Bank One eyes Africa; appoints Ravneet Chowdhury as new CEO
With more than 20 years of experience in the banking sector, Chowdhury has worked in Kenya, Botswana and India on behalf of various international banks. (Image: Company)
Mauritius-based financial services major Bank One aims to expand its services to Africa and is relying on its new CEO’s long and rich experience in the banking field in African countries to attain this goal.
On January 1, Ravneet Chowdhury officially took office as the new CEO, assisted by CP Balachandran in the capacity of deputy CEO, in a major reshuffle involving two top management roles in Bank One.
Chowdhury had already been appointed CEO designate last October, and was waiting for the New Year to officially take charge from Raj Dussoye, who wished to pursue his career elsewhere.
With more than 20 years of experience in the banking sector, Chowdhury served most recently as CEO of Standard Chartered Bank in Oman. He has also worked in Kenya, Botswana and India on behalf of various international banks.
“We will strengthen our capacities in Trade Finance and use to the fullest our platform of Wealth Management and Private Banking in Mauritius to attract clients from Africa,” says Chowdhury.
The new CEO says Bank One intends to take full advantage of latest technologies in internet banking to revisit services in trade finance and boost treasury. He believes that this strategy will increase customer satisfaction and expects it to win Bank One additional market shares in Mauritius.
Besides, the bank also wishes to reinforce its relations with other countries, especially India.
As for Deputy CEO CP Balachandran, he has devoted his entire career to the banking sector and has extensive experience in operations management in India in particular, with his latest stint being as Deputy Chief Operating Officer of Société Générale in Mumbai.
Founded in 1997 as First City Bank Limited (FCB), the bank gained its present name in 2008 when I&M Bank Group, a Kenya-based financial conglomerate, acquired 50 percent stake and re-branded it as Bank One Mauritius.
The bank operates with 16 branches spread throughout Mauritius, has a well distributed network of ATM’s and a fully–operational Internet Banking platform.
Bank One caters both for domestic and international markets, and provides financial solutions to all segments – Retail, Corporate as well as Private. These include transactional and deposit accounts, personal finance, trade finance, corporate finance and capital market services as well as a host of unique banking services.
As of December 2012, the bank had total assets valued at approximately US$630.2 million (around MUR 19.06 billion), with shareholders’ equity of approximately US$36.84 million (around MUR 1.11 billion).
Source: Company Website