AfrAsia Bank

AfrAsia Bank Limited

Type	Private Company
Industry	Financial Services
Founded	2007
Headquarters	Bowen Square, 10, Dr Ferriere Street, Port Louis, Mauritius
Key people	Arnaud Lagesse [Chairman], James Benoit [CEO]
Products	Corporate and Investment Banking, Private Banking and Wealth Management, International Banking, Treasury
Employees	100
Divisions	Cape Town, Johannesburg, Durban
Subsidiaries	AfrAsia Corporate Finance
Website	www.afrasiabank.com

Headquartered in the Mauritius International Financial Centre, AfrAsia Bank Limited is a boutique private and corporate bank, with the ability to tailor innovative banking solutions for both the local and international markets focussing on

• Corporate and Investment Banking
• Private Banking and Wealth Management
• International Banking Solutions

In addition to Mauritian shareholder, GML, other strong strategic partners include PROPARCO (subsidiary of the Agence Française de Développement and other major financial institutions), Dale Capital Group (South Africa) and Intrasia Capital (Singapore). The Bank’s core banking and transactional capabilities are also complemented by its asset management arm, AXYS Capital Management and its investment banking arm, AfrAsia Corporate Finance.

With the establishment of representative offices in Cape Town, Durban and Johannesburg, the Bank has cross-border capabilities to deliver tailor made solutions with tangible benefits in an environment of trust. AfrAsia Bank’s regional expansion has been taken to a new level with the strategic acquisition of Kingdom Financial Holdings Limited, an investment holding company domiciled in Zimbabwe with interests in the banking, stock broking and asset management sectors. The company also has operations in Botswana, Malawi and South Africa.

AfrAsia Bank is an equal opportunity employer and has more than doubled its headcount since launch with a workforce of now 100.

Vision and Values

The vision is in their name. AfrAsia Bank was created specifically for, and aims to be the reference point for, Corporate and Investment Banking, Private Banking and International Banking Solutions, linking Mauritius and the Africa-Asia trade corridor...and beyond.

They aim to be passionate partners to their clients through building privileged relationships with disruptive innovation, genuineness and always adopting a can-do attitude.

Growth & Performance

After 4 years of operations, AfrAsia Bank is pursuing its growth strategy with great ambition and enthusiasm in Mauritius and internationally. The Bank has been expanding in various regions for the past years establishing three representative offices in South Africa, and setting up capital investment structures in Singapore, India and Australia to facilitate money flows into Africa. The commitment of the Bank to grow in the region was further demonstrated by its increased stake in AfrAsia Corporate Finance, its investment arm based in Cape Town, South Africa. With the latest acquisition of a 35% stake in Kingdom Financial Holdings Limited in Zimbabwe, AfrAsia Bank continue to serve the dynamic Africa-Asia trade and investment corridor, in which Mauritius plays a vital role as a regional financial and logistics hub. The Bank was engaged in January 2012 in a successful capital raising exercise, being a further vote of confidence from existing shareholders, who believed in the Bank’s vision and strategies right from the start, and from new investors who have examined the Bank’s track record and are excited by growth prospects. The new capital brings its total regulatory capital (TIER1 and TIER2) to nearly Rs2.0 billion and positions the Bank to continue its profitable growth locally as well as its regional expansion strategy.

AfrAsia Bank’s performance during the last six months of financial year 2011-2012 has been very encouraging reflecting the Bank’s continued commitment to customer lending along with attractive deposit campaigns across various currencies. Deposits base have grown by above 21% at 31 December 2011, reaching over Rs 17bn due to a strong relationship strategy in its target segments.

AfrAsia Bank has been awarded “Best Private Bank in Mauritius” in 2011 by Euromoney as a testimony of the Bank’s market positioning and ‘bank different’ customer service approach. These achievements reflect unrivalled commitment to collaborative and privileged relationships build with customers, whether it is providing them with sound financial advice, innovative banking products or carefully considered wealth management solutions for every state of their wealth development. They also reflect the can-do attitude of the team as well as the trust and support of shareholders, clients and partners.

