At a Glance
- Mauritius banking assets surged to $53.4 billion by mid-2024, underscoring investor confidence.
- Regulators strengthen anti-money laundering standards, boosting Mauritius’ credibility as a global hub.
- Local and foreign banks drive innovation, expanding digital banking and cross-border financial services.
Mauritius has built a reputation as one of Africa’s most trusted financial hubs. Beyond its turquoise waters, the island hosts a banking sector worth over $53 billion, backed by strong regulation and global reach.
From Mauritius Commercial Bank to HSBC, the country’s top banks power trade, wealth management, and cross-border finance across Africa, Asia, and Europe. Mauritius’ banking network reaches far beyond its shores.
Since 2005, a flexible licensing framework has allowed banks to provide both local and cross-border services under one roof. Twenty licensed banks now operate across the island, offering a mix of retail, corporate, and offshore services.
This balance of local and international institutions has turned Mauritius into a trusted base for wealth management, trade finance, and corporate banking within the Indian Ocean region.
The Bank of Mauritius (BoM) and the Financial Services Commission (FSC) jointly oversee the sector. The regulatory discipline has kept foreign banks confident in the island’s financial stability and helped position Mauritius as a bridge between African, Asian, and European markets.
For investors and corporations, Mauritius represents a rare blend of safety and access. The market features strong domestic players such as Mauritius Commercial Bank (MCB) and State Bank of Mauritius (SBM) alongside global names like HSBC, Absa, and Standard Bank.
Together, they form the backbone of a sector that’s modernizing fast through digital innovation and wealth management services.
From large regional institutions to boutique banks offering tailored solutions, clients now have a wide range of choices. Mauritius is no longer just a holiday destination; it’s a serious banking hub with reach well beyond its borders.
Shore Africa profiles ten(10) of the most notable banks that define the island’s financial landscape:
1. Mauritius Commercial Bank (MCB)
Mauritius Commercial Bank (MCB) Founded in 1838, MCB is the oldest and largest banking institution in Mauritius. As of June 2024, it reported assets of MUR865 billion ($20 billion) and holds about half of local-currency deposits. MCB’s focus on digitalisation, sustainability, and regional expansion reflects its forward-looking strategy. Its size and longevity underline the maturity of Mauritius’ financial system—where total banking assets represent nearly 300% of the country’s GDP.
2. State Bank of Mauritius (SBM)
State Bank of Mauritius (SBM) Established in 1973, SBM is the second-largest bank on the island, holding about 25 percent of domestic banking assets. The bank has also expanded into markets such as Madagascar, India, and Kenya. With assets of roughly $3.34 billion in one reporting period, SBM demonstrates how Mauritian banks balance local strength with regional ambition.
3. Absa Bank (Mauritius) Limited
Absa Bank (Mauritius) Limited Formerly Barclays Bank Mauritius, Absa is part of the wider Absa Group and offers a mix of personal, business, and wealth management services. Its international connections and regional expertise reflect Mauritius’ growing importance as a hub for cross-border banking. In 2023, Absa Bank (Mauritius) Limited signed an agreement to acquire HSBC’s domestic Wealth and Personal Banking and Business Banking business in Mauritius.
4. AfrAsia Bank Limited
AfrAsia Bank Limited Founded in 2007, AfrAsia Bank has quickly built a reputation in private and international banking, focusing on bridging opportunities between Africa and Asia. With assets of around $4.3 billion in 2021, AfrAsia shows how younger institutions can thrive in Mauritius’ open financial environment.
5. Bank One Limited (Mauritius)
Bank One Limited (Mauritius) locally incorporated and jointly owned by CIEL Group Mauritius and I&M Group with other Mauritian and regional investors, Bank One serves both retail and corporate clients. With assets of MUR 57 billion ($1.45 billion) as of 2020, the bank represents the agility and innovation that local banks bring to the market.
6. HSBC Mauritius
HSBC Mauritius is a branch of the global HSBC Group, HSBC Mauritius offers trade finance, international banking, and global connectivity. Its presence reinforces Mauritius’ role as a bridge between Africa, Asia, and Europe for capital and investment flows.
7. Bank of Baroda (Mauritius)
Bank of Baroda (Mauritius) A subsidiary of India’s Bank of Baroda, this institution provides a range of local banking services—loans, deposits, and currency exchange—while serving as a link between India and the Indian Ocean region.
8. Banque Patronus Limitée (Mauritius)
A new entrant to Mauritius’ banking landscape, Banque Patronus Limitée took over Habib Bank’s local operations in 2024. Backed by Dubai-based Patronus Wealth Holdings and the LOLC Group, the bank focuses on digital banking, private wealth, and cross-border financial services, positioning itself as a modern, globally connected player in Mauritius’ evolving financial hub.
9. Standard Bank Mauritius
Part of South Africa’s Standard Bank Group, Standard Bank Mauritius focuses on corporate and international clients. Its operations benefit from Mauritius’ reputation as one of the most stable and business-friendly financial jurisdictions in sub-Saharan Africa.
10. BCP Bank (Mauritius)
BCP Bank (Mauritius) is one of the smaller but more innovative banks. BCP Bank (Mauritius) provides personalised financial services and modern digital solutions. It rounds off the list by showing how niche players also contribute to the strength and diversity of the Mauritian banking ecosystem.
