DOCSLIB.ORG

Maubank-Annualreport.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Maubank-Annualreport.Pdf MauBank | Financial Statements for the year ended 30 June 2020 Contents 2 Corporate Information 3 Directors’ Report 5 Corporate Governance Report 9 Statement of Compliance 22 Statement of Management’s Responsibility for Financial Reporting 23 Report from the Secretary 24 Independent Auditor’s Report 25 Statements of Financial Position 29 Statements of Profit or Loss and Other Comprehensive Income 31 Statements of Changes in Equity 33 Statements of Cash Flows 37 Notes to the Financial Statements 38 Management Discussion and Analysis 144 Administrative Information 156 Corporate Information Board of Directors 3 Non-Executive Directors Appointed on Resigned on Mr Sookun Gooroodeo 10 June 2020 (Appointed as chairman on 30 June 2020) Mr Sokappadu Ramanaidoo 03 October 2019 (Appointed as acting chairman on 20 December 2019 until 30 June 2020) Mr Burkutoola Mahmadally 29 March 2019 11 October 2019 (Chairman) Dr Paligadu Dharamraj 07 March 2015 06 August 2019 Mr Nicolas Jean Marie Cyril 13 March 2015 Mr Putchay Vassoo Allymootoo 20 January 2016 05 September 2019 Mr Gokhool Ashvin Jain 23 February 2016 Mr Nilamber Anoop Kumar 22 March 2016 Mr Codabux Muhammad Javed 10 March 2017 Mr Rampersad Rabin 19 September 2019 Executive Director Mr Mungar Premchand 23 November 2018 MauBank | Financial Statements for the year ended 30 June 2020 Corporate Information Key Management Team 4 Position Mr Mungar Premchand Chief Executive Officer Mr Vydelingum Vishuene Deputy Chief Executive (As from 05 August 2019) Executive Head Treasury, International Banking, Commercial Banking and SME Banking Mr Mohadeb Damodarsingh (Deepak) Officer in Charge – Finance Division (As from 01 October 2019) Mr Motee Ramesh Chief Risk Officer Mr Mardaymootoo Pillay Chedumbrum (Nanda) Executive Head – Operations Mr Rawoteea Yasdeo (Rajesh) Executive Head – Human Resources Mrs Luximon-Mathur Jessma Head of compliance (1 November 2016 to 27 September 2019) Mrs Acharuz-Sawoky Gayetree Sunita Head of compliance (As from 28 September 2019) Mr Kundan Anil Kumar Executive Head – SME Banking Miss Saddul Anouchka Head of Corporate Affairs, Brand Management and Marketing Mr Muhem Dharmarajan Acting Head – Information & Technology Services Mr Bhagavan Ramakrishna Head of Consumer Banking Mr Appadoo Yogendra Head of International Banking (15 July 2018 to 22 August 2019) Mr Carver Jean Clifford Eric Head of Asset Financing Mr Vyapooree Govinden Modeliar Head of Market Mr Albert Clint Head of Commercial Banking Mr Beebeejaun Muhammad Asif Head of Special Asset Management Mr Youell Peter Gregory Head of Credit Risk Internal Audit Mr Seebaruth Rakesh (B.K) Head of Internal Audit Secretary Mr Ramjunum Gauravsingh Company Secretary and Manager Legal Registered Office MauBank Building 25 Bank Street Cybercity Ebene 72201 Republic of Mauritius Auditor Deloitte 7th Floor, Standard Chartered Tower 19-21 Bank Street Cybercity Ebene 72201 Republic of Mauritius Directors’ Report 5 The Board of Directors of MauBank Ltd, the “Bank”, is pleased to present its Annual Report together with the financial statements of the Bank and its subsidiary for the financial year ended 30 June 2020. The financial statements have been prepared in accordance with the requirements set out in the Bank of Mauritius Guideline on Public Disclosure of Information, the International Financial Reporting Standards, the Financial Reporting Act 2004, the Companies Act 2001 and the Banking Act 2004. The Bank and its subsidiary are collectively referred to as the “Group”. GLOBAL ECONOMIC OUTLOOK Since the outbreak of the COVID-19 pandemic, the IMF has issued its World Economic Outlook (WEO) and its Global Financial Stability Report (GFSR) twice, in April 2020 and again in June 2020. The projection of global output in 2020 was brought down substantially to 4.9 percent; down by 3.3%. For the first time, all regions are projected to experience negative growth in 2020. There are, however, substantial differences across individual economies; reflecting the evolution of the pandemic and the effectiveness of containment strategies, variation in economic structure (for example, dependence on severely affected sectors, such as tourism and oil); reliance on external financial flows, including remittances; and pre-crisis growth trends. In China, where the recovery from the sharp contraction in the first quarter is underway, growth is projected at 1.0 percent in 2020, supported in part by policy stimulus. India’s economy is projected to contract by 4.5 percent following a longer period of lockdown and slower recovery than anticipated in April 2020. Inflation is expected to rise gradually in the coming year, consistent with the projected pickup in activity. Nonetheless, the inflation outlook remains muted, reflecting expectations of persistently weak aggregate demand. With the relentless spread of the pandemic, prospects of long-lasting negative consequences for livelihoods, job security, and inequality have grown more daunting. Most analyst