AfrAsia Bank expands on the African Continent
February 2, 2012
AfrAsia Bank Limited (“ABL” or “the Bank”) has announced an increase of MUR476m in its Tier 1 capital base, taking the bank’s regulatory capital to nearly MUR2.0 billion. The issue was subscribed for by a combination of existing shareholders and new institutional and high net worth investors. The Bank has also sold options to a major European private equity fund that provide the fund with the right to subscribe for an additional MUR300m of equity before 31 May 2012.
The main purpose of this capital raising is to sustain and fund the growth of the Bank as it expands in both the domestic market and regionally. James Benoit, ABL’s Chief Executive Officer commented “The current capital increase is another vote of confidence from our existing shareholders, who have believed in our vision and strategies from the start, and from new investors who have examined the track record of the Bank and are excited by our growth prospects. This new capital will take our total regulatory capital (TIER1 and TIER2) to nearly Rs2.0 billion and positions us to continue our profitable growth in our home market of Mauritius as well as to start to execute on our strategy of regional expansion.
ABL has a well-defined strategy to expand its operations in the SADC and COMESA regions, both organically and through carefully selected acquisition opportunities. Any acquisition by ABL must fit a rigorous set of criteria that incorporates valuation, operational profile, strength of existing domestic operations and the ability for ABL to exercise control, either directly or in partnership with other key shareholders.
In line with this expansion strategy, ABL has also announced an investment of USD 9.5m for a 35% stake in Kingdom Financial Holdings Limited (“KFHL”), an investment holding company domiciled in Zimbabwe with interests in the banking, stockbroking and asset management sectors in Zimbabwe and Malawi.
KFHL has a focused and resilient business model as evidenced by its impressive financial performance over the past decade, despite the challenging economic environment in Zimbabwe over this time. The investment by ABL is an endorsement of this business model, which is underpinned by innovative products; a strong management team; best in class IT systems; and close relationships with clients. These characteristics are all shared with ABL and the alignment of business models was a key attraction of the transaction for ABL.
Arnaud Lagesse, Chairman of ABL, outlined how the transaction was consistent with ABL’s strategy for regional expansion. He said “KFHL is a profitable financial services group in the high growth southern African market. The transaction is highly accretive for ABL, but also provides us with a unique opportunity to expand our franchise in the SADC region through an established local operation and with highly credible local partners.”
The founder and current anchor shareholder of Kingdom, Nigel Chanakira, said “this transaction will open new channels of much needed capital, lines of credit and deal flow for our loyal client base. I am excited about the prospects beckoning on our horizon.”
Kamben Padayachy, General Manager and Head of Global Banking, Treasury and Markets for ABL highlighted the potential returns of the transaction, as well as the careful structuring of the deal to minimize the risk for ABL. “This exceptional investment opportunity has the potential for high rewards in a largely undeveloped market. The proposed transaction structure will enable ABL to appropriately mitigate inherent risks to ensure that the full benefits of the transaction are obtained.”
AfrAsia Corporate Finance acted as Exclusive Arranger for the capital raising and as sole transaction adviser to ABL and co-adviser to KFHL on the KFHL investment. Cosmos Capital acted as co-adviser to KFHL with regards to the investment by ABL.
AfrAsia Bank voted Best Private Bank in Mauritius in the 2011 Euromoney Private Banking Survey
February 22, 2011
The 2011 Euromoney Private Banking Survey has ranked AfrAsia Bank as the Best Private Banking Services provider overall in Mauritius. The Bank services the unique needs of high net worth customers through a winning partnership with AXYS Capital Management locally and in the region.
During a press conference held at the Bank’s headquarters in Port Louis, James Benoit, CEO of AfrAsia Bank, said, “We are very proud that our private banking services have been recognised by the industry in just over three years of operations. The fact a Mauritian headquartered bank such as AfrAsia has won it also reflects a global trend that clients want expertise and decision taking that is closer to them. Most importantly, this award reflects our unrivalled commitment to collaborative and privileged relationships that we build with our customers, providing them with sound financial advice, innovative banking products and carefully considered wealth management solutions for every stage of their wealth development.”
