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AfricaMoney | August 21, 2017

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Banyan Tree Bank to partner Terra

Banyan Tree Bank to partner Terra

Photo of Sanjiv Singhal, Vice Chairman & MD of Banyan Tree Bank

BanyanTree Bank has recently accepted a minority equity investment by the Mauritian conglomerate Terra. The announcement was made during a press conference held recently. The investment backs up Terra’s intent to consolidate its presence in the financial services sector, and comes just after the Group’s acquisition in 2011 of a significant share of Swan Insurance, leaders in their field. Banyan Tree Bank has welcomed this partnership between a Mauritian conglomerate and the Indian expertise brought by BanyanTree Bank, which will allow both sides to combine their strengths in order to consolidate their market shares.

“ We are happy to have Terra as one of the investors in our bank. The acquisition of a minority stake in Banyan Tree Bank goes in line with our desire to have more of shareholders. Banyan Tree will make the most of the network of Terra on the local market as well as on the African continent,” said Sanjiv Singhal, Vice Chairman & MD of Banyan Tree Bank.

Cyril Mayer, Managing Director of Terra highlighted that « financial services have been our prime interest of our group for many years. » He said that this partnership is a way for Terra to consolidate the group’s activities in the financial sector.

Photo credit: Le Matinal

Source: www.terra.co.mu

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