believe that the recovery will start in 2021, and a projection of global output in 2021 to be around 5.4 percent. This may sound good, but it is 0.4 percent lower than April forecast of 5.8 percent, and combined with the sharp contraction in 2020, it implies a cumulative loss to the global economy over two years (2020–21) of over USD 12 trillion from this crisis. Hotels, tourism, the travel industry, among others, will be particularly impacted. Asia, in 2021 is projected to pick-up 6.6 percent, with China growing at 8.2 percent. This too has been revised downward from the April forecast (by 1 percent), leaving the level of Asia’s real GDP 5 percent lower in 2021 compared to pre-crisis projections. In other words, we expect output losses in Asia from the pandemic to be persistent. And, unfortunately, some of this will be permanent. We are assuming a recovery of the private sector in 2021, but the pace is slower than previously expected. Moreover, the assumptions regarding this private-sector–led recovery may turn out to be somewhat too optimistic. In short, we are facing a complex situation, with major tasks and serious challenges ahead. Only by working together can we ensure that the global economy continues to move toward a greener, smarter, and fairer path of recovery. Source: IMF World Economic Outlook (April 2020 and June 2020) REVIEW OF THE MAURITIAN ECONOMY The economy of Mauritius shrank by 2% year-on-year in the first quarter of 2020, following an upwardly revised 2.5% growth in the previous period. It was the first economic contraction since the first quarter of 2005, as the coronavirus pandemic disrupted severely domestic activities. Main declines were seen in accommodation & food services (-13.6%); transportation & storage (-5%); wholesale & retail trade (-3.8%); construction (-6.9%) and manufacturing (-3.7%). In addition, growth slowed mostly in information & communication (3.3%); finance & insurance (4.7%); real estate activities (2.5%) and administrative & support services (1.7%). On a seasonally adjusted quarterly basis, the GDP contracted 3.6%, after an upwardly 1.5% expansion in the previous period. The unemployment rate, which has constantly fallen, from 7.9 percent in 2015 to 6.7 percent in 2019 is expected to rise in 2020 due to more layoffs as a result of the negative impact of COVID-19 on most businesses in Mauritius. The budget deficit, which has evolved in a stable range of 3–3.5 percent of GDP since 2013, is estimated to explode to 13.6 percent in 2020; largely due to higher expenditure and lower revenue. Prices are expected to increase, causing a headline inflation of 4 percent projected for the coming year. Public debt is believed to be around 78.2% of the GDP. Foreign Exchange Reserves in Mauritius increased to 7194.10 USD Million in June from 6864.30 USD Million in May of 2020; representing approximately 13 months of imports. Outlook The forecast of 2020 has been worked out amid a high level of uncertainties around the economic impact of the global COVID-19 outbreak. According to the IMF, all regions worldwide are projected to experience negative growth in 2020. Mauritius being a very open economy will be severely impacted, with a projected GDP contraction of 11%. The necessary lockdown measures have succeeded in slowing down the spread of the virus but have also frozen business activity in many sectors of the economy. Although restrictions begin to ease, the path to early economic recovery remains highly uncertain. The economic outlook presents itself with a bleak outlook; with major contraction expected in most sectors in Mauritius; Textile Manufacturing (-45%), construction (-20%), wholesale and retail (-12%), Accommodation and food services (-70%). We are, however, anticipating a growth in the financial sector and insurance activities. Overall economic growth is expected to be much slower in 2021 and a more gradual pick up is expected from 2022 onwards. Source: EY, KPMG, The Mauritius Chamber of Commerce and Industry, International Monetary Fund, Statistics Mauritius, Bank of Mauritius MauBank | Financial Statements for the year ended 30 June 2020 Directors’ Report 6 Banking Sector In Mauritius Banks in Mauritius enjoyed relatively high capital and liquidity buffers prior to the COVID-19 pandemic. The loan portfolio of banks was relatively more skewed towards financial services prior to the pandemic and Non-Performing Loans (NPLs) in affected sectors such as tourism were low and well covered. Furthermore, banks were primarily funded through deposits and enjoyed relatively high Liquidity Coverage Ratios. The Bank of Mauritius (Bank) conducted a survey on risks facing banks during the lockdown in early April 2020. So far, it can be concluded that resilience of the banking system can be supported by three main mechanisms: (a) bold measures that were, both, targeted and timely taken by the authorities; (b) adequate capital and liquidity buffers in the banking system; and (c) prudential measures already followed by banks to deal with ‘black swan’ contingencies, e.g., liquidity and capital restoration plans.