The annual Euromoney Private Banking Survey provides a qualitative and quantitative review of the best services in private banking, by region and by areas of service. The Survey covers both global and regional categories and includes over 65 countries, as well as the vast array of services that wealth management provides. Factors such as assets under management, profitability, ratio of clients to relationship managers and services offered, among other things, are all considered when ranking the top private banks. The Private Banking Awards are the most prestigious in the growing area of wealth management. They are voted for by the people who know the industry best, the private bankers themselves.
“With the unique product offering including Titanium Cards, innovative savings packages and investment solutions coupled with this prestigious award, we are well placed to take full advantage of AfrAsia Bank’s expansion plans into the region. However, none of this would have been possible without the continued dedication and can-do-attitude of our people as well as the trust and support of our clients who believed in our vision right from the start,” added Thierry Vallet, Head of Private Banking & Strategic Development of the Bank.
Since its launch, AfrAsia Bank has been targeting the affluent side of the local and regional market whether entrepreneurs, executives or their families. Several private banking and private wealth management solutions have been devised in to serve a clientele with complex financing and investment needs. The Bank is also pursuing an ‘audacious’ strategy to tap into the growing trade, investment and capital flows between Africa and Asia that are now increasingly evident. The Bank was among the first to recognize the growth potential of the African Lions in marching the rise of the Asian Tiger economies and is has been setting up capital investment structures in South Africa, India, Singapore and Australia to facilitate money flows into Africa.
AfrAsia Bank raises Rs274m of FDI through Tier 1 Capital increase
October 6, 2010
AfrAsia Bank raises Rs274m of Foreign Direct Investment through Tier 1 Capital increase and attracts significant shareholding from world-renowned PROPARCO (Groupe Agence Française de Développement) for continued international expansion.
AfrAsia Bank Limited today announced the addition of an important world-class strategic partner, PROPARCO, to its shareholding structure as a vote of confidence in its financial performance and positioning in the local and regional markets. The new shareholder, a development financial institution whose main shareholder is the Agence Française de Développement (AFD), will contribute to the development of the Bank’s regional corporate and private banking growth strategies. PROPARCO’s mission is to be a catalyst for private investments in developing countries which target growth, sustainable development and reaching the Millennium Development Goals (MDGs).
PROPARCO finances investments that are economically viable, socially equitable, environmentally sustainable and financially profitable. It tailors its sectoral strategy to the level of development of each country and focuses on productive sectors, financial systems, infrastructure and private equity investment. PROPARCO invests in a vast geographical area that encompasses both the major emerging countries and the poorest countries, particularly Africa.
To date, AfrAsia Bank’s growth plans and strategic vision have been clearly validated by the encouraging response from new investors, including South African shareholder Dale Capital Group, the Singaporean private equity firm, Intrasia Capital and now PROPARCO. PROPARCO is taking a 9.22% stake in the enlarged share capital of AfrAsia Bank which has just concluded a Rs274m rights capital expansion. This capital increase also sees existing shareholders Dale Capital of South Africa and Intrasia Capital of Singapore increase their stakes in AfrAsia to 9.99%. The fresh foreign direct investments into Mauritius will count as Tier 1 capital for the bank.
Mr Arnaud Lagesse, Chairman of AfrAsia Bank declared that “Since inception, AfrAsia Bank’s vision is to bring change and innovation to Mauritius banking and to grow regionally. After 3 years of operations, we are seeing our growth in 4 regions, namely South Africa where the Bank has 2 representative offices, Singapore, India and now France with the PROPARCO shareholding, which will help with French connections as well as develop relationship with the African regions where they have already strong presence with investments in different sectors”.
Mr James Benoit, CEO of AfrAsia Bank added that “Despite market turmoil, the bank’s performance has been truly encouraging which has attracted world class shareholders on board with us. Now with PROPARCO, we will continue to deliver on our promise to be a truly one-stop boutique regional bank linking Mauritius and the Africa-Asia trade corridor”.
