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Bank One Mauritius

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Bank One Mauritius
Company typePrivate
IndustryFinance and Insurance
PredecessorDelphis Bank
Founded2008
Headquarters16 Sir William Newton Street
Port Louis, Mauritius
Key people
David Proctor
Chairman
Ravneet Chowdhury
Chief Executive Officer[1]
ProductsBanking
RevenueIncrease MUR 721.4 Million (US$22.78 Million)(2014)
Increase MUR 117.1 Million (US$3.70 Million) (2014)
Total assetsIncrease MUR 18.05 Billion (US$570.22 Million) (2014)
Number of employees
250 (2012)
WebsiteHomepage

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 Owner Percentage Ownership
1 I&M Bank Group of Kenya 50.00
2 CIEL Investments Limited of Mauritius 50.00
Total 100.00

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 - Lake Point, Curepipe
  3. Rose Hill Branch - Royal Road, Rose Hill
  4. Rose Belle Branch - Royal Road, Rose Belle
  5. Vacoas Branch - John Kennedy Road, Vacoas
  6. Quatre Bornes Branch - Royal Road, 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. Volcy Pougnet Branch - 32 Volcy Pougnet Street, Port Louis
  15. Cascavelle Branch - Cascavelle Shopping Village, Cascavelle

See also

References

  1. ^ Board of Directors of Bank One Mauritius
  2. ^ List of Licensed Commercial Banks In Mauritius
  3. ^ December 2012 Financial Highlights
  4. ^ "Bank One Mauritius 2014 Annual Report" (PDF). Bank One Mauritius. 31 December 2014. Retrieved 19 November 2015.
  5. ^ History of Bank One Mauritius
  6. ^ December 2011 Audited Group Financial Statement
  7. ^ Member Companies of the I&M Bank Group
  8. ^ BCR Rebrands To I&M Bank Rwanda
  9. ^ IRUNGU, GEOFFREY (2 July 2015). "I&M Capital licensed to run funds". Business Daily Africa. Nation Media Group. Retrieved 3 July 2015.
  10. ^ Business Daily Reporter (16 October 2015). "I&M to acquire 65 percent of Burbidge Capital". Business Daily Africa. Nairobi. Retrieved 16 October 2015. {{cite web}}: |last= has generic name (help)
  11. ^ Mwaniki, Charles (7 September 2015). "I&M Holdings in deal to acquire Giro Bank". Business Daily Africa. nairobi. Retrieved 16 October 2015.
  12. ^ Branches of Bank One Mauritius
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