Load more

Recommended publications
  • Banking Research Report
    24 March 2017 3rd January 2017 Banking Research Report Industry Overview As of March 2017, the local banking industry constitutes of 23 licensed banks by the Bank of Mauritius (BoM), of which 10 are local banks, 9 are foreign-owned subsidiaries, and 4 are branches of international banks. Of the 23 banks, 2 carry on exclusively private banking business and 1 carries on exclusively Islamic banking business. In April 2015, the BoM revoked the banking licence of Bramer Banking Corporation Ltd (BBCL) owing to serious impairment in its capital and failure to demonstrate its ability to address capital and liquidity issues in accordance to the BoM’s requirements. A new licence has been issued to the National Commercial Bank Ltd (NCB Ltd) with the assets of ex-BBCL transferred to the new bank. In early January 2016, the assets and liabilities of NCB Ltd were transferred to the Mauritius Post and Cooperative Bank Ltd, which now operates as a new entity known as the MauBank Ltd. Following the aforementioned revocation, dealings in the securities of the defunct Bramer Bank has been suspended by the Stock Exchange of Mauritius (SEM) with immediate effect. On another note, ABC Banking Ltd which obtained its banking licence in year 2010, was listed on the Development and Enterprise Market (DEM) of the SEM on the 18th February 2016. The newcomer witnessed a remarkable hike of 83.3% to its introductory share price of Rs15.00 during the year 2016 and hit a record high of Rs27.80 during February this year. With the vision to act as a bridge between Africa and Asia, BOM issued a licence to the Bank of China (Mauritius), a subsidiary of the Bank of China, which started its operations in Sept 2016.
    [Show full text]
  • 1 Executive Summary Mauritius Is an Upper Middle-Income Island Nation
    Executive Summary Mauritius is an upper middle-income island nation of 1.2 million people and one of the most competitive, stable, and successful economies in Africa, with a Gross Domestic Product (GDP) of USD 11.9 billion and per capita GDP of over USD 9,000. Mauritius’ small land area of only 2,040 square kilometers understates its importance to the Indian Ocean region as it controls an Exclusive Economic Zone of more than 2 million square kilometers, one of the largest in the world. Emerging from the British colonial period in 1968 with a monoculture economy based on sugar production, Mauritius has since successfully diversified its economy into manufacturing and services, with a vibrant export sector focused on textiles, apparel, and jewelry as well as a growing, modern, and well-regulated offshore financial sector. Recently, the government of Mauritius has focused its attention on opportunities in three areas: serving as a platform for investment into Africa, moving the country towards renewable sources of energy, and developing economic activity related to the country’s vast oceanic resources. Mauritius actively seeks investment and seeks to service investment in the region, having signed more than forty Double Taxation Avoidance Agreements and maintaining a legal and regulatory framework that keeps Mauritius highly-ranked on “ease of doing business” and good governance indices. 1. Openness To, and Restrictions Upon, Foreign Investment Attitude Toward FDI Mauritius actively seeks and prides itself on being open to foreign investment. According to the World Bank report “Investing Across Borders,” Mauritius has one of the world’s most open economies to foreign ownership and is one of the highest recipients of FDI per capita.