He further added “AfrAsia Bank was among the first to recognize the growth potential of the African Lions to match the rise of the Asian Tiger economies. Much of our strategies and growth are coming from this mission to be the reference Private and Corporate Bank in the region to facilitate Africa-Asia trade and investment flows. This can be seen in our strong customer and financial growth which is hard to find elsewhere in the world these days”.
PROPARCO’s CEO Luc Rigouzzo remarked that the strategic vision of AfrAsia Bank was compelling to them:”PROPARCO supports AfrAsia’s vision of Mauritius as a value-adding platform for Africa-Asia financial flows, in line with the idea of development of the South-South trade fostered by the AFD Group.”
Laurence Breton, Director of AFD in Mauritius, further explained that “The transaction was part of the group’s more general approach to build up strong relationships with Mauritian conglomerates and accompany them in their investment strategy abroad, notably in Africa and Madagascar.”
AfrAsia Bank acquires 30% of Trinity Corporate Finance
June 2, 2010
Business Magazine
AfrAsia Bank said it has acquired a 30 per cent stake in Trinity Corporate Finance (“TCF”) via a new share issue. TCF is an independent Cape Town based corporate finance adviser providing mergers and acquisitions, debt advisory, restructuring, equity advisory and BEE advisory services. The Company will be re-named AfrAsia Corporate Finance following the conclusion of the deal with AfrAsia Bank.
AfrAsia Bank recently announced the opening of representative offices in Cape Town and Johannesburg as part of a strategy to raise its South African presence with a view to capitalising on growing trade and investment between South Africa and Asia.
James Bennoit. CEO of AfrAsia Bank, said: “The transaction will provide AfrAsia Bank with enhanced coverage and deal flow as we seek to expand our footprint in South Africa. This new partnership will also enhance AfrAsia’s Investment Banking offering for Mauritian corporates. It will open up for our clients new avenues in terms of Equity raising, M&A opportunities and Advisory services.”
Charles Pettit, MD of TCF, said: “We are delighted to conclude this deal with AfrAsia Bank. The tie-up will provide us with strong links into Asia as well as other SADC countries and, in partnership with the Bank, we will be in a prime position to provide advice on cross-border transactions between South Africa and Mauritius. The partnership also provides us with balance sheet capacity as we look to establish a comprehensive undersriting business focussed on mid-tier SA corporates.”
AfrAsia Bank focuses on corporate and institutional banking, wealth management, private and international banking. It serves Mauritius and the dynamic Africa-Asia trade and investment corridor, in which Mauritius plays a vital role as a regional financial and logistics hub.
“Our intention is to build AfrAsia’s presence in the market ahead of anticipated strong growth in Africa that will be driven by trade and investment with India and China,” Benoit said.
He added that with Africa and Asia poised for greater influence in the global economy, AfrAsia Bank has a strategic role as a regional bank that links the two regions. In the context of Africa’s economic integration with Asia, Mauritius is the ideal conduit for trade and investment flows.
“The financial crisis confirmed that fundamental shifts are taking place in the global economy. These make the need for a specialist African-Asian focus particularly appropriate to ensure that the associated opportunities are capitalised upon. The partnership with TCF will allow us to jointly introduce more South African corporates and investors to these opportunities,” he added.
Trinity Corporate Finance (TCF) is a niche, independent corporate finance advisory business that was established in June 2009 on the basis of client relationships developed over a number of years by the directors of the company. Following the completion of the deal with AfrAsia Bank, the TCF shareholding structure will comprise management (57.5%), AfrAsia Bank (30%) and Trinity Asset Management (12.5%).
AfrAsia Bank holds a Representative Office Licence granted by the South African Reserve Bank. The Bank has strong Mauritian and international shareholders. Its anchor shareholder is Compagnie d’Investissement et de Developpement Limitee (CIDL), which forms part of Groupe Mon Loisir. Other strategic partners include the South African-based Dale Capital Group listed on the Stock Exchange of Mauritius, and Singapore-based private equity firm Intrasia Capital.
AfrAsia Bank raises its SA profile in anticipation of new opportunities
February 24, 2010
FA News
AfrAsia Bank, the Mauritius-based bank that specialises in corporate, private and international banking, has announced the opening of representative offices in Cape Town and Johannesburg.
