At a Glance
- Bank One connects East and Southern Africa through trade, custody, and private banking services.
- Jointly owned by CIEL Finance and I&M Group, the bank drives cross-border financial integration.
- Fitch affirms Bank One’s BB- rating, citing solid ownership and regional operational strength.
Bank One Mauritius, a full-service commercial bank based in Mauritius and co-owned by CIEL Finance Limited and Kenya’s I&M Group PLC, is emerging as a major financial bridge linking East and Southern Africa.
The Mauritius-based lender, backed by a 50:50 partnership, combines CIEL’s domestic reach with I&M’s regional footprint to serve corporates, fund managers, and private clients.
As cross-border trade and investment flows expand across Africa, Bank One’s role in connecting markets through custody, treasury, and trade finance continues to grow.
A strategic foothold in Mauritius
Formed from the restructuring of the former First City Bank and recapitalized under its current owners in the late 2000s, Bank One with domestic retail and corporate banking operations as well as cross-border businesses focused on Sub-Saharan Africa, serving the following segments: wealth management, custody, private banking, corporate and financial institutions.
It has grown from a small offshore lender into a full-service financial institution. Its business now spans corporate banking, private wealth, custody, and trade finance.
Mauritius remains one of Africa’s leading financial gateways, a favored hub for investment structuring and fund management. Bank One has used that position to develop international products suited to clients with interests across several African markets.
“The joint ownership gives Bank One a rare balance, local insight with regional reach,” said an analyst following the bank. That mix has helped the lender win mandates from fund managers, corporates, and wealthy individuals seeking trusted partners in cross-border finance.
Expanding cross-border reach
The equal partnership between CIEL and I&M has turned Bank One into a natural link for businesses that need both Mauritius-based structuring and East African access. I&M’s network in Kenya, Tanzania, Rwanda, and Uganda complements CIEL’s footprint in Mauritius’s manufacturing, property, and services sectors.
Confidence in this model grew in December 2022, when the African Development Bank extended a $40 million trade finance facility to Bank One. The move reflected growing trust from international lenders in its role as a credible intermediary for Africa-focused trade.
Products built around clients
Bank One’s operations reflect its client diversity. Its corporate and treasury divisions run alongside a growing private-banking arm and a custody platform that supports fund managers using Mauritius as a regional base.
The bank’s reports highlight steady growth in private-banking assets and continued investment in client service. Its expertise in custody and fund servicing has drawn recognition within the financial industry, strengthening its reputation as one of Mauritius’s more versatile institutions.
For wealth clients, the bank combines advisory and investment services with Mauritius’s stable legal and fiscal environment, a combination appealing to entrepreneurs, families, and investment managers seeking both security and access.
Shaping regional banking flows
Bank One’s evolution reflects a broader trend in African banking, regional players building connected networks that reduce reliance on distant correspondent banks. For I&M, the joint venture anchors its presence beyond East Africa; for CIEL, it reinforces a key financial pillar within its diversified group.
In February 2025, Fitch Ratings affirmed Bank One’s BB- rating, citing solid ownership and sound operations. While the agency noted exposure to concentration risks, it acknowledged the bank’s credibility in regional markets.
Leadership and the road ahead
Bank One’s board blends local Mauritian expertise with directors from both shareholder groups. Leadership changes in recent years have focused on strengthening compliance, expanding digital channels, and improving product reach.
The bank closed 2024 with stable profitability and a strong balance sheet. Management remains cautious about credit cycles but sees opportunities in trade finance, private banking, and custody growth.
For CIEL and I&M, the goal is clear: to turn Mauritius’s financial strengths into sustainable earnings and lasting regional relevance. If it delivers, Bank One may stand as a model of how partnership-driven banking can help connect Africa’s economies more effectively.
