Best bank 2025: The Mauritius Commercial Bank
Mauritius Commercial Bank Limited (MCB) showcased outstanding performance and innovation to win the award for Mauritius’s best bank.
The bank’s extensive customer base of over 1.2 million people underscores its significant national influence, with its total domestic loans equivalent to 26% of Mauritius’s GDP. Robust market shares in 2024 show the bank’s dominance in the country: 42% for corporate and SME loans, 31% for individual loans and 49% for total local currency deposits.
On the innovation front, MCB’s strategic digital advancements notably improve customer experience and operational efficiency. The MCB Juice app, which underwent significant security enhancements in 2024, boasts over 673,000 subscribers. Meanwhile, the pioneering Juice Tap solution has been introduced to facilitate contactless payments through smartphones, allowing users to make up to 10 payments without needing an internet connection or logging into MCB Juice.
MCB has expanded its technological offerings to include upgraded Android POS terminals and the B2B marketplace punch.mu, tailored to meet the needs of both individual consumers and businesses.
MCB’s commitment to environmental, social and governance (ESG) standards also sets it apart. A total of MauR 3.8 billion ($84 million) has been allocated to green loans under its sustainable finance framework, bolstering its ESG credentials.
The bank is equally lauded for achieving the Equal Salary certification and its “Lokal is Beautiful” initiative, highlighting its dedication to sustainability and equitable practices. Through the MCB Forward Foundation, the bank invested MauR 57.4 million in education, climate action and community development in FY 2023/24, reinforcing its role as a socially responsible institution.
These efforts showcase MCB’s comprehensive and impactful approach, making it the deserving winner of the country’s best bank award.
Best investment bank 2025: Standard Bank
Standard Bank confirmed its position as the leader in investment banking in Mauritius through a series of impressive financing deals and innovative financial arrangements.
One of the standout achievements in 2024 was the arrangement of a $200 million debt facility for Kenmare Resources to support expansion in Mozambique, highlighting the bank’s pivotal role in significant international ventures.
Further underlining its prowess, Standard Bank Mauritius played a key role in structuring a €20 million sub-participation for Genser Energy Cote d’Ivoire within a larger € 72 million facility intended to enhance the company’s power generation capabilities. This facility not only demonstrates the bank’s adeptness at crafting large-scale financing solutions but also highlights its commitment to advancing infrastructural development across the region.
The bank’s innovation in financial products is notably illustrated by the creation of a multi-currency fund facility that incorporates a 50% local currency tranche in South African rand, amounting to $15 million. This facility showcases the bank’s ability to tailor financial products to suit diverse investor needs and local market conditions.
Furthermore, the bank’s structured term loan facility of $15 million, extended to support the acquisition consortium of IFS Mauritius and structured over a five-year tenor, highlights its strategic commitment to facilitating mergers and acquisitions. It further cemented its industry-leading position with a $30 million sub-participation in a major syndicated pre-export finance transaction for Sonangol Finance Limited and facilitating a $35 million sub-participation in a substantial $130 million six-year commercial facility for Rosh Pinah Zinc’s brownfields expansion project.
These highlighted transactions not only display Standard Bank’s capabilities in complex financial structuring but also its substantial impact on fostering corporate development and operational expansion across Africa.
Best bank for corporate responsibility 2025: HSBC
HSBC Mauritius demonstrated comprehensive social impact initiatives and operational excellence in sustainability practices to win the award for Mauritius’s best bank for corporate responsibility.
Corporate governance excellence is demonstrated through inclusive workforce practices, with the bank achieving a 67% female leadership ratio and 58% female representation across the whole workforce in 2024. A dedicated Balance Committee actively promotes gender equality and inclusivity across the organisation.
In terms of customer care, HSBC ensured seamless service continuity for affected clients during the strategic divestment of its wealth and personal banking segment in July 2024, while it also made safe 24/7 cash deposits and withdrawals available through innovative security solutions.