The application and granting of the representative office licence by the South African Reserve Bank was a result of the bank’s strategy to have a South African presence to capitalise on growing trade and investment between Africa and Asia.
Speaking in Cape Town today, James Benoit, CEO of AfrAsia Bank, outlined what the bank could do for clients in South Africa: “Our focus is on corporate and institutional banking, wealth management, private and international banking. We serve Mauritius and the dynamic Africa-Asia trade and investment corridor, in which Mauritius plays a vital role as a regional financial and logistics hub.”
Mauritius has no exchange controls, and with 34 double taxation agreements, the country is rapidly becoming a second home for South African and international corporates looking for a springboard to Africa and Asia, and a base from which to structure their corporate financing needs. Besides its strategic geographic location, Mauritius has a sound legal system and a business and regulatory environment ranked first by the World Bank for doing business in Africa.
“AfrAsia Bank offers a different level of focus and customisation and our intention is to build our presence in the market ahead of anticipated strong growth in Africa that will be driven by trade and investment with India and China.”
Benoit added that with Africa and Asia poised for greater influence in the global economy, AfrAsia Bank has a strategic role as a regional bank that links the two regions. In the context of Africa’s economic integration with Asia, Mauritius is the ideal conduit for trade and investment flows.
“Trade facilitation between India and Africa is a growth area and AfrAsia Bank intends to capitalise on these opportunities through regional expansion, starting in South Africa. This is also in line with our strategy to be a reference point for corporate and investment banking, private banking and global business solutions linking Mauritius and the Africa-Asia trade corridor by being closer to those markets.” explained Benoit.
Funding for South African corporates through Mauritian capital markets is viewed as a major growth area, as are project finance, residential property development and services in support of asset managers. For example, AfrAsia Bank, as a foreign institutional investor (FII) licence-holder, can offer South African asset managers access to Indian stock exchanges when diversifying international portfolios.
“The global financial crisis confirmed that fundamental shifts are taking place in the global economy. These make the need for a specialist Afro-Asian focus particularly appropriate to ensure that the associated opportunities are capitalised upon. Our intention is to introduce more and more South Africans to these opportunities,” said Benoit.
AfrAsia Bank opens shareholding to Intrasia Capital
January 26, 2010
Business Magazine – Jean Paul Arouff
AfrAsia Bank Limited continues its regional expansion. The bank has opened its shareholding to a new strategic partner, Intrasia Capital, a Singapore-based firm. The new shareholder, an investment, development and boutique private equity firm, will mainly contribute to the development of the Bank’s regional presence.
Intrasia Capital has invested across a wide variety of sectors and geographies, at all stages of a company’s growth: from providing seed capital through to expertise in the growth stages. Its particular expertise is in business development in Indian Ocean and Asian nations – Madagascar, Mozambique, Mauritius, Bangladesh, Singapore, Indonesia and Australia.
In Mauritius for example, its subsidiaries, Vitagrain and Vita Rice, are developing hybrid rice seed and rice farming projects to provide food security for Mauritius.
AfrAsia Bank’s financial performance, growth plans and strategic vision have been clearly validated by the encouraging response from new investors, the Bank said. In its previous financial year, the Bank added a South African shareholder, Trinity Financial Group. This has helped to establish two representative offices in Cape Town and Johannesburg. The newly joined shareholder will also facilitate the Bank’s growth strategies which include the intention to ultimately establish a representation in Singapore.
Mr James Benoit, CEO of AfrAsia Bank, declared: “By focusing on the delivery of integrated banking services to the local and international markets coupled with our client-centric approach, AfrAsia Bank aims to be the reference point for Corporate & Investment Banking, Private Banking and Global Business Solutions linking Mauritius and the Africa-Asia trade corridor by being closer to those markets. With our new FII Licence in India and our two international shareholders facilitating our regional growth, we are delivering on our promise to be a truly one stop boutique regional bank that links these two continents together seamlessly. Both South African Trinity Financial Group, through its subsidiary Dale Capital Partners, and Intrasia Capital from Singapore with strong links to Australia and Indonesia, support our strategic vision of expanding our activities regionally.”
