. The official transition is planned to begin in the next few weeks.

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 collaborate with HSBC to ensure a seamless transition. Regular communication has been planned throughout the journey to provide timely information and support the transition. We look forward to onboarding both the new customers and colleagues."

This transaction is in line with Absa's growth ambition and reinforces its commitment to expand and continue to be an influential player in the banking sector in Africa. The transaction provides Absa the opportunity to further expand its Retail and Business Banking division in Mauritius, 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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