    [Show full text]
  • Consolidating Democratic Governance in the Sadc Region: Mauritius
    CONSOLIDATING DEMOCRATIC GOVERNANCE IN THE SADC REGION: MAURITIUS CONSOLIDATING DEMOCRATIC GOVERNANCE IN THE SADC REGION: MAURITIUS StraConsult, Mauritius Study Commissioned by EISA 2008 Published by EISA 14 Park Rd, Richmond Johannesburg South Africa P O Box 740 Auckland Park 2006 South Africa Tel: 27 11 482 5495 Fax: 27 11 482 6163 Email: [email protected] www.eisa.org.za ISBN: 978-1-920095-85-7 © EISA All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of EISA. First published 2008 EISA is a non-partisan organisation which seeks to promote democratic principles, free and fair elections, a strong civil society and good governance at all levels of Southern African society. _____________ ____________ EISA Research Report, No. 37 EISA RESEARCH REPORT NO 37 i PREFACE This research report is the culmination of a study undertaken by EISA focusing on the state of democratic governance in the Southern African region. The programme, implemented under the generic theme ‘Consolidating Democratic Governance in the SADC Region’, has evolved over a four-year period spanning 2003-2006. The research aims to investigate the state of democracy and governance in the Southern African Development Community (SADC) region, posing a key question as to whether or not the region has undergone democratic transition and, if so, posing a related question as to whether or not the region is firmly set on the road to democratic consolidation. The four key variables for the assessment of the state of democratic governance in this study are: representation and accountability; citizen participation; local governance; and economic management and corporate governance.
    [Show full text]
  • Effectiveness of Financial Risk Management Framework: an Analysis of the Mauritian Banking Sector
    Journal of Financial Risk Management, 2019, 8, 106-124 http://www.scirp.org/journal/jfrm ISSN Online: 2167-9541 ISSN Print: 2167-9533 Effectiveness of Financial Risk Management Framework: An Analysis of the Mauritian Banking Sector Lilesh Sookye, Aleesha Mohamudally-Boolaky University of Technology, Mauritius, Port Louis, Mauritius How to cite this paper: Sookye, L., & Abstract Mohamudally-Boolaky, A. (2019). Effective- ness of Financial Risk Management Frame- The global economic meltdown caused by the subprime mortgage crisis in the work: An Analysis of the Mauritian Bank- United States in 2007 along with its subsequent adverse effects on the econ- ing Sector. Journal of Financial Risk Man- omy, financial participants around the world, have raised questions on the agement, 8, 106-124. effectiveness of the financial risk management policies adopted by financial https://doi.org/10.4236/jfrm.2019.82008 institutions and banks worldwide. This study focuses on the analysis of the Received: April 28, 2019 risk management framework and its efficiency in the Mauritian banking sec- Accepted: June 18, 2019 tor. Panel regression and Non-parametric regression Lowess Smoother meth- Published: June 21, 2019 odologies were employed in measuring the impact of the various financial risks on the efficiency of risk management of a sample of ten Mauritian banks Copyright © 2019 by author(s) and over a period of eight years. The dependent variable selected to measure risk Scientific Research Publishing Inc. This work is licensed under the Creative management efficiency is the Capital Adequacy Ratio (CAR). On the other Commons Attribution International hand, the financial risks indicators are the credit risk (CRisk), liquidity ratio License (CC BY 4.0).
    [Show full text]
  • Bank of Mauritius Covid-19 Household Support Programme Frequently Asked Questions (Faqs)
    BANK OF MAURITIUS COVID-19 HOUSEHOLD SUPPORT PROGRAMME FREQUENTLY ASKED QUESTIONS (FAQS) 1. What is the BOM COVID-19 Household Support Programme? The prevailing situation may pose a huge challenge for people at large. As a measure of solidarity, The Bank of Mauritius has permitted all commercial banks to offer households earning a combined monthly basic salary of up to Rs 50,000 the following moratorium on their existing loans: a) Up to 6 months moratorium on capital repayments on their existing household loans as from 01 April 2020. b) In addition, relief on interest payable for the month of April, May and June 2020. 2. What is the definition of a “household”? A household comprises of a husband and wife jointly, or a single parent. 3. What is the effective date of the measures to households? The measures are effective 1st April 2020. Capital and interest repayments remain operational for March 2020. 4. What is a household loan and which credit facilities are concerned? Household loans include all existing consumer Mauritian Rupee loans, which have been disbursed to a household by a commercial bank. Applicable loans are therefore Personal Loans, Housing Loans and Educational Loans. Overdrafts, credit cards, leasing facilities and other such facilities that do not reckon as a loan are excluded. 5. What is the eligibility criteria under the BOM scheme? a. Households having consumer loans with MauBank Ltd and adversely impacted by COVID- 19. b. In addition, the combined monthly basic salary of the household (husband and wife jointly or single parent) should not exceed Rs 50,000* 6.
