Friday, 30 July 2021
Bank of Mauritius. Offshore accounts in Mauritius
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Mauritius has a developed banking sector, has 11 domestic and 12 offshore banks. Of the 11 domestic banks five - local, but two - are owned by foreign capital, but are registered on the island. The remaining four banks are branches of foreign banks. Two Mauritian banks, namely: Mauritius Commercial Bank Limited. and State Bank of Mauritius Ltd s. cover about 75% of the market. Both banks are among the ten largest banks in Africa. Among the major foreign banks in Mauritius include EychEsBiSi and Barclays Bank. S Bank of Mauritius, the Central Bank, supervise and regulate banks and nonbank financial institutions authorized to accept deposits.

Banks are engaged in, mainly trade financing and provision of working capital. Account be opened in all major currencies, as well as in Mauritian rupees. Several commercial banks offer debit and credit cards for payment and direct debit accounts. Other banks have established a banking over the phone, online banking at home, on the Internet and using a personal computer. Commercial banks offer deals "spot" and "forward" in all major currencies. A number of commercial banks expanded their activities to non-banking operations, which they exercise through its subsidiaries and affiliates. Banks engaged in the provision of leasing, brokerage on the stock market, asset management and funds, investment and private banking, insurance, portfolio management and deposit of valuables. As of October 2004 the aggregate amount of assets of commercial banks amounted to nearly 6.2 billion U.S. dollars.

Bank of Mauritius started licensing offshore banks in the early 1990's. and the end of 2004 there already had 12 offshore banks engaged in banking operations worldwide.
Offshore banks are required to be affiliated or related companies of foreign bank with a well-known reputation, or the bank, registered in Mauritius. In an effort to improve the banking sector, the government in September 2004 enacted a new Banking Act, which put an end to the differences between domestic and offshore banks. The new system will allow banks to engage in offshore banking activities in the local currency. Offshore banks have implemented a wide range of banking operations worldwide, including private banking, deposits, lending, forex trading, fund management, consultancy activities in the field of investment, trade finance, trust operations in offshore trusts and storage of valuables and securities .

Existing financial agencies

Below is the official list of banks licensed in the banking, institutions other than banks are allowed to accept deposits, authorized entities engaged in foreign exchange, and dealers trading in foreign currency in Mauritius and Rodrigues as at 31 January 2005

Banks licensed to conduct banking activities:

1. Bank of Baroda s (Bank of Baroda)
2. Banque de Mascara Limited. (Banque Des Mascareignes Ltd)
3. Barclays Bank PLC (Barclays Bank PLC)
4. Deutsche Bank (Mauritius) Limited (Deutsche Bank (Mauritius) Limited)
5. First City Bank Ltd (First City Bank Ltd)
6. Habib Bank Limited (Habib Bank Limited)
7. Indian Ocean International Bank Limited (Indian Ocean International Bank Limited)
8. INvestek Bank (Mauritius) Limited (Investec Bank (Mauritius) Limited)
9. Mascara International Bank Ltd (Mascareignes International Bank Ltd)
10. Mauritius Post and Cooperative Bank Ltd.. (Mauritius Post and Cooperative Bank Ltd)
11. PT Internacional Bank Indonesia (PT Bank Internasional Indonesia)
12. ErEmB (Mauritius) Ltd (RMB (Mauritius) Limited)
13. EsBiAy International (Mauritius) Limited (SBI International (Mauritius) Ltd.)
14. EsBiEm Nedbank International Limited (SBM Nedbank International Limited)
15. South East Bank Ltd. Ation. (South East Asian Bank Ltd)
16. Standard Bank (Mauritius) Offshore Banking Unit Limited (Standard Bank (Mauritius) Offshore Banking Unit Limited)
17. Standard Charted Bank (Mauritius) Ltd (Standard Chartered Bank (Mauritius) Limited)
18. State Bank of Mauritius Ltd s. (State Bank of Mauritius Ltd)
19. Hong Kong And Shanghai Banking Corporation Limited (The Hongkong and Shanghai Banking Corporation Limited)
20. Mauritius Commercial Bank Limited. (The Mauritius Commercial Bank Ltd)

Non-bank financial institutions authorized to accept deposits:
1. ABC Finance And Leasing Ltd. (ABC Finance & Leasing Ltd.)
2. Barclays Leasing Company Limited (Barclays Leasing Company Limited)
3. Capital Leasing Ltd.. (Capital Leasing Ltd)
4. Finliz Company Limited (Finlease Company Limited)
5 General Leasing Co.. Ltd.. (General Leasing Co. Ltd.)
6. Global Direct Leasing Ltd. (Global Direct Leasing Ltd)
7. La Prudence Leasing Finance Co.. Ltd.. (La Prudence Leasing Finance Co. Ltd)
8. Mauritius Housing Company Ltd (Mauritius Housing Company Ltd)
9. Mauritius Eagle Leasing Company Limited (Mauritian Eagle Leasing Company Limited)
10. EmYuEy Leasing Company Limited (MUA Leasing Company Limited)
11. EsBiEm Lease Limited (SBM Lease Limited)
12. SICOM Faynenshial Services Ltd.. (SICOM Financial Services Ltd)
13. Mauritius Civil Service Myuchuel Eid Assosieyshn Ltd.. (The Mauritius Civil Service Mutual Aid Association Ltd)
14. Mauritius Leasing Company Limited (The Mauritius Leasing Company Limited)

 
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