ANNUAL REPORT Year Ended 30 June 2016 CONTENTS
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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. -
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). -
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. -
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. -
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. -
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 -
List of PRA-Regulated Banks
LIST OF BANKS AS COMPILED BY THE BANK OF ENGLAND AS AT 2nd December 2019 (Amendments to the List of Banks since 31st October 2019 can be found below) Banks incorporated in the United Kingdom ABC International Bank Plc DB UK Bank Limited Access Bank UK Limited, The ADIB (UK) Ltd EFG Private Bank Limited Ahli United Bank (UK) PLC Europe Arab Bank plc AIB Group (UK) Plc Al Rayan Bank PLC FBN Bank (UK) Ltd Aldermore Bank Plc FCE Bank Plc Alliance Trust Savings Limited FCMB Bank (UK) Limited Allica Bank Ltd Alpha Bank London Limited Gatehouse Bank Plc Arbuthnot Latham & Co Limited Ghana International Bank Plc Atom Bank PLC Goldman Sachs International Bank Axis Bank UK Limited Guaranty Trust Bank (UK) Limited Gulf International Bank (UK) Limited Bank and Clients PLC Bank Leumi (UK) plc Habib Bank Zurich Plc Bank Mandiri (Europe) Limited Hampden & Co Plc Bank Of Baroda (UK) Limited Hampshire Trust Bank Plc Bank of Beirut (UK) Ltd Handelsbanken PLC Bank of Ceylon (UK) Ltd Havin Bank Ltd Bank of China (UK) Ltd HBL Bank UK Limited Bank of Ireland (UK) Plc HSBC Bank Plc Bank of London and The Middle East plc HSBC Private Bank (UK) Limited Bank of New York Mellon (International) Limited, The HSBC Trust Company (UK) Ltd Bank of Scotland plc HSBC UK Bank Plc Bank of the Philippine Islands (Europe) PLC Bank Saderat Plc ICBC (London) plc Bank Sepah International Plc ICBC Standard Bank Plc Barclays Bank Plc ICICI Bank UK Plc Barclays Bank UK PLC Investec Bank PLC BFC Bank Limited Itau BBA International PLC Bira Bank Limited BMCE Bank International plc J.P. -
African Regional Conference
African Regional Conference 18-20 June 2019 Accra, Ghana 500+ 40+ PARTICIPANTS COUNTRIES REPRESENTED 40+ 20 25 SPEAKERS WORK EXHIBITORS SESSIONS www.swift.com/ARC2019 SWIF In partnership with: T #ARC2019 2 SWIFT African Regional Conference 2019 SWIFT African Regional Conference 2019 We are delighted to announce that the 26th edition of the SWIFT African Regional Conference (ARC) will take place in Accra, Ghana on 18-20 June 2019. ARC is Africa’s premier financial services event, bringing together more than 500 professionals from over 45 countries across Africa and beyond. Meet and engage with your peers from financial institutions, market infrastructures, international corporations and technology partners, and take a leading role in shaping the future of Africa’s financial services. This year’s agenda will look at how Africa’s financial industry is evolving. Our first day will focus on the drivers of change including emerging technologies, increasing regulatory pressure and new competitors entering the scene. Day two will look at how the financial industry is delivering change to customers by harnessing new technologies and developing alternative strategies. Lastly, on Day three we will look at how financial institutions are managing risk in this increasingly digitised world. We’re excited to bring ARC back to West Africa. The region is fast-growing, Sido Bestani fast-moving, and holds some of Africa’s most influential economies. Regional Director, Middle East, Turkey & Africa, SWIFT Join us at ARC on 18-20 June for three days of engaging -
THE GOVERNMENT GAZETTE of MAURITIUS Published by Authority
THE GOVERNMENT GAZETTE OF MAURITIUS Published by Authority No. 41 - Port Louis : Saturday 12 May 2018 - Rs. 25.00 TABLE OF CONTENTS GENERAL NOTICES 732 — Legal Supplement 733 1 to ? Appointment 734 ) 735 1 to z Declaration of Vacancy 737 ‘ 738 — Dismissal 739 1 to 7 Notice under the Land Acquisition Act 759 J 760 — Notice under the Land Acquisition Act - Corrigendum 761 —-Notice for Public Inspection of EIA Report 762 — Invitation for Bids - Mauritius Prison Service 763 — The Professional Quantity Surveyors’ Council Act 2013 764 — Annual List for Registered Nurses and Midwives (Mauritius and Rodrigues) for the year 2018 765 — Composition of the Board of the Mauritius Society of Authors (MASA) 766 — Statutory Bodies Family Protection Fund Board 2018 767 ' to ■ Notice under the Insolvency Act 773 . 774 1 t° 7 Change of Name 775 ) 776 1 t° 7 Compilation of Register under the Representation of the People Act 796 J 797 1 t° 7 Notice under the National Transport Authority 798 ) 799 1 t° 7 Notice under the Patents, Industrial Designs & Trademarks Act 800 J LEGAL SUPPLEMENT See General Notice No. 732 1874 The Mauritius Government Gazette General Notice No. 732 of 2018 to Cabinet and Head of the Civil Service from 15 to 21 April 2018 daring the absence on LEGAL SUPPLEMENT mission overseas of Mr N.K. Ballah, GOSK, The undermentioned Government Notices are Secretary to Cabinet and Head of the Civil published in the Legal Supplement to this number Service. of the Government Gazette: 2. Mrs Nirmala BHEENICK has been assigned The Dental Council (Medical Institutions) the duties of Secretary at the Public and (Amendment No. -
