The deal between Absa and HSBC in Mauritius is subject to regulatory and other approvals.
In addition, the transaction proves Absa Mauritius’ commitment to growing as an influential role-player in the country’s economy.
It allows Absa Bank Mauritius to further increase the scale of its retail and business banking arm, leveraging off existing resources, expertise and infrastructure such as its digital solutions.
“The transaction speaks to Absa’s growth aspirations in Africa where we see significant opportunity,” said Arrie Rautenbach, Absa Group chief executive officer. “We remain purposeful in our efforts to create a more diversified business across geography, segment and product, and we will continue to deploy capital to attractive growth prospects across the continent as we deliver on our ambition to being a leading pan-African bank.”
“We are proud to be taking over a solid portfolio from HSBC. We are committed to working closely with HSBC to secure all necessary approvals and ensure a seamless transition,” added Ravin Dajee, managing director, Absa Bank Mauritius.
In November 2023, subject to regulatory approval, HSBC Asset Management (HSBC AM) welcomed the appointment of Pang Qi Lim as chief executive officer for Southeast Asia and Singapore.
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Lim will take on the position of head of strategic partnerships Southeast Asia alongside his CEO duties at HSBC AM in Singapore.
Based in Singapore, Lim will start working at HSBC AM on 14 November and will report to Ashmit Acharya, HSBC’s head of wealth and personal banking Singapore, and Daisy Ho, chief executive officer, HSBC Asset Management, Asia Pacific, and Hong Kong.