Barclays Bank Mauritius Limited to be incorporated in June
The Barclays PLC Mauritius branch is seeking to transfer its banking business to Barclays Bank Mauritius Limited, a locally incorporated subsidiary of Barclays Bank Plc., to become a fully fledged local bank in Mauritius. This is pursuant to a court sanctioned scheme of arrangement. According to media reports this week, the CEO of the local Barclays Bank, Ravin Dajee, has stated that a demand pertaining to its incorporation in June will be made to the Bank of Mauritius. The motive is in line with the new amendments brought to the Banking Act.
The aim of the amendments brought by the Finance ministry to the Banking Act is to ensure that commercial banks are better prepared to face risks and to facilitate the restructuration process through the transfer of activities to holding societies.
Dajee explained that the Bank is relying on the new amendments to the bill in order to facilitate the incorporation of Barclays in Mauritius. Therefore, this move will enable Barclays to operate fully as a local bank. Till date, the bank is operating as a branch of Barclays PLC.
However, the CEO of Barclays emphasised that the change will not lead to loss of jobs but it will grant better autonomy to the Barclays Bank of Mauritius.
The local branch of Barclays Bank was ranked third in Africa on December 31, 2011.
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