    [Show full text]
  • Merchants Acceptance of Plastic Cards Payments in Mauritius
    Academy of Marketing Studies Journal Volume 25, Issue 2, 2021 Recommendations POST COVID 19 CASHLESS SOCIETIES: MERCHANTS ACCEPTANCE OF PLASTIC CARDS PAYMENTS IN MAURITIUS Sharmila Pudaruth, University of Mauritius Thanika Devi Juwaheer, University of Mauritius Lomendra Vencataya, University of Mauritius Rajesh Sannegadu, University of Mauritius ABSTRACT The paper aims to provide broad insights towards the acceptance of plastic card payments from merchants in Mauritius. A quantitative research approach has been adopted for the paper whereby the perceptions of merchants have been tapped by adopting quantitative research techniques, by conducting a survey with 200 merchants across the 9 districts of the island of Mauritius. As far as the perception of merchants is concerned for plastic card acceptance, only 37% of merchants accept plastic card payments and they have highlighted such factors as ‘to increase frequency sales (21.7%)’, ‘to increase competitiveness (20.8%)’ and ‘lower risks of theft and counterfeit (19.8%)’ as the main reasons for adopting innovative payment solutions. This original research has made a valuable contribution to the body of literature as there is a lack of empirical and holistic studies towards innovative payment solutions in Mauritius. Therefore, the research has enough concrete and empirical findings that would serve as a roadmap for banking executives, credit card companies, policy makers of banking industry and merchants to better promote and sustain the adoption of plastic cards by devising appealing marketing strategies in Post Covid19. The research will also provide merchants with insightful ideas to promote the adoption of plastic cards among customers as merchants are in direct touch with customers in the retail outlets of Mauritius.
    [Show full text]
  • R Basant Roi: Bank of Mauritius' New Headquarters
    R Basant Roi: Bank of Mauritius’ new headquarters Address by Mr R Basant Roi, Governor of the Bank of Mauritius, at the inauguration of the New Headquarters Building of the Bank of Mauritius, Port Louis, 18 December 2006. * * * Dr. The Hon. Navinchandra Ramgoolam, Prime Minister of the Republic of Mauritius Honourable Ramakrishna Sithanen, Deputy Prime Minister, Minister of Finance and Economic Development His Lordship Mayor of Port Louis Hon. Judges Members of the Diplomatic Corps Fellow Bankers Ladies and Gentlemen Good Afternoon I am pleased to welcome you all to the inauguration of the New Headquarters Building of the Bank of Mauritius. I am privileged and honoured to perform this inaugural ceremony in your distinguished presence, Prime Minister, Sir – a ceremony that is similar to the one performed by the first Governor of the Bank, Mr. Aunauth Beejadhur, for the existing building in the presence of His Excellency, Sir John Shaw Rennie, Governor of Mauritius and late Sir Seewoosagur Ramgoolam, then Premier and Minister of Finance on 31st May 1967. One of the major constraints in the operation of the Bank when it was established way back in 1967 was insufficient office space. The offices of the Bank were located at various places in Port Louis. Security vault for notes and coins was located at the back of the Treasury building, Exchange Control at the entrance of the present Government Centre and Main Office at the Anglo Mauritius Building. In August 1968, a banking office was opened at the Treasury Building to accommodate the increasing volume of banking business. The existing Bank of Mauritius building at the corner of Sir William Newton St and Royal Road was designed by Messrs Victor Heal and Partners of London.
