The HSBC in Mauritius
Present in Mauritius since 1916, the HSBC has two entities – a branch of the Hongkong and Shanghai Banking
Corporation Limited and a local subsidiary, HSBC Bank (Mauritius) Limited. HSBC operates 11 retail branches
offering a full fledged range of retail banking and cards products. HSBC is the leader in the
offshore sector in Mauritius, offering its clients sophisticated and structured financial solutions.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers
worldwide from around 7,200 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and
Latin America, the Middle East and North Africa. With assets of US$2,556bn at 31 December 2011, HSBC is one of
the world’s largest banking and financial services organisation
HSBC Mauritius has its registered Head Office at:
HSBC Centre, 18, CyberCity, Ebene
Telephone: + (230)403 8333
Fax: + (230) 403 8300
Management: Chief Executive Officer: Alastair Bryce
Our offshore unit (HBMU) has, for many years played a leading role in facilitating cross-border investment activity.
HSBC was one of the first banks to set up an Offshore Banking Unit in Mauritius in 1991, and has grown to be the largest one of its kind in Mauritius. The OBU’s capabilities have been recently enhanced with the opening of a new locally incorporated subsidiary, the HSBC Bank (Mauritius) Ltd (HBMU). Through the new subsidiary, HSBC is able to offer many of its global customers more sophisticated financial products and solutions.
Address and Contact details:
HSBC Bank (Mauritius) Limited
6/F HSBC Centre, 18 CyberCity, Ebene
Phone : (230) 403 8333
Fax : (230) 403 0999
Internet : www.hsbc.co.mu/1/2/offshore
Managing Director: James Boucher
The history of the HSBC Group in Mauritius can be traced back to 1859, when the Chartered Mercantile Bank of India, London and China (the forerunner of the Mercantile Bank Ltd) established a branch in Port-Louis. One well-known project that this Bank assisted in financing was the construction of the Port Louis to Curepipe railway network, in 1864.
In 1865, a decision was made to close the branch, due to difficult business conditions that Chartered Mercantile Bank was encountering in India. For the next half century the Bank was represented in Mauritius by the Blyth Brothers and Co Ltd, which today trades as Ireland Blyth Ltd, IBL.
In 1892, the Chartered Mercantile Bank was renamed as The Mercantile Bank of India Limited and in 1916, it came back to Mauritius through the acquisition of the then Bank of Mauritius, which was a commercial bank at that time.
The Mercantile Bank of India Ltd acquired not only the business of the old Bank of Mauritius, but also its historic building in Place d’Armes, and later changed its name to Mercantile Bank Ltd.
Mercantile Bank conducted business from its main office at Place d’Armes continuously from 1916 to June 1983. In 1959 the Mercantile Bank was bought by The Hongkong and Shanghai Banking Corporation Limited and in 1983, the name of the Group’s operations in Mauritius was changed from the Mercantile Bank Ltd to HongkongBank. In 1999, the international brand name HSBC was established and we are now known in Mauritius, as we are elsewhere, simply as HSBC.
HSBC's brand is one of the great success stories of modern marketing. Since 1998 we have operated under a single brand name combined with the graphic hexagon logo. Our iconic campaigns have been seen all over the world.
The visibility of our brand and its unique marketing has given us a very consistent personality and style; we are ranked the number one financial services brand by Brand Finance.
At 31 December 2012, HSBC has 401 employees.
HSBC has two entities – a branch of the Hongkong and Shanghai Banking Corporation Limited and a local subsidiary, HSBC Bank (Mauritius) Limited.
Retail Banking and Wealth Management (RBWM)
HSBC operates 11 retail branches offering a full fledged range of retail banking and cards products.
We are a leading provider of financial services to local companies across the whole spectrum from SMEs to local Top 100 companies as well as locally listed conglomerates. We provide a wide range of products and services that are typically designed to suit the particular needs of every corporate customer, including term loans, working capital lines, trade facilities, PCM solutions and treasury products. Each client has an assigned Relationship Manager who is there to fully understand the client's needs and provide the most appropriate solutions.
We also offer advice on all import and export-related issues through our Global Trade and Receivables Finance (GTRF) Team, which is ideally placed to support the long-term growth of our customer's businesses. We combine a unique blend of local knowledge and award-winning international trade expertise, supported by advanced technology and our extensive network of dedicated trade services offices in over 50 countries and territories.
