Mauritius’ Bramer Bank in talks to merge with major African bank
The management stated that Bramer Bank has ambitious expansion plans for Africa and such a partnership would give it a major advantage in accessing new markets on the continent which are yet under-penetrated. (Image: Company)
Mauritian financial services major Bramer Bank is currently holding discussions with a major African bank for a possible merger.
The management stated that Bramer Bank has ambitious expansion plans for Africa and such a partnership would give it a major advantage in accessing new markets on the continent which are yet under-penetrated.
“The opportunity to work with a large African bank would give us direct access to a huge market where there is a growing demand for financial products and services,” says Ashraf Esmael, CEO, Bramer Bank.
Given the probable merger, Bramer Bank has warned investors to take due precautions while trading in its shares, in a cautionary announcement on the Stock Exchange of Mauritius website yesterday.
The scope of activities of Bramer Bank has grown considerably in recent years. The number of bank customers now exceed 60,000 and the bank has strengthened its position in the segments of Business Banking, Private Banking and International Banking.
In terms of infrastructure, the bank now has a network of 20 branches and 27 ATMs. The assets of Bramer Bank amounted to more than Rs 14 billion at September 30, 2013 with deposits touching Rs 11.1 billion.
And, during the past year, which has been good for the overall banking sector on the island economy, the bank increased its asset base by over 30%, which is well above the average growth rate of the industry in 2013.
International recognition has followed on the heels of its robust financial performance. The bank was granted the Brand Excellence Award in Banking, Financial Services and Insurance sector for the Global Brand Excellence Awards in India in October 2013. It also won the Fastest Growing Bank (Mauritius) in 2013 Award by the International Finance Magazine in December 2013.
Bramer Banking Corporation Ltd
Bramer Bank is one of the fastest growing banks in Mauritius. The bank merged with Mauritius Leasing (ML), the leading asset finance provider in Mauritius, in May 2012. The merged entity is listed on the Stock Exchange of Mauritius.
The group has an established presence, with over 40 years in Mauritius. It also has operations in South Africa, Madagascar, Kenya, Dubai, France and Malta.
The Bank is part of the British American Investment Group, a premier conglomerate in Mauritius that has interests in financial services, healthcare, trade & commerce, construction and tourism. Within the financial cluster, the group operates banking, insurance, asset and wealth management, forex, Islamic finance, insurance brokerage, stock-broking and commodity and currency futures broking. The Bank started operations in 1989 as the South East Asian Bank (SEAB). The banking entity was acquired by British American Investment in 2008, and became the Bramer Bank.
Bramer Bank has a wide network of 20 branches across the island in line with its mission to deliver proximity services to its customers. It also has a Private Banking Unit that caters to the high net worth segment.
Source: Company Website