The Chairman and CEO of Intrasia Capital, Mr. Graeme Robertson, remarked that the strategic vision of AfrAsia Bank was compelling to Intrasia’s own growth strategies. “We have been greatly impressed by the growing footprint of AfrAsia Bank as an innovative financial services provider bridging the gap between Africa and Australasia. The Indian Ocean Rim provides bountiful opportunities for smaller banks and Intrasia is pleased to be joining with AfrAsia to help grow these opportunities,” said Mr Robertson.
“We see tremendous business opportunities from Singapore on the Global Business front and AfrAsia can tap those markets by demonstrating the advantages of using Mauritius as a platform for investment from Singapore to Africa,” he added.
Intrasia Capital, a new shareholder for AfrAsia Bank
January 22, 2010
Lexpress Mauritius – Stéphane Saminaden
AfrAsia Bank pursues its regional expansion by welcoming a new shareholder, Intrasia Capital from Singapore.
The new partner is an investment and development body, and a boutique private equity firm. Based in Singapore, it will help AfrAsia Bank to better establish its presence at the regional level.
Intrasia Capital is mainly focused on investments. Its specialty resides in the development private and public companies of high growth potential in the energy, real estate, agricultural and financial services sector.
Last year, AfrAsia Bank had opened up its capital to a new partner, the Trinity Financial Group from South Africa. That had allowed the former to open two offices in Johannesburg and Cape Town, respectively. With the new comer, AfrAsia Bank is considering a representation in Singapore to further enhance its regional network.
The ambition of AfrAsia Bank is to become a reference as a merchant bank, investment bank, private bank and “global business” linking Mauritius to the commercial corridor between Asia and Africa. The Trinity Financial Group and Intrasia Capital share the same vision of extending the bank’s activities throughout the Indian Ocean rim region, said James Benoit, Chief Executive of AfrAsia Bank.
In Mauritius, Intrasia Capital is a financial partner of Vitagrain, a company engaged in the production of hybrid rice seeds.
The Trinity Financial Group has announced the acquisition of 70% of the capital of Dale Capital Partners Holding and is to revive its historic strategy of investing in the finance, leisure, food and IT sectors. The Trinity Financial Group will, from now on, be known as the Dale Capital Group Ltd. Furthermore, the company intends to reduce the value of its shares threefold, which will be, from March onwards, listed in rupees instead of dollars as was the case so far.
The company wants to be more approachable for Mauritian and South African investors.
This article was translated from the french language article below:
L’AfrAsia Bank poursuit son expansion régionale en s’ouvrant à un nouvel actionnaire, Intrasia Capital de Singapour.
Le nouveau partenaire est un investisseur, développeur et une boutique de placement privé. Basé à Singapour il aidera l’AfrAsia Bank a mieux asseoir sa présence au niveau régional.
Intrasia Capital se concentre surtout sur l’investissement. Sa spécialité est le développement des compagnies privées ou publiques à fort potentiel de croissance dans les secteurs de l’énergie, des matières premières, du foncier, de l’agriculture et des services financiers.
L’année dernière, l’AfrAsia Bank avait ouvert son capital à un nouveau partenaire, le Trinity Financial Group d’Afrique du Sud. Ceci lui avait permis d’établir deux bureaux à Johannesbourg et à Cape Town, respectivement.
Avec le nouveau venu, AfrAsia Bank envisage une représentation à Singapour, agrandissant davantage son réseau régional.
L’ambition de l’AfrAsia Bank est de devenir une référence comme banque d’affaires, banque d’investissement, banque privée et de « global business » reliant Maurice et le corridor commercial entre l’Asie et l’Afrique. Le Trinity Financial Group et Intrasia partagent la même vision d’étendre les activités de la banque dans toute la région du bassin de l’Océan indien, a déclaré James Benoît, Chief executive de l’AfrAsia Bank.
A Maurice, Intrasia est une partenaire financier de Vitagrain, une compagnie engagée dans la production de grains de riz hybride.
Pour sa part, le Trinity Financial Group a annoncé l’acquisition de 70% du capital de Dale Capital Partners Holding et compte renouer avec sa stratégie historique d’investir dans la finance, les loisirs, l’alimentation et l’informatique.
