Standard Bank is expanding its offshore banking operation in Mauritius to cater for family-owned businesses and corporates from across the sub-Saharan region, a move designed to tap into possibilities of boosting trade and investment.
The banks offshore banking operations in Mauritius have traditionally catered for large listed companies and multinationals, which it serviced through its Corporate and Investment Banking division.
But with rapid changes in the financial services sector ushering in new demands from a growing arm of investors through family-owned businesses and amid regional corporates seeking investment opportunities abroad Standard Bank is seeking to tap into these opportunities through the introduction of a dedicated Business and Commercial Banking (BCB) offering, said Tunde Macaulay, the banks head of Africa regions and offshore.
Our clients will be able to enjoy the full benefits of operating from an international finance centre that facilitates international activity and operates under a strong regulatory framework, added Macaulay.
Mauritius also offers the advantage of political and economic stability, a factor that has helped establish it as a business and cross-border investment hub of choice for Africa.
