Opening Soon: Bank of China looks set for Mauritian welcome
Bank of China, which recently expressed interest to set up a branch in Mauritius, appears well poised to open its doors in the island economy soon, as a delegation managed by the bank’s representative, Zhang Xiaoqing, was on a mission at the Bank of Mauritius where discussions revolved around criteria to obtain a banking license to operate in Mauritius. (Image:ionnews.mu)
Bank of China appears to be a step closer to opening its doors in the island economy, as discussions have moved forward to the criteria for obtaining a banking license to operate in Mauritius.
In this context, a delegation managed by Zhang Xiaoqing, representative of the Bank of China in Mauritius, was on a mission to the Bank of Mauritius (BoM) where central bank governor Ramesh Basant Roi received these high executives accompanied by Li Li, the ambassador of China in Mauritius.
It is, however, still too early to know when Bank of China will start its activities in Mauritius, because of the long procedures that both Mauritius and China still have to undertake to ensure legal and operational compliance with banking norms across both nations.
Nevertheless, the meeting concerning the criteria which Bank of China will have to satisfy to obtain its license, had a positive ring to it.
“Bank of China wishes to contribute to the development of the Mauritian economy,” notedZhang Xiaoqing.
However, whether this subsidiary will operate in the banking sector or another sector under the broad financial services category is yet to be determined, but authorities reassure that they shall try to speed up the process.
It is to be noted that Mauritius’ Minister of Finance and Economic Development, Vishnu Lutchmeenaraidoo, announced during the signing of a Memorandum of Understanding (MoU) over the Jinfei Zone at Riche Terre, that the Bank of China has expressed interest to set up a branch in Mauritius.
Lutchmeenaraidoo lauded the People’s Republic of China’s intention to set up a Bank of China branch in the island economy. He noted that the branch will be a significant addition to the financial landscape of Mauritius as well as an important financial tunnel from China to Africa through Mauritius.
It is to be noted that the Bank of China is one of the five biggest state-owned commercial banks in China and is also China’s most international and diversified bank present in 37 countries.
Furthermore, it is to be recalled that the MoU on the Jinfei Zone at Riche Terre was signed by the government of Mauritius and the Mauritius Jinfei Trade and Cooperation Zone Co. Ltd and the Shanxi Jinfei Investment Co. Ltd in view of further consolidating bilateral relations between the two countries following negotiations with the Jinfei Group in January 2015.