Le Trinity Financial Group sera désormais connu comme le Dale Capital Group Ltd. De plus, la compagnie a l’intention de diviser par trois la valeur de ses actions qui seront à partir de mars coté en roupie au lieu d’être coté en dollar comme c’était le cas jusqu’ici.
La compagnie souhaite être plus abordable pour les investisseurs mauriciens et de l’Afrique du Sud.
AfrAsia Bank is the first Mauritius domestic bank to obtain the FII license in India
January 15, 2010
AfrAsia Bank has become the first domestic bank in Mauritius to obtain the Foreign Institutional Investor (FII) license from the Securities & Exchange Board of India (SEBI). This will enable the bank to provide a complete bouquet of service to its global business clients and facilitate their investments into Indian stocks and debt market using the sub-account route of FII. Presently only a few major international banks and also a few asset management companies provide this facility in Mauritius. AfrAsia Bank continues to efficiently execute its boutique banking focus for its corporate and institutional clients with a carefully selected and targeted range of customized products, services and delivery channels.
An FII is an institution established or incorporated outside India, which proposes to make investments in securities in India and regulated under the strict provisions of the SEBI. Sub-Account on the other hand means “any person resident outside India, on whose behalf investments are proposed to be made in India by a FII and who is registered as a sub-account under these regulations.” A foreign investor who does not wish to go through the full administrative hassle of applying and registering as an FII, may invest in India as a sub-account. This route has become one of the most utilised by investors to access the Indian market. It includes foreign corporates, foreign individuals and institutions, sovereign wealth funds, funds or portfolios established or incorporated outside India. There are less disclosure requirements and simpler documentation in the case of sub-account. Only one form is required to be completed, unless SEBI asks for constitutive documents. Moreover, it is the FII which applies to SEBI for sub-account registration. Eligibility criteria for sub-account registration are less stringent as compared to FII registration. Hence, the funds / entities which are not eligible for FII registration can be registered as sub-accounts, provided they are eligible for sub-account registration. For example, a fund that has been recently set up can invest in India as a sub-account of an FII although it cannot be registered as an FII.
“We are very pleased to have received SEBI’s approval and license. The Banking Industry is amongst the fastest growing sectors in the country and International business presents an interesting opportunity.” said James Benoit, AfrAsia Bank CEO. “It is not yet a crowded investment market here and we think that there is great merit in delivering solutions rather than just launch products. It is this investor centric approach built on customer oriented communication, long term relationships and enduring wealth creation that will seek to differentiate AfrAsia Bank. This is an important step in our strategy to tap the Indian market.” reiterated Mr James Benoit.
AfrAsia Bank has also entered into a strategic tie up with leading ICICI Bank for providing custodial services in India to its clients. AfrAsia’s relationship with the largest private sector bank of India has grown in strength in recent months. To provide most professional and seamless service to clients at most competitive margin, AfrAsia has also put in place various relationships with some of the most reputed and efficient broking houses based in Mumbai. The Bank is now fast developing capabilities for other value added services related to this activity, which will come with personalized services for which the Bank has already carved a niche for itself.
Intrasia Capital co-hosts 'Asia meets Africa' event
October 7, 2009
Asia, a dynamic source of investment, funding and manufacturing; Africa, widely acknowledged as the continent of underdeveloped potential.
What common denominators can map the route to this potential? Singapore as Asia’s greatest services centre and Mauritius as the investor friendly conduit to the African potential.
Four aggressive and focused, interrelated corporate groups have come together to present what they conceive is a great opportunity for both nations to benefit from their location, and investment regime to open the African and Indian Ocean Rim to explosive interchange with Asia.
This is not just about banking it is about opportunity.
Intrasia Capital recently co-hosted a presentation on the theme “Asia meets Africa” in collaboration with AfrAsia Bank Limited and Intercontinental Trust Limited from Mauritius and the Superwoman Group from Australia. Held on the 6th of October at the Art House in Singapore, this event brought together over 150 Singaporean and Malaysian professionals from the financial services industry. The presentation highlighted the many unique business growth opportunities between Asia and Africa; a growing phenomenon often called “south-south” or “Indian Ocean Rim” trade. Using their own experiences of working together, the companies showcased the various opportunities, facilities and advantages of using Mauritius as a robust, professional platform for outbound investments into Africa while acknowledging Singapore as a natural spring board to and from Asia.
