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HSBC supporting the human ambition
Throughout our history we have been where the growth is, connecting customers to opportunities. We enable businesses to thrive and economies to prosper, helping people fulfil their hopes and dreams and realise their ambitions. This is our role and purpose.
HSBC in Mauritius
The history of the HSBC Group in Mauritius begins in 1859, when the Chartered Mercantile Bank of India, London and China (the forerunner of the Mercantile Bank Ltd) established a branch in Port Louis. The bank helped to finance the construction of the Port Louis to Curepipe railway network in 1864.
In 1865, the Chartered Mercantile Bank decided to close the branch owing to difficult business conditions in India. For the next half century Chartered Mercantile Bank was represented in Mauritius by the Blyth Brothers and Co Ltd, which today trades as Ireland Blyth Ltd, IBL.
In 1892, the Chartered Mercantile Bank was renamed The Mercantile Bank of India Limited and in 1916 it bought the Bank of Mauritius, then a commercial bank. The Mercantile Bank of India Ltd acquired not only the business of the old Bank of Mauritius, but also its historic building in Place d’Armes. The name was changed to Mercantile Bank Ltd and the Bank conducted business from its main office at Place d’Armes from 1916 to June 1983.
In 1959 the Mercantile Bank was bought by The Hongkong and Shanghai Banking Corporation Limited and in 1983 the name of the Group’s operations in Mauritius was changed from the Mercantile Bank Ltd to Hongkong Bank. In 1999, the international brand name HSBC was established and we are now known in Mauritius, as we are elsewhere, simply as HSBC.
HSBC operates two entities in Mauritius – a branch of The Hongkong and Shanghai Banking Corporation Limited and a local subsidiary, HSBC Bank (Mauritius) Limited. HSBC operates 6 retail branches offering a full range of retail banking and also offers global banking services through HSBC Bank (Mauritius) Limited.
The value of our network
HSBC’s unparalleled international network covers countries accounting for approximately 90 per cent of global GDP, trade and capital flows. We have a leading presence in large and fast-growing economies, and our network covers all of the trade corridors forecast to be the world’s largest by 2030. These 30 corridors are expected to have a compound annual growth rate well in excess of GDP growth expectations from 2016 to 2030. Read more about the value of our network.
We operate a balanced universal banking model across both wholesale and retail businesses and we are geographically diversified. This has resulted in a lower risk profile and lower earnings volatility compared with our global peers.
The strength of our business is due in large part to the strategic actions that Group first announced in June 2015. This programme concluded at the end of 2017 with eight out of the ten strategic actions completed on time and on target, marking the culmination of the most extensive transformation in the bank’s history.
Today HSBC is simpler, stronger and more secure as a result of this transformation, and better able to connect customers to opportunities in the world’s fastest-growing regions.
HSBC Mauritius can leverage of Group’s international network which is delivering revenue growth above that of the global economy. Some 53 per cent of client revenue now comes from international clients, up from 50 per cent in 2015. Global Liquidity and Cash Management is playing a major part in the bank’s success, and Global Trade and Receivables Finance has extended its leadership of the global trade finance market.
Fighting financial crime
Investment in our financial crime risk management capabilities has considerably strengthened our ability to protect the integrity of the financial system. The expiration in December of the five-year deferred prosecution agreement that we entered into with the US Department of Justice in 2012 was an important milestone. Nevertheless, this was a product rather than the focus of the essential work that we have done to transform our compliance. Combating financial crime will remain a constant priority for HSBC.