Strategic Investments

AXYS Capital Management - AfrAsia Bank, through its fully owned subsidiary, AfrAsia Investments Limited, has acquired 50% of its sister company AXYS Capital Management, one of the leading Asset Managers in Mauritius. During the last 20 years, AXYS have built a disciplined and robust investment process and developed a wide range of long-term relationships with Domestic and International clients.

AfrAsia Corporate Finance - This associate company is a niche, independent corporate finance adviser based in Cape Town, South Africa. The Bank has a 50% stake in the company which advises a broad spectrum of organisations across the SADC region. Their advisory services include mergers and acquisitions, debt advisory, restructuring, equity advisory and BEE advisory.

Kingdom Financial Holdings Limited – This investment holding company listed on the Zimbabwe Stock Exchange has interests concentrated in the financial services sector. The group, which employs 569 staff members in its Zimbabwean subsidiaries and head office, offers a diversified range of financial services through commercial banking, stock broking, asset management and micro lending.

Key Achievements (2007-2012)

• Launch of capital protected foreign currency and rupee structured investment products in association with JPMorgan and AXYS Capital Management

• Launch of first Titanium MasterCard Credit Card with benefits in both Mauritius & South Africa

• Most Innovative Bank in Mauritius 2008 – Awarded by World Finance (UK)

• New strategic international shareholders on board - Dale Capital Partners (South Africa), Intrasia Capital (Singapore) and Proparco (France)

• First local bank to obtain a Foreign Institutional Investor (FII) license from Securities and Exchange Board of India (SEBI)

• First bank in Mauritius to launch a credit card mileage program – In partnership with British Airways

• Granted status of Primary Dealer in government securities by Bank of Mauritius

• Launch of South African Representative Offices in Cape Town, Johannesburg and Durban

• Acquisition of 50% of AXYS Capital Management to enhance our Private Banking Offering

• Acquisition of 37.5% of Trinity Corporate Finance and rebranded as AfrAsia Corporate Finance

• Integrated Trading and Clearing member of the Global Board of Trade (GBOT) exchange

• Launch of AfrAsia Global Custody services in association with ABN AMRO Bank

• Voted Best Private Bank in Mauritius - Euromoney Awards

• Launch of ACM India Focus Fund – First open-ended retail fund dedicated to Indian Capital Markets

• Increase to 50% stake in AfrAsia Corporate Finance

• Launch of Renminbi Yuan Services

• Key sponsor of AfrAsia Golf Masters International Tournament

• Acquisition of 35% stake in Kingdom Financial Holdings Limited (Zimbabwe)

• Awarded 'Best Private Local Bank in Mauritius' 2012 (Euromoney)

• Awarded 'Best Private Bank for the Super Affluent in Mauritius' 2012 (Euromoney)

• AfrAsia Bank CEO James Benoit Awarded 'HR Leadership Award' at the Global HR Excellence Awards 2012 (World HRD Congress)

External links

• Rosenberg, Anna (October 1, 2007). "New bank will bridge Africa and Asia — AfrAsia Bank Ltd. starts new operation". African Business. http://goliath.ecnext.com/coms2/gi_0199-7059233/New-bank-will-bridge-Africa.html. Retrieved 2008-06-08. 
• AfrAsia Bank Limited Annual Report 2009
• AfrAsia Bank Limited Annual Report 2010
• AfrAsia Bank Limited Annual Report 2011
• AfrAsia Bank Limited increases Tier 1 capital by Rs476m and acquires a stake of 35% in Kingdom Financial Holdings Limited
• The Independent Daily (July 08, 2011). "Groupe Mon Loisir outranks Air Mauritius."
• AfrAsia Bank News - In The Media
• AfrAsia Bank News on their Corporate Blog
• businessmega.mu (February 21, 2011). AfrAsia Bank voted Best Private Bank in Mauritius in the 2011 by Euromoney.
• Cover (April 29, 2011). AfrAsia Bank expands its presence in South Africa.
• AfrAsia adds to Mauritius reputation as a "jurisdiction of substance and client value" with launch of its Global Custody Services in association with ABN AMRO Bank
• Euromoney Private Banking Survey 2012: AfrAsia Bank scoops the "Best Local Private Bank in Mauritius" and the "Best Private Bank for Super Affluent in Mauritius"