Participant List
Participant List 10/20/2019 8:45:44 AM Category First Name Last Name Position Organization Nationality CSO Jillian Abballe UN Advocacy Officer and Anglican Communion United States Head of Office Ramil Abbasov Chariman of the Managing Spektr Socio-Economic Azerbaijan Board Researches and Development Public Union Babak Abbaszadeh President and Chief Toronto Centre for Global Canada Executive Officer Leadership in Financial Supervision Amr Abdallah Director, Gulf Programs Educaiton for Employment - United States EFE HAGAR ABDELRAHM African affairs & SDGs Unit Maat for Peace, Development Egypt AN Manager and Human Rights Abukar Abdi CEO Juba Foundation Kenya Nabil Abdo MENA Senior Policy Oxfam International Lebanon Advisor Mala Abdulaziz Executive director Swift Relief Foundation Nigeria Maryati Abdullah Director/National Publish What You Pay Indonesia Coordinator Indonesia Yussuf Abdullahi Regional Team Lead Pact Kenya Abdulahi Abdulraheem Executive Director Initiative for Sound Education Nigeria Relationship & Health Muttaqa Abdulra'uf Research Fellow International Trade Union Nigeria Confederation (ITUC) Kehinde Abdulsalam Interfaith Minister Strength in Diversity Nigeria Development Centre, Nigeria Kassim Abdulsalam Zonal Coordinator/Field Strength in Diversity Nigeria Executive Development Centre, Nigeria and Farmers Advocacy and Support Initiative in Nig Shahlo Abdunabizoda Director Jahon Tajikistan Shontaye Abegaz Executive Director International Insitute for Human United States Security Subhashini Abeysinghe Research Director Verite -
Financial Markets Index 2019 Taking You Further Into Africa Than Ever Before
Absa Africa Financial Markets Index 2019 Taking you further into Africa than ever before. 13.4928° N | 38.4436° E Absa_financial_market_index_2019_live file.indd 1 07/10/2019 09:40 The Absa Africa Financial Markets Absa Group Limited (‘Absa Group’) is listed on the Johannesburg Stock Index was produced by OMFIF in Exchange and is one of Africa’s largest diversified financial services groups. association with Absa Group Limited. The scores on p.7 and elsewhere Absa Group offers an integrated set of products and services across record the total result (max=100) of personal and business banking, corporate and investment banking, wealth assessments across Pillars 1-6. For and investment management and insurance. methodology see individual Pillar Absa Group has a presence in 12 countries in Africa, with approximately assessments and p.38-39. 42,000 employees. OMFIF conducted extensive The Group’s registered head office is in Johannesburg, South Africa, and quantitative research and data it owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, analysis. Qualitative survey data were Mozambique, Seychelles, South Africa (Absa Bank), Tanzania (Barclays Bank collected and analysed by OMFIF with Tanzania and National Bank of Commerce), Uganda and Zambia. The Group input from Absa. also has representative offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and © 2019 The Absa Group Limited and Zambia. OMFIF Ltd. All Rights Reserved. For further information about Absa Group Limited, please visit www.absa.africa Absa CIB Marketing and Communications team The Official Monetary and Financial Institutions Forum is an independent Fiona Kigen, Vice President - think tank for central banking, economic policy and public investment – a Marketing, Nkululeko Tjelake, non-lobbying network for best practice in worldwide public-private sector Assistant Vice President - Marketing, exchanges. -
World Bank Document
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized 2 © 2017 The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved This work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Attribution—Please cite the work as follows: “World Bank. 2021. Mauritius Country Economic Memorandum: Through the Eye of a Perfect Storm.” All queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: [email protected]. 3 ACKNOWLEDGEMENTS This Country Economic Memorandum was produced by a team of World Bank staff and external experts led by Erik von Uexkull (Senior Economist) under the guidance of Mathew Verghis (Practice Manager), Mark Lundell (Country Director for Mauritius until July 2020) and Idah Pswarayi-Riddihough (current Country Director).