In his introduction, the event’s moderator, Graeme Robertson from Intrasia Capital spoke about the parallel between Singapore as a gateway to Asia and co-operation with Mauritius as the gateway to Africa. “Let us not focus on competition but cooperation – where Singapore can benefit both from the international tax-effective corporate structure of Mauritius towards investment in Africa and its central location as a service centre for the Indian Ocean Rim, as well as providing Mauritius with the facilities for onward investment in Asia.” added Mr Robertson.
By video, Mr Maurice Lam, Chairman of the Mauritian Board of Investment and a Director of AfrAsia Bank Limited, introduced Mauritius’s development as a growing business and financial hub.
Five years ago, using Singapore as a model, the Mauritius government started a program to reform the economy of Mauritius so that it becomes more opened to the world and has a business climate conducive to doing business. The aim was to transform Mauritius into a platform for global business with a particular emphasis on services. “Mauritius is now ranked 17th in the World Bank Doing Business 2010, a confirmation the much improved business climate in Mauritius. It is becoming the base for Asian companies doing business in Africa.” said Mr Lam.
As far as the Mauritian Global Business sector is concerned, there are presently around 35,000 businesses and investment funds engaged in a wide range of global activities making use of the Mauritius global financial services platform. More than 550 investment funds alone with a Net Asset Value in excess of USD50 billion has made Mauritius the number one investor into India over the past decade and is the conduit for tax effective investment in Africa.
From one of Mauritius’ leading international management companies, Mr. Ben Lim, CEO of Intercontinental Trust Limited, spoke about Mauritius as the new international financial centre and further gave an overview of the tax and treaty advantages of using this Indian Ocean Island as a platform for outbound investments into both Africa and Asia. Mr Lim said, “China has chosen Mauritius as a base for its expansion into the African continent. Through the Jin Fei project, China will invest over S$ 1 Billion in Mauritius over the next five years. The Mauritius set up will give China duty free access to Africa and the USA through the regional association Mauritius is a member of including the Common Market for Eastern and Southern Africa (“COMESA”) and the Southern African Development Community (“SADC”).”
Ms Anna Borzi AM, Head of Superwoman Global Funds, identified women as a powerful investing force. Women, she outlined, are informed and concerned investors, particularly with regard to food security and humanitarian issues. This had particular resonance, she said, with Superwoman’s launch of a world first wholesale Global Food Security Fund in Mauritius. Ms Borzi also drew attention to the World Summit on Food Security being held next November in Rome, underlining the extremely timely and pressing nature of this issue. Packets distributed by Ms Borzi contained an average daily rice intake and proved a potent symbol of food security as a global issue demanding action.
Mrs Borzi also elaborated on the benefits of Mauritius-Singapore-Australia linkage. “The advantages and effectiveness of Mauritius as a domicile for Superwoman’s Food Security Fund is a reflection of both the quality of its services and its location.” said Ms Borzi.
On the banking sector, Mr James Benoit, CEO of AfrAsia Bank, elaborated on the range of products and services offered by the Bank to the investors. “Our focused approach on Private, Corporate and International Banking in the region has allowed us to grow successfully in only 2 years of operation. With the opening of our representative office in Cape Town, we are pursuing our strategy to be a regional player by being closer to our markets and filling a service gap that the current global crisis has created.” said Mr Benoit. “Working with Intrasia and groups like InterContinental, we can make Africa, the Last Emerging Market, the new opportunity for customers in Asia” he added.
In line with AfrAsia Bank’s strategy to promote Mauritius and be a regional cross border business hub, key staff from this banking institution have been to several continents including Europe, Africa and now Asia where they have hosted such types of seminars. On some other occasions, they have accompanied members from the Mauritian Board of Investment to promote the country as the ideal location for trade in the region and how AfrAsia Bank can help investors in their various sectors of activities.