AfrAsia Bank Limited

AfrAsia Bank Limited

Type	Private Company
Industry	Financial Services
Founded	2007
Headquarters	Bowen Square 10 Dr. Ferriere Street Port Louis, Mauritius
Key people	Lim Sit Chen Lam Pak Ng Chairman, Sanjiv Bhasin Chief Executive Officer
Products	Corporate and Investment Banking, Private Banking and Wealth Management, International Banking, Treasury
Revenue	Aftertax:US$1.8 billion (MUR:640 million) (2016)
Operating income	US$ 570 million (MUR 1.96 billion) (2015)
Total assets	US$2.6 billion (MUR:88 billion) (2016)
Number of employees	266 (2016)[1]
Subsidiaries	See narrative
Website	AfrAsia Bank Limitied

AfrAsia Bank Limited, commonly known as AfrAsia Bank, is a Private and Corporate Bank in Mauritius. It is one of the commercial banks licensed by the Bank of Mauritius, the country's central bank and the nation's banking regulator.^[2]

Overview

AfrAsia Bank is a large financial services provider in Mauritius and in the adjacent continental sub-regions of Southern, Central and Eastern Africa. As of June 2016, the total asset valuation of the bank was approximately US$2.6 billion (MUR:88 billion).^[3]

History

The bank was founded by Jamess Benoit (resigned as of 2016) and others in 2007, in Mauritius. Today the Bank has subsidiaries in Mauritius, with representative offices in Cape Town and Johannesburg. Besides providing Private Banking & Personal Banking the bank focuses on Corporate & Investment Banking, Global Business Solutions and Treasury. The corporate philosophy is to be the reference point for Corporate and Investment Banking, Private Banking and Global Business Solutions linking Mauritius and the Africa-Asia trade corridor... and beyond

Organizational structure

The bank is organized into four major administrative divisions:^[4]

• Corporate and Investment Banking
• Private Banking and Wealth Management
• International Banking Solutions
• Treasury Services

Subsidiaries

As of June 2016, AfrAsia Bank Limited maintains the following subsidiaries and agencies:

1. AfrAsia Capital Management - Port Louis, Mauritius - 100% shareholding
2. AfrAsia Cape Town Office - Cape Town, South Africa - Representative Office
3. AfrAsia Johannesburg Office - Johannesburg, South Africa - Representative Office

Ownership

As of June 2016,the shareholding in the stock of the bank included the following corporations and individuals:^[5]

Branches

The bank maintains its headquarters and main branch at Mauritius International Financial Centre, Bowen Square, 10 Dr. Ferriere Street, in Port Louis, the capital and largest city in Mauritius. Also the Bank has its branch at NeXTeracom, Ebene. It also maintains a representative office in each of their South African cities; namely Cape Town, and Johannesburg.

Governance

The bank is governed by a eleven-person Board of Directors. The Chairman of the board is Lim Sit Chen Lam Pak Ng, one of the non-Executive directors. Sanjiv Bhasin serves as the Chief Executive Officer.^[6]

See also

• List of banks in Mauritius
• Economy of Mauritius

References