News highlights: HSBC transfers part of its operations to Absa Bank

Expat news
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Written by Lila Chaleon* on 13 June, 2024
This week was marked by a tragedy on the Metro Express tracks, new government commitments in the fintech sector, a promising report on inclusivity, and the transfer of part of HSBC's operations to Absa Bank.

Tragedy on the Metro Express tracks

Lutchmee Prasad Bhowaneedin, 42, lost her life after being hit by a Metro Express tram in Sadally, Vacoas, on Tuesday morning. This brings the number of fatalities on the tracks to four since the Metro Express started operating in October 2019. A police investigation is underway to determine the exact circumstances of the tragedy and to assess passenger safety measures.

Government commits to promoting fintech in Mauritius

The Ministry of Financial Services held a consultative workshop on fintech on Monday in Pointe-aux-Piments. The aim is to develop a national strategy for this rapidly growing sector and position Mauritius as a regional leader. Fintech, which encompasses innovative financial technologies, offers numerous opportunities for the Mauritian economy, including financial inclusion, simplified transactions, and job creation.

Female representation on boards: some progress but still a long way to go

Less than a year after announcing a 25% quota for women on the boards of listed companies, 31.9% of them now comply with this directive. This is according to the latest report from Prometheans, which studied female representation on boards. While progress is visible, it remains to be seen how quickly full compliance will be achieved, and questions remain about the real place given to women in these leadership roles.

HSBC transfers part of its operations to Absa Bank

The Bank of Mauritius has approved the transfer of part of HSBC's operations to Absa Bank. This transaction, which will take effect on July 6, involves wealth management, personal banking, and corporate banking services in Mauritius. HSBC aims to focus on its strengths as a leading international bank, while Absa Bank continues its expansion in the Mauritian market.