It is this winning combination that makes us the natural choice international trade partner for our customers, wherever in the world they do business. We can help put your customers in control of their operations and assist them to streamline their trade processes with our advanced technology. Our aim is to ensure that their import and export transactions are managed effortlessly and effectively, providing them with the best possible opportunities to grow.
Another service offered by our Corporate Banking Division is one of Payments and Cash Management. We offer a service to major customers who have local and international liquidity management requirements by first analysing their business scenario and subsequently tailoring cash management solutions through the coordination and setting up of arrangements.
HSBC Corporate Banking provides and supports the financing requirements of its corporate clients covering Multinationals clients, Large Corporates, Middle Market Enterprises and Small & Medium Enterprises. We provide our clients with a platform to issue the full spectrum of financing instruments and transactions banking. Dedicated account relationship managers tailor services to customer requirements in the following areas:
Corporate facilities & funding – We partner our clients to assess both their short term and long term funding requirements (including structured finance) in both local currency and foreign currencies. We also offer our clients an array of deposits accounts to assist them in managing their cash flows while maximising their returns.
Trade financing – We provide access to a global network of countries with expertise on the ground to accompany our clients wherever they carry out their business. Our RMB Trade settlement products are unique in the local market.
Payment & cash management – HSBCnet is our global internet banking channel for corporates offering a single point of entry to multiple services, which enables clients to manage their cash flows in a secure, reliable, convenient and customizable platform.
Securities and custodian services – We are the leading provider of securities and custody services to our corporate and institutional investor with in-depth local knowledge and global expertise of the various stock markets across the world.
Treasury products & derivatives – Global Markets brings our global expertise for a prudent and effective use of risk management products customised to the corporate clients’ needs.
HSBC is the leading bank in the Mauritius Global Business sector. Through HSBC Bank (Mauritius) Limited, its locally incorporated subsidiary, the Bank is able to offer its global customers more sophisticated financial products and structures. HSBC Bank (Mauritius) Limited offers a wide range of products and services to cater for the requirements of global investors:
- Multi-currency accounts and deposits in major convertible currencies, including USD, EUR and GBP, as well as, emerging Asian and Africa currencies
- Foreign exchange and treasury - spots, forwards and derivatives (including RMB, INR and ZAR)
- Funds transfers and remittances using HSBCnet e-banking service
- Global Custody including securities and cash custody services and escrow accounts
- FII Sub-account access to Indian equities and markets
- Trade finance such as documentary letters of credit and guarantees in all major currencies, including RMB
- Multi-currency corporate lending facilities
To complement its existing product suite, HSBC Bank (Mauritius) Limited has recently launched Global Custody services for the safe keeping of international securities and assets of global investors and offshore funds. HSBC Global Custody services allow international investors to access a network of around 95 markets worldwide - in Asia, Africa, Europe, as well as, North and South Americas.
Combining its service excellence in Global Business, HSBC also provides customers with expertise in specialist areas such as Global Markets, India FII (Foreign Institutional Investments) Sub-accounts, as well as, global Payments and Cash Management. HSBC clients can thus enjoy seamless cross-border service delivery, whilst taking advantage of the numerous tax treaties which Mauritius enjoys with the rest of the world.
As one of the strongest financial organisations globally, HSBC is also able to leverage on its global footprint to bring to the benefit of its clients its wide capabilities in terms of market risk management and product coverage. Present in more than 90 Treasury sites in more than 60 countries, HSBC is a leading global market maker with strong presence in the major financial centres.
Our seasoned and dedicated Global Markets (Treasury) team combines international expertise and local knowledge to serve clients’ needs for managing exposure to market fluctuations. Be it in terms of management of exchange risk or interest rate exposure, our Global Markets professionals work in liaison with our regional offices to bring customized and tailor-made solutions to our clients. Our global network enables us to provide clients with easy access to international derivatives markets.
Our Global Markets products currently range from simple foreign exchange Spot and Forward transactions deliverable and non-deliverable), to more sophisticated hedging tools such as Currency Options. To assist our clients in managing their interest rate exposure, optimising returns on their assets and optimally managing cash flows, we offer a variety of products ranging from simple foreign exchange swaps, through interest rate and currency swaps to yield-enhancement structured deposits. We trade in all G7 currencies and many emerging market currencies. We also offer FX conversions involving the Chinese Renminbi (RMB).