The bank’s decade-long commitment to education through sponsoring the Mauritius Undergraduate Business Case Competition exemplifies its dedication to youth development and environmental, social and governance (ESG) integration in academia. This sustained investment in local talent development reinforces HSBC’s role as a responsible corporate citizen contributing to Mauritius’s sustainable economic future.
The bank’s environmental stewardship is reflected in tangible achievements: a 12.87% reduction in energy consumption during the second half of 2024 and commitment to 100% renewable energy usage by 2030. Its zero-waste approach to branch and ATM closures diverted 95% of materials from landfills.
HSBC Mauritius leads national ESG development through strategic initiatives including funding the Climate Governance Initiative Mauritius, aligning local corporations with global net-zero standards. The bank pioneered nature finance discussions, hosting crucial roundtables on forest and blue carbon credits and supporting the creation of the Mauritius Nature-based Carbon Standard.
Through these initiatives, HSBC Mauritius establishes new benchmarks for corporate responsibility whilst maintaining operational excellence and community engagement.
Best bank for customer experience 2025: SBM Bank
SBM Bank secured its position as Mauritius’s best bank for customer experience through its innovative engagement strategies and advancements in digital banking services.
Firstly, the bank has demonstrated creativity and cultural sensitivity in its customer loyalty programmes. High-value rewards continue to attract customers, alongside culturally focused branch events celebrating national festivals like Christmas, Diwali and Independence Day. These celebrations include themed experiences that resonate with a diverse clientele and combine community engagement with brand connectivity.
Secondly, SBM Bank is a leader in digital transformation, with its seamless, digitally driven customer onboarding and credit facilities. The provision of online account opening and loan applications emphasises convenience by obviating the need for branch visits and significantly enhances service turnaround times. Systems are designed to be both simple for user navigation and comprehensive, supporting even those needing remote assistance, thus ensuring inclusivity in banking access.
The bank pushes the frontier with its mobile banking solutions and customer support systems. The SBM Tag application, launched in 2024, features an intuitive user interface, real-time financial insight capabilities, integration with MauCAS and Swift, and secure biometric logins, all co-created with key stakeholder input.
Complementing this are the SBM Pocket and Amigos apps, specifically tailored to general and younger audiences, providing easy access to services and essential financial education. Aiding these technological tools are exemplary customer support provisions, including a 24/7 hotline, active social media engagement and effective in-branch feedback mechanisms, ensuring a responsive and personalised banking experience.
SBM Bank’s comprehensive approach to combining customer-focused engagement programmes with digital banking innovations positions it as a leader in customer experience within Mauritius.
Best bank for large corporates 2025: Standard Bank
Standard Bank stood out as Mauritius’s best bank for large corporates through strategic client engagement and impressive product innovation.
The establishment of a new business and commercial banking (BCB) segment in the second half of 2024 has not only captivated interest but also generated positive earnings, with over $100 million in deposits in its first few months of operations.
The enhanced integration between the corporate and investment banking and BCB segments has improved relationship management, further facilitating comprehensive support throughout the corporate value chain, benefiting large corporate clients in particular.
Advancements in technology and relationship management were other notable achievements. The bank’s adoption of robotic process automation has unlocked capacity for high-value tasks, reduced processing times, and achieved significant cost efficiencies.
The bank recorded one of the highest client survey index scores in Standard Bank’s African franchise in 2024, at 8.7, underlining substantial client satisfaction levels. This is supported by a digital banking adoption rate of 96%, with over 80% of transactions processed straight-through, signifying a shift towards significant operational efficiency and minimal manual interference.
On the innovation and financial performance front, despite a decline in revenue from transaction banking, Standard Bank has seen substantial growth in other sectors, with global markets headline earnings increasing by 53.1% and investment banking by 72.4%. This growth trajectory was fuelled by the introduction of innovative products such as cross-currency repos and funded forwards.
