Barclays Mauritius

Upstart Barclays Mauritius has wrested the crown from rival State Bank of Mauritius following an exceptional financial performance last year and its remarkable progress in establishing itself in the local market.

Despite difficult economic conditions, the bank’s net profit in 2002 rose by 114% and its ROE stood at a respectable 24%. Barclays Mauritius also expanded its assets by 108% and Tier 1 capital by 47%, while its cost-to-income ratio amounted to just 55%.

Another crucial achievement last year was the bank’s acquisition of BNPI’s banking and leasing business in Mauritius, which made it the country’s third-largest bank with a 12% market share. To boost lending to retail customers, Barclays introduced innovative scorecard technology. The result has been a reduction in approval time for a loan application to 48 hours.

“Despite a stagnant economy, Barclays more than doubled its assets, producing the best equity return in the banking sector,” said Jacques de Navacelle, managing director at Barclays Mauritius. “We now project a strong brand image in the Mauritian society through customer focus, financial performance, social responsibility and employee development.”

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