Bank One Mauritius

Bank One Mauritius
Private
Industry Finance and Insurance
Predecessor First City Bank
Founded 2008
Headquarters 16 Sir William Newton Street
Port Louis, Mauritius
Key people
 David Proctor
Chairman
Ravneet Chowdhury
Chief Executive Officer[1]
Products Banking
Revenue Increase MUR 721.4 Million (US$22.78 Million)(2014)
Increase MUR 117.1 Million (US$3.70 Million) (2014)
Total assets Increase MUR 18.05 Billion (US$570.22 Million) (2014)
Number of employees
 250 (2012)
Website Homepage

Bank One Mauritius (BOM), is a bank in Mauritius. It is licensed as a commercial bank by the Bank of Mauritius, the national banking regulator.[2]

Overview

BOM is a large financial services provider in Mauritius. As of December 2012, the bank had total assets valued at approximately US$630.2 million, with shareholders' equity of approximately US$36.84 million.[3]

The banks holds a 5.59% stake in Kenyan bank Oriental Commercial Bank.[4]

History

Bank One Mauritius was formed in 1997, as First City Bank Limited (FCB), when it acquired the assets of Delphis Bank Limited, a ten-year-old financial institution that was in receivership in 2012. In 2008, I&M Bank Group, a Kenya-based financial conglomerate, acquired a 50 percent ownership in First City Bank Limited. FCB then re-branded as Bank One Mauritius.[5]

Ownership

The stock of the bank is privately owned. The table below depicts the ownership in Bank One Mauritius:

Bank One Mauritius Stock Ownership
Rank Name of OwnerPercentage Ownership
1I&M Bank Group of Kenya50.00
2CIEL Investments Limited of Mauritius50.00
Total100.00

I&M Bank Group

By virtue of its shareholding, BOM is a member of I&M Bank Group, a large financial services conglomerate which is a major player in the financial services industry in Eastern Africa, particularly in Kenya where the group maintains its headquarters. As of December 2011, the Group's total assets were valued at about US$1.3 billion (KES:108+ billion), with shareholder's equity of approximately US$174 million (KES:14.6 billion).[6] Member companies of the group include the following businesses:[7]

  1. I&M Bank Limited - Nairobi, Kenya: The flagship company of the Group.
  2. Bank One Mauritius - Port Louis, Mauritius:The Group owns 50% of Bank One Mauritius. The other 50% is owned by CIEL Investments Limited.
  3. I&M Bank (Tanzania) - Dar-es-Salaam, Tanzania: I&M Bank Group Acquired 55% shareholding in 2010.
  4. I&M Bank (Rwanda) - Kigali, Rwanda: In July 2012, I&M Bank Group took a controlling interest in Banque Commerciale du Rwanda (BCR), the second-largest commercial bank in the country at the time, from Actis Capital for an undisclosed sum of money. The bank rebranded to its current name in August 2013.[8]
  5. GA Insurance - Nairobi, Kenya: Incorporated as General Accident Insurance of Kenya in 1979, the company was acquired by the I&M Bank Group in 2005.
  6. The Tamarind Group - Nairobi, Kenya: A chain of about twelve (12) upscale restaurants and leisure establishments in and around the cities of Nairobi and Mombasa in Kenya.
  7. I&M Capital – Nairobi, Kenya: A fund management company licensed by the Capital Markets Authority.[9]
  8. Burbidge Capital Limited - An investment advisory company with offices in Kenya, Uganda and the United Kingdom.[10]
  9. Giro Commercial Bank - A commercial bank in Kenya, with total banking assets of approximately US$160 million (KSh16.2 billion), acquired in September 2015. Once regulatory approval is given, the bank will be merged with I&M Bank Limited.[11]

Branches

BOM maintains networked branches at the following locations:[12]

  1. Main Branch - 16 Sir William Newton Street, Port Louis
  2. Curepipe Branch - Royal Road, Curepipe
  3. Rose Hill Branch - Royal Road, Rose Hill
  4. Rose Belle Branch - Royal Road, Rose Belle
  5. Vacoas Branch - John Kennedy Avenue, Vacoas
  6. Quatre Bornes Branch - St Jean Road, A8, Quatre Bornes, Quatre Bornes
  7. L'Escalier Branch - Royal Road, L'escalier
  8. Triolet Branch - Royal Road, Triolet
  9. Mahebourg Branch - Royal Road, Mahebourg
  10. Flacq Branch - Charles de Gaule Street, Flacq
  11. Chemin Grenier Branch - Royal Road, Chemin Grenier
  12. Rivière du Rempart Branch - Royal Road, Rivière-du-Rempart
  13. Goodlands Branch - Royal Road, Goodlands
  14. Cascavelle Branch - Cascavelle Shopping Village, Cascavelle
  15. Grand Baie Branch - Grand Baie La Croisette Shopping Mall, Grand Baie

See also

References

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