    [Show full text]
  • Mauritius's Constitution of 1968 with Amendments Through 2016
    PDF generated: 26 Aug 2021, 16:39 constituteproject.org Mauritius's Constitution of 1968 with Amendments through 2016 This complete constitution has been generated from excerpts of texts from the repository of the Comparative Constitutions Project, and distributed on constituteproject.org. constituteproject.org PDF generated: 26 Aug 2021, 16:39 Table of contents CHAPTER I: THE STATE AND THE CONSTITUTION . 7 1. The State . 7 2. Constitution is supreme law . 7 CHAPTER II: PROTECTION OF FUNDAMENTAL RIGHTS AND FREEDOMS OF THE INDIVIDUAL . 7 3. Fundamental rights and freedoms of the individual . 7 4. Protection of right to life . 7 5. Protection of right to personal liberty . 8 6. Protection from slavery and forced labour . 10 7. Protection from inhuman treatment . 11 8. Protection from deprivation of property . 11 9. Protection for privacy of home and other property . 14 10. Provisions to secure protection of law . 15 11. Protection of freedom of conscience . 17 12. Protection of freedom of expression . 17 13. Protection of freedom of assembly and association . 18 14. Protection of freedom to establish schools . 18 15. Protection of freedom of movement . 19 16. Protection from discrimination . 20 17. Enforcement of protective provisions . 21 17A. Payment or retiring allowances to Members . 22 18. Derogations from fundamental rights and freedoms under emergency powers . 22 19. Interpretation and savings . 23 CHAPTER III: CITIZENSHIP . 25 20. Persons who became citizens on 12 March 1968 . 25 21. Persons entitled to be registered as citizens . 25 22. Persons born in Mauritius after 11 March 1968 . 26 23. Persons born outside Mauritius after 11 March 1968 .
    [Show full text]
  • Bank of England List of Banks- October 2020
    LIST OF BANKS AS COMPILED BY THE BANK OF ENGLAND AS AT 1st October 2020 (Amendments to the List of Banks since 31st August 2020 can be found below) Banks incorporated in the United Kingdom ABC International Bank Plc DB UK Bank Limited Access Bank UK Limited, The Distribution Finance Capital Limited Ahli United Bank (UK) PLC AIB Group (UK) Plc EFG Private Bank Limited Al Rayan Bank PLC Europe Arab Bank plc Aldermore Bank Plc Alliance Trust Savings Limited (Applied to Cancel) FBN Bank (UK) Ltd Allica Bank Ltd FCE Bank Plc Alpha Bank London Limited FCMB Bank (UK) Limited Arbuthnot Latham & Co Limited Atom Bank PLC Gatehouse Bank Plc Axis Bank UK Limited Ghana International Bank Plc GH Bank Limited Bank and Clients PLC Goldman Sachs International Bank Bank Leumi (UK) plc Guaranty Trust Bank (UK) Limited Bank Mandiri (Europe) Limited Gulf International Bank (UK) Limited Bank Of Baroda (UK) Limited Bank of Beirut (UK) Ltd Habib Bank Zurich Plc Bank of Ceylon (UK) Ltd Hampden & Co Plc Bank of China (UK) Ltd Hampshire Trust Bank Plc Bank of Ireland (UK) Plc Handelsbanken PLC Bank of London and The Middle East plc Havin Bank Ltd Bank of New York Mellon (International) Limited, The HBL Bank UK Limited Bank of Scotland plc HSBC Bank Plc Bank of the Philippine Islands (Europe) PLC HSBC Private Bank (UK) Limited Bank Saderat Plc HSBC Trust Company (UK) Ltd Bank Sepah International Plc HSBC UK Bank Plc Barclays Bank Plc Barclays Bank UK PLC ICBC (London) plc BFC Bank Limited ICBC Standard Bank Plc Bira Bank Limited ICICI Bank UK Plc BMCE Bank International plc Investec Bank PLC British Arab Commercial Bank Plc Itau BBA International PLC Brown Shipley & Co Limited JN Bank UK Ltd C Hoare & Co J.P.
