HSBC offloads Mauritius operations

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HSBC, the London-based multinational bank, is undergoing further adjustments to its international portfolio with the recently announced sale of its wealth, retail, and business banking operations in Mauritius. In a statement, HSBC confirmed an agreement to sell its wealth and personal banking business, along with its business banking business in Mauritius, to Absa Bank.

The deal encompasses assets and liabilities associated with approximately 38,000 customers, along with their respective supporting employees. The transaction is slated for completion in the third quarter of 2024, pending regulatory approval and other specified conditions. Post-transaction, HSBC will maintain its focus on serving mid-sized and large domestic corporates, as well as the local subsidiaries of international firms.

Absa Bank, headquartered in Johannesburg, South Africa, is a pan-African banking group that has been operational in Mauritius since 1919. Formerly known as Barclays Bank Mauritius, Absa’s acquisition aligns with its established presence in the region and signifies its strategic expansion in the Mauritian banking sector.