The Bank of Mauritius Licenses Two New Banks

The Bank of Mauritius (the Bank) is pleased to announce that it has, granted Banking Licences to two new banks – Warwyck Private Bank Ltd and Banque Richemount Limited – to carry on private banking business in Mauritius.

Warwyck Private Bank Ltd and Banque Richemount Limited are the first stand-alone, full-fledged private banks to be licensed in Mauritius. The licensing of these two private banks is in line with the Bank’s objective of fostering new lines of banking activities in Mauritius, while ensuring that these activities are regulated and supervised in accordance with international best practices and norms. The two new banks are expected to offer specialised services and financial advice exclusively for high net worth individuals, and will not engage in retail banking business.

At the licensing ceremony held at the Bank of Mauritius Tower, Mr Rundheersing Bheenick, Governor, Bank of Mauritius, said that Warwyck Private Bank Ltd and Banque Richemount Limited were a welcome addition to the Mauritian banking landscape. He commented that private banking was a thriving business with assets under management expected to reach USD55 trillion by 2015. He added that the two new banks would have to meet the challenge of establishing a successful brand for themselves, locally and abroad.

The number of banks operating in Mauritius now stands at 23, of which 3 are specialised banks operating in the areas of Islamic banking and private banking.