    [Show full text]
  • Tax Relief Country: Italy Security: Intesa Sanpaolo S.P.A
    Important Notice The Depository Trust Company B #: 15497-21 Date: August 24, 2021 To: All Participants Category: Tax Relief, Distributions From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers Tax Relief Country: Italy Security: Intesa Sanpaolo S.p.A. CUSIPs: 46115HAU1 Subject: Record Date: 9/2/2021 Payable Date: 9/17/2021 CA Web Instruction Deadline: 9/16/2021 8:00 PM (E.T.) Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo before certifying their instructions over CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo over the CA Web. ***Please read this Important Notice fully to ensure that the self-certification document is sent to the agent by the indicated deadline*** Questions regarding this Important Notice may be directed to Acupay at +1 212-422-1222. Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is. The information contained in this communication is not intended to be a substitute for obtaining tax advice from an appropriate professional advisor. In providing this communication, DTC shall not be liable for (1) any loss resulting directly or indirectly from mistakes, errors, omissions, interruptions, delays or defects in such communication, unless caused directly by gross negligence or willful misconduct on the part of DTC, and (2) any special, consequential, exemplary, incidental or punitive damages.
    [Show full text]
  • ANNUAL REPORT MAUBANK Annual Report 2019 001 Table of Contents
    ANNUAL REPORT MAUBANK Annual Report 2019 001 Table of Contents 004 Corporate information 007 Chairman Statement 008 Chief Executive Statement 012 Directors’ report 021 Corporate governance report 035 Statement of compliance 037 Statement of management’s responsibility for financial reporting 038 Report from the secretary 039 Independent auditor’s report 043 Statements of financial position 045 Statements of profit or loss and other comprehensive income 047 Statements of changes in equity 049 Cash flow statements for the year ended 050 Notes to the financial statements 154 Management discussion and analysis 173 Administrative information CORPORATE INFORMATION MAUBANK 004 Annual Report 2019 Corporate Information DIRECTORS: Non-Executive Directors Appointed on Resigned on Mr Burkutoola Mahmadally (Chairman) 29 March 2019 Mr Lalloo Said (Chairman) 20 January 2016 01 October 2018 Dr Paligadu Dharamraj (was appointed Acting Chairman on 06 June 2018) 07 March 2015 06 August 2019 Mr Nicolas Jean Marie Cyril 13 March 2015 Mr Putchay Vassoo Allymootoo 20 January 2016 05 September 2019 Mr Gokhool Ashvin Jain 23 February 2016 Mr Nilamber Anoop Kumar 22 March 2016 Mr Codabux Muhammad Javed 10 March 2017 Executive Directors Mr Mungar Premchand 23 November 2018 Mr Nagarajan Sridhar 24 September 2015 21 September 2018 MAUBANK Annual Report 2019 005 KEY MANAGEMENT TEAM: Position Mr Mungar Premchand Chief Executive Officer (As from 23 November 2018) Mr Nagarajan Sridhar (As from 24 September 2015 to 21 September 2018) Chief Executive Officer Mr Vydelingum
    [Show full text]
  • State Bank of Mauritius (Sbm) Holdings Limited Analysis: Is Investors Cash Safe with Sbm?
    STATE BANK OF MAURITIUS (SBM) HOLDINGS LIMITED ANALYSIS: IS INVESTORS CASH SAFE WITH SBM? January 2018 i List of Abbreviations: BOM – Bank of Mauritius CBK – Central bank of Kenya EOI – Expression of Interest KDIC – Kenya Deposit Insurance Corporation Kes – Kenya Shillings NAV – Net Assets Value SEMTRI - Stock Exchange of Mauritius Total Return Index SEM – Stock Exchange of Mauritius SBM – State bank of Mauritius ROE – Return on Equity USD – United States Dollar ii Table of Contents Executive Summary ........................................................ 1 Bank Overview.............................................................. 2 Ownership and Governance .............................................. 2 Corporate Governance .................................................... 3 SBM Stock Performance ................................................... 5 SBMH Acquisition of Fidelity Commercial Bank (Kenya) ............. 5 SBM Financial Performance ............................................... 6 SBM Holding Comparison with some selected Kenyan Banks ........ 9 SBM’s Binding Offer on Chase Bank ................................... 10 Chase Bank Acquisition Terms ......................................... 10 Fusion’s View on the terms of this deal .............................. 11 Fusion’s View on SBM Bank acquiring Chase Bank .................. 12 iii Executive Summary SBM Holdings ‘SBM’ was founded in 1973 by the Government of Mauritius and was listed in the Stock Exchange of Mauritius ‘SEM’ in 1995. The Bank is engaged in banking, non-banking
    [Show full text]