Banks in Mauritius

The banking sector in Mauritius is a vital component of the island’s economy, providing a wide range of services to residents, non-residents, and investors. With a robust regulatory framework and a well-established financial infrastructure, Mauritius has become a regional banking hub in the Indian Ocean. The sector includes various types of banks offering diverse services, from traditional banking to offshore and private banking. For residents, banks offer essential services like savings accounts, loans, and mortgages. Non-residents benefit from offshore banking facilities that provide tax advantages and confidentiality. Investors are attracted to Mauritius for its stable banking environment, favorable tax policies, and strategic location, making it an ideal base for business operations in Africa and Asia​ (VisaGuide World)​​ (Company Formation Mauritius)​​ (VisaTroop Blog)​.

History of Banking in Mauritius

The banking sector in Mauritius has evolved significantly since its inception. The first bank, the Bank of Mauritius, was established in 1838, marking the beginning of formal banking activities on the island. Over the decades, the sector expanded with the introduction of several local and international banks. Key milestones include the establishment of the State Bank of Mauritius in 1973 and the liberalization of the financial sector in the 1980s, which attracted foreign banks to set up operations in Mauritius. The Financial Services Commission was created in 2001 to regulate the non-banking financial sector, further strengthening the regulatory framework. Today, the banking sector in Mauritius is characterized by a mix of commercial, development, offshore, and private banks, each playing a crucial role in the economy​ (Company Formation Mauritius)​​ (IBN Immigration Solutions)​​ (Live in Mauritius)​.

Types of Banks in Mauritius

Commercial Banks

Commercial banks in Mauritius offer a wide range of services to individuals, businesses, and corporations. Key players include the Mauritius Commercial Bank (MCB), the State Bank of Mauritius (SBM), and Absa Bank Mauritius. These banks provide essential banking services such as savings and current accounts, personal and business loans, credit cards, and internet banking. They play a vital role in the economy by facilitating financial transactions, extending credit to businesses, and supporting economic growth​ (VisaGuide World)​​ (Company Formation Mauritius)​​ (IBN Immigration Solutions)​.

Development Banks

Development banks in Mauritius focus on funding projects that promote economic development. The Development Bank of Mauritius (DBM) is a prominent example, providing financial assistance for industrial, agricultural, and infrastructural projects. These banks aim to support sectors that are crucial for the country’s economic development, offering long-term loans and other financial products to foster growth in underdeveloped areas and sectors​ (Company Formation Mauritius)​​ (IBN Immigration Solutions)​​ (Live in Mauritius)​.

Offshore Banks

Offshore banks in Mauritius cater to non-residents, offering services that include asset protection, tax optimization, and confidentiality. Benefits for non-residents include favorable tax regimes, ease of setting up offshore companies, and a high level of confidentiality. Offshore banking is regulated to ensure compliance with international standards while providing attractive opportunities for global investors looking to capitalize on Mauritius’ strategic location and stable financial environment​ (VisaGuide World)​​ (Company Formation Mauritius)​​ (VisaTroop Blog)​.

Private Banks

Private banks in Mauritius provide personalized banking services to high-net-worth individuals (HNWIs). These services include wealth management, investment advisory, estate planning, and tailored financial solutions. Private banks such as AfrAsia Bank and Bank One Mauritius cater to the specific needs of affluent clients, offering exclusive banking services that help manage and grow their wealth effectively. These banks combine global expertise with local knowledge, ensuring that clients receive comprehensive and customized financial services​ (VisaGuide World)​​ (Company Formation Mauritius)​​ (IBN Immigration Solutions)​.

Major Banks in Mauritius

Mauritius has a diverse and dynamic banking sector that includes both local and international banks offering a wide range of services. The following are some of the major banks in Mauritius, each playing a significant role in the financial landscape of the island.

MCB Logo

Mauritius Commercial Bank (MCB)

The Mauritius Commercial Bank (MCB) is the oldest and largest bank in Mauritius, established in 1838. It has a significant impact on the Mauritian economy and a robust presence in the region. MCB is known for its extensive range of services and innovative banking solutions.

9‐15 Sir William Newton Street, Port Louis, Mauritius
Tel: +230 202 5000
Fax: +230 208 7054
mcb@mcb.co.mu
http://www.mcb.mu/

SBM - State Bank of Mauritius - Logo

State Bank of Mauritius (SBM)

The State Bank of Mauritius (SBM) was established in 1973 and is one of the leading banks in Mauritius. SBM has a strong presence both domestically and internationally, particularly in the Indian Ocean region.

State Bank Tower
1 Queen Elizabeth II Avenue Port Louis
Tel: +230 202 1111
Fax: +230 202 1234

ABSA Group Limited Logo

Absa Bank Mauritius

Absa Bank Mauritius, formerly known as Barclays Bank Mauritius, is a significant player in the Mauritian banking sector. It is part of the Absa Group, a major African financial services provider.

Absa House
68 Wall Street Cybercity, Ebene 72201
Tel:+230 402 1000
https://www.absabank.mu/

HSBC Logo

HSBC Mauritius

HSBC Mauritius is part of the global HSBC Group, one of the world’s largest banking and financial services organisations. HSBC has been operating in Mauritius since 1916 and provides a range of banking services to its customers.

6th Floor, HSBC Centre, 18, Cybercity, Ebene
Tel: +230 403 8333 
Fax: +230 403 0999
offshore@hsbc.co.mu
http://www.hsbc.co.mu/

Bank of Baroda Mauritius

Bank of Baroda Mauritius is a subsidiary of Bank of Baroda, one of India’s largest banks. It has been operating in Mauritius since 1962 and offers a variety of banking services.

Bank of Baroda Building,
32, Sir William Newton Street, Port Louis
Tel: +230 208 1504/+230 208 3891/93
Fax: +230 208 3892
bobgen@intnet.mu
http://www.bankofbaroda‐mu.com/

Bank One Logo - Mauritius

Bank One Limited

Bank One is a prominent banking institution in Mauritius with a strong presence in Sub-Saharan Africa and Asia. It was incorporated in 1991 and has become a market leader in the Mauritian banking sector.

16 Sir William Newton Street, Port Louis
Tel: +230 202 9200
Fax: +230 210 4712
info@bankone.mu 
http://www.bankone.mu/

AfrAsia Bank Limited

AfrAsia Bank, established in 2007, is a relatively new but rapidly growing bank in Mauritius. It focuses on delivering private banking, corporate banking, and investment solutions.

Bowen Square, 10, Dr Ferrière Street, Port Louis
Tel: +230 208 5500
Fax: +230 213 8850
afrasia@afrasiabank.com 
http://www.afrasiabank.com

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Contact Us

Sales – Alexandre Lenoir​
+230 5 479 2929

Sales – Derrick Mace
+230 5 423 5072

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