In the past 12 months, the bank has invested heavily in successfully marketing its operations locally and abroad.
Innovation has stretched across the bank’s retail domestic operations, including a market-leading cash award mortgage offer, a fully comprehensive rewards programme for credit card customers and the enhancement of its existing high net worth proposition. These actions have moved HSBC to a leading position in Mauritius by net assets.
The bank has invested in new technology with the introduction of HSBCnet, a unique global platform that allows clients to see all accounts they hold with HSBC anywhere in the group. The bank has invested in the latest IT for its relationship managers to enable home and remote working, providing flexibility and improving the accessibility of its relationship managers to clients.
Innovation has continued in the treasury market with the launch of new structured products to the local corporate market. The bank achieved more than 40% profit growth and a cost-income ratio of only 19%, largely thanks to the initiatives undertaken last year.
“HSBC is delighted to be named the Bank of the Year,” says chief executive Sandeep Uppal. “The real winners of this award are the staff, both locally as well as our colleagues across the world. In Mauritius, we have an effective strategy to develop both the domestic and the international business.
On the domestic front, we continue to identify areas where we can add value to our customers by drawing on our global expertise. As regards the international business, over the past 12 months we have invested in a strategy of focusing on selling Mauritius as a jurisdiction rather than the bank itself, and this is starting to pay dividends through exponential growth in new business. The key to our success has been our ability to join up with other [HSBC] group offices globally to provide a seamless service for our customers.”
