Absa Group subsidiary Absa Bank (Mauritius) Limited has reached an agreement to acquire the domestic Wealth and Personal Banking and Business Banking business of The Hongkong and Shanghai Banking Corporation Ltd. (HSBC) in Mauritius, subject to regulatory and other approvals.

“The transaction speaks to Absa’s growth aspirations in Africa where we see significant opportunity,” said Arrie Rautenbach, Absa Group Chief Executive Officer. “We remain purposeful in our efforts to create a more diversified business across geography, segment and product, and we will continue to deploy capital to attractive growth prospects across the continent as we deliver on our ambition to being a leading pan-African bank.”

The transaction also reinforces Absa Mauritius’s commitment to expanding as an influential roleplayer in the Mauritian economy.

The transaction will allow Absa Bank Mauritius the opportunity to further increase the scale of its Retail and Business Banking division, leveraging off existing resources, expertise and infrastructure such as its innovative digital solutions.

“We are proud to be taking over a solid portfolio from HSBC. We are committed to working closely with HSBC to secure all necessary approvals and ensure a seamless transition,” said Ravin Dajee,

Managing Director, Absa Bank Mauritius. The transaction is subject to specific conditions being fulfilled, including regulatory approvals, as is customary for a transaction of this nature.