This is why I have been encouraging branches of foreign banks operating in Mauritius to convert into locally-incorporated subsidiaries, and urging our DSIBs to reduce the complexity of their structures by resorting to what is now labelled as “ring-fencing.” We have been setting the stage for some time. That is where Barclays enters the scene, in pursuit of its “One Africa Strategy”.
It is seeking to align the legal structure of its Mauritius branch business with the rest of Barclays Africa entities. Barclays sought our approval to become a wholly-owned subsidiary of Barclays Bank PLC. Barclays was the first of the targeted banks to do so.