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Absa acquires Retail Banking and SMR Banking from HSBC

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Absa acquires Retail Banking and SMR Banking from HSBC

HSBC commits to sustainable operations in Mauritius

The Hong Kong and Shanghai Banking Corporation Limited, a fully-owned subsidiary of HSBC Holdings plc, has recently agreed to transfer its national wealth, personal, and business banking operations to Absa Bank.

This strategic move includes the seamless transition of assets and liabilities linked to 38,000 customers and the transfer of associated employees. HSBC affirms its unwavering dedication to supporting large and medium-sized national enterprises, along with international corporate subsidiaries headquartered outside of Mauritius, with a primary focus on facilitating cross-border trade and international business. HSBC will persist in offering its clients services in markets and securities, global custody, and sustainable finance.

Greg Lowden, CEO of HSBC Mauritius, stated: « Our choice to divest these operations underscores our commitment to concentrating on our strengths as a premier international bank in Mauritius. Absa Mauritius is a trusted partner for the numerous national retail and business banking customers we have served for many years. We remain steadfast in meeting the needs of our international customers, connecting them to our cutting-edge capabilities and international network. »

HSBC’s strategic intent is to enhance its footprint in Mauritius by focusing primarily on Corporate and Institutional Banking clients. Contrary to recent speculations about its withdrawal from Mauritius, HSBC confirms that such a move is not on the agenda. The completion of the transaction, contingent upon certain conditions, including regulatory approval, is anticipated in the third quarter of this year.

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