Mauritian banks have reason to be proud in view of the Top 200 banks in Africa established by 'The Africa Report', and where not included under 13 Mauritian institutions. The local bank group is led by the Mauritius Commercial Bank (MCB), which is found in the 50th place in this ranking, based on the total assets of banks. Although yielding seven rows from the 2012 rankings, the MCB, with assets amounting to USD 5.5 billion (amount based on the results of 2011/2012), is one of six institutions operating in the banking system local to be among the top 100 ranking. The five other banks in order, HSBC Mauritius (57th, down 11 places) with $ 4.4 billion, Standard Chartered Bank Mauritius (66, -8 places) with USD 3.4 billion, the State Bank of Mauritius (69th, six places) with USD 3.1 billion, Barclays Bank Mauritius Ltd (72, -6 places) for USD 2.96 billion and Standard Bank Mauritius (93rd, 23) with $ 2, 27 billion.
Other Mauritian commercial banks are classified in the second half of the table. It is, in this case, the SBI Mauritius (134th, -9) with $ 1.2 billion, Investec Bank Mauritius (138th, 15) for USD 1.16 billion (2011 figures) Deutsche Bank (141st, -2) to USD 1.1 billion, the Hong Kong and Shanghai Banking Corporation (154th, -11) with USD 948.8 million (2011 results), the AfrAsia Bank (175th, 7) to USD 709.8 million, the Bank Mascarene (181st, -13) with UDS 675.1 million and Bank One last (187th, 7) to USD 615.1 million.
Ranking 2013 'The Africa Report' is dominated by South African banks, which occupy the top five places, the Standard Bank Group leading the pack with total assets amounting to USD 181.9 billion. It precedes the Standard Bank of South Africa, the ABSA Group, the FirstRand Banking Group and Nedbank Group. These banks posted profits totaling approximately USD 7.4 billion in 2012, against $ 6.2 billion the previous year.
In a report dedicated to the Mauritian financial sector - and directed by Gemma Ware - 'The Africa Report' observes outside the local banking sector remains very focused on the offshore market, but foreign banks based in Mauritius are turning increasingly to the emerging markets of Africa. Operations in offshore represent over 50% of deposits and loans banks. The funds raised abroad accounts for approximately 55% of total deposits, while 58% of funds are allocated to "offshore entities" says the magazine. It also noted that several local banks have developed overseas operations and mark more presence on the African continent. The activities of the MCB, Standard Bank, the Barclays, the SBM AfrAsia Bank and Bank One in Africa are cited as 'The Africa Report'. It is mentioned in this report that the Bank of Mauritius " s keen to attract more international banks" Quoting the governor of the BoM Manou Bheenick magazine wrote: " Leading Chinese and Indian banks have enquired about the prospects of operating in Mauritius" These foreign banks would be welcome " if they can prove to have viable business models of interest to us"
Moreover, in an interview with Gemma Ware, Deputy Prime Minister and Finance Minister Xavier-Luc Duval said that Mauritius wants accommodate more international banks, including banks in Africa, as part of the strategy to make Mauritius a financial hub capable of structuring investments to Africa and to create a pool of highly qualified professionals who will be able to assist investors. " We have about 4 000 highly talented people who come on a special work permit calles an occupation permit. We want to incrase that to abour 5 000 in the short term and to 10 000 in the medium term "says XLD.
He also stresses that the Global Business sector attracts an increasing number of companies or investment funds facing the African market. But he insists that " we don’t want people to come here just for the tax advantages" and that the goal is to bring these investors have in Mauritius activities with more commercial substance.