Half of these banks offer retail banking services to residents — a space dominated by a couple of players — while the rest focus on specialised international banking services and also include a couple of purely private banks. Mauritian owned banks with large SegA operations are very conservative in their approach which made them resistant to shocks from the Great Financial Crisis of Great Crisiswhile banks with large SegB operations have been highly focused on providing services to Global Business Companies GBC which has made them largely immune to the domestic economic environment whose landscape has been challenging. In years surrounding the Great Crisis, the economy had been doped by public infrastructure and private constructions mostly funded by borrowed money. For the past five consecutive years, the construction industry has contracted but a resilient financial industry has been a key sector to keep the economy growing albeit at a tepid pace.
Fees, Charges and Commissions applicable by Banks The Banking Industry The Mauritian banking industry comprises of 21 banks, of which 5 local banks, 10 foreign-owned subsidiaries, 1 is a joint venture, 4 are branches of foreign banks and 1 is licensed as a private bank.
All the banks are licensed by the Bank of Mauritius to carry out banking business locally and internationally. The banking industry is characterised by the wide range of services provided.
Besides traditional banking facilities, banks offer card-based payment services, such as credit and debit cards internet banking and phone banking facilities.
Specialised services such as fund administration, custodial services, trusteeship, structured lending, structured trade finance, international portfolio management, investment banking, private client activities, treasury and specialised finance are also offered by banks.
The international banks offer a wide range of global banking and financial services to corporate, institutional and private clients.
Some of the biggest and most reputable international banks are present in Mauritius and actively carry out international cross border activities.
In spite of the various shocks facing the international banking landscape over the recent years, the domestic banking sector has shown satisfactory performance as evidenced by the official figures available from the Financial Stability Report of the Bank of Mauritius of February AlHuda-CIBE is a success icon in Islamic Banking and Finance sector which focuses on Education and Trainings, Advisory and Consultancy, Publications and Promotion, Islamic Financial Shariah Advisory, Islamic Microfinance Product Development in order to promote the industry worldwide.
Banking Sector Overview Over 20 banks operate in Mauritius and, in addition to traditional banking services, they offer a range of specialised services ranging from custodial services to .
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