Mauritius | Finances

November 23, 2016

Sridhar Nagarajan: “Rs 5 to 6 billion expected from the sale of 30% of MauBank”

Born out of the fusion of the ailing ex-NCB and ex-MPCB nearly a year ago, MauBank is already generating double digit profits during its new financial year, says its Chief Executive Officer. The aim is to achieve Rs 150 million of profit after tax for financial year ending June 2017.

MauBank is performing well and is a very successful brand, notes Sridhar Nagarajan, who has completed one year in service last September. This bank set for greatness, as he said, now comprises many professionals from various departments of other reputed banks in Mauritius. It is not just a commercial bank. It is one when it comes to retail and corporate banking but when it comes to SMEs, is both a bank and a development financial institution.

From December 2015 to August 2016, the lending to SMEs under the MBA sponsored scheme has grown by 14 per cent across all banks while the same scheme for MauBank has grown by 30 per cent. “We are already a large SME lender; 26 per cent of our assets are already lent to SMEs… We also want to slowly push a bunch of microenterprises into small ones and small ones into medium ones and medium ones into large enterprises within five years’ time.”

The Bank CEO announced they are about to find a strategic investor for MauBank. “Our intention is if we can sell 30 per cent to get Rs 5 to 6 billion. In this way, not only have you transformed a fickle situation, but also made it extremely profitable. The remaining 70 per cent will increase in value if you get a strategic investor. Not only are we fixing MauBank, we are also turning it into a profitable proposition for the taxpayer.”

Text by lexpress.mu
 

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