Top 200 Banks in Africa report features 13 Mauritian banks
The green headquarters of the Mauritius Commercial Bank which, at Rank 50, leads the Mauritian banks in the Top 200 Banks in Africa report (Source: sbd2050.org)
The ‘Top 200 banks in Africa’ report, published by The Africa Report on September 30, features 13 Mauritian banks, with the Mauritius Commercial Bank (MCB) leading the pack.
At rank 50, the MCB just manages to break into the top 50 banks in Africa but has fallen 7 places compared to its place in the rankings last year. With a solid assets base of Rs 5.50 million and deposits totaling Rs 4.37 million, Mauritius’ largest bank is however a comfortable 7 places ahead of its closest Mauritian competitor, HSBC Mauritius. Having fallen 11 slots in the rankings compared to last year, HSBC Mauritius still retains the second spot with an asset base of Rs 4.4 million and deposits of Rs 4.02 million. The third place is taken up by Standard Chartered Bank (overall 66 rank, -8 places) with an asset base of Rs 3.4 million and deposits of Rs 0.62 million.
The State Bank of Mauritius has moved up 6 places to 69th place in the overall rankings (assets: $3.13 million; deposits: $2.4 million) while Barclays has fallen 6 ranks to take 72nd place in the overall rankings (assets: $2.96 million; deposits: $2.31 million). The most impressive climb has been that of the Standard Bank Mauritius which has moved up 23 places to 93rd slot with an asset base of $2.27 million and deposits of $1.54 million. State Bank of India (SBI) Mauritius, with an asset base of $1.22 million and deposits of $0.91 million, has gone down 9 places to 134th position. Investec Bank Mauritius has also shown a stellar rise of 15 places to the 138th slot, with an asset base of $1.16 million and deposits of $0.39 million.
The last 5 slots among Mauritian banks have been taken up by Deutsche Bank (141, -2 slots), the Hong Kong and Shanghai Banking Corporation (154, -11 places), AfrAsia Bank (175, +7 slots), Banque Des Mascareignes (181, -13 places) and Bank One (187, +7 places) with asset bases ranging from a high of $1.14 million to a low of $0.62 million while deposits range from a high of $0.81 million to a low of $0.46 million.
Mauritius relies on financial services for a majority of its foreign direct investment (FDI) inflows. According to Statistics Mauritius, of the total FDI of $408 million received by the island nation in 2012, as much as $140 million was received into the financial services sector. In effect, the financial and insurance activities sector attracted as much as a third (around 34.3%) of all FDI inflows into the economy.
Overall, in the Africa report, the top 5 slots are all taken by South African banks: Standard Bank Group (assets: $181.94 million; deposits: $108.22 million); Standard Bank of South Africa (assets: $115.34 million; deposits: $84.59 million); ABSA group (assets: $95.19 million; deposits: $56.25 million); FirstRand banking group (assets: $90.69 million; deposits: $71.43 million) and Nedbank group (assets: $80.46 million; deposits: $64.9 million)
For the rest, National Bank of Egypt, Attijariwafa Bank (Morocco), Groupe BCP (Morocco), Banque Misr (Egypt) and Banque Exterieure d’Algerie (Algeria) hold up the tail of the top 10 banks in the African continent.
The Africa Report is an English-language monthly magazine that was created in 2005 by Paris-based group Jeune Afrique for in-depth coverage of African politics and economics. The Top 500 companies in Africa and the Top 200 banks in Africa are two annual reports by the well-respected publication that are eagerly awaited by industry and investors.
Source: The Africa Report