HSBC Offloads Mauritius Retail, Wealth Units To Absa

HSBC Holdings plc has finalised the sale of its wealth, retail and business banking operations in Mauritius to Absa Group, marking another step in the European giant's strategy to divest global units.

The transaction encompasses approximately 38,000 customer-linked assets and liabilities, awaiting regulatory clearance and slated for completion in the third quarter of the upcoming year.

While HSBC focuses on serving mid-size corporations and international firms' local subsidiaries, Greg Lowden, CEO of HSBC Mauritius, emphasised their commitment to international clientele post-sale.

Absa views this deal as an advantageous move, fortifying its position in the Mauritian retail banking landscape, augmenting its reach through HSBC's existing 11 branches in the country.

Absa Group CEO Arrie Rautenbach highlighted the institution's ongoing endeavours to foster a more diversified business, channeling capital into promising growth opportunities across the continent.

HSBC's divestiture of international retail banking divisions aligns with its shift of capital toward Asia, as observed in its recent acquisition of Citigroup Inc.'s mainland China retail wealth management portfolio, adding substantial assets and deposits worth billions.