HSBC in talks to sell Mauritius retail banking division
26 March 2012
HSBC today said it was in talks over the potential sale of its Mauritius retail banking and wealth management division, as Europe's biggest bank continues to sell non-core assets to cut costs.
The sale comes after the London-based bank early this month agreed to sell its general insurance businesses in Hong Kong, Singapore, Argentina and Mexico to French insurer AXA and Australia's QBE Insurance Group for $914 million in cash.
HSBC said in a statement that it ''remains committed to the Mauritius market and continues to invest in growing its Global Business, and Corporate Banking businesses in Mauritius.''
Present in Mauritius since 1916, HSBC has two entities – a branch of the Hong Kong and Shanghai Banking Corporation Limited and a local subsidiary, HSBC Bank (Mauritius) Limited.
HSBC operates 11 retail branches offering a full fledged range of retail banking, cards and wealth management products.
It is the leader in the offshore sector in Mauritius, offering its clients structured financial products which take care of non-double taxation treaties to which Mauritius is a signatory.