Africa-Press – Mauritius. AfrAsia Bank, which offers offshore investing and other financial services to high net-worth individuals has been granted a license by the Financial Sector Conduct Authority (FSCA) that will allow it to provide advisory and discretionary products in South Africa.
The bank, headquartered in Mauritius’s International Financial Centre with a representative office in South Africa, was granted a Financial Services Provider Category 1 intermediary and advisory license in a move that helps it cement its presence in the country and grow its customer base.
Colin Grieve, AfrAsia South Africa chief representative officer, said the bank’s goal is to grow with its clients. “We aim to understand their investment ambitions and develop well-structured solutions,” he added.
The license will enable individuals and corporates to access a range of financial products such as global custody investments, including shares, ETFs, bonds, mutual funds, and indices.
Others include fixed deposits in various major currencies, access to principal-protected structured deposits issued by the bank itself, which are also linked to indices, mutual funds and ETFs, money market instruments, debentures, and securitised debt, among others.
Currently the bank’s offering to South African clients, which it has been rendering since 2009 when it established its Johannesburg representative office, includes corporate and financial institution loans, trade finance and treasury, foreign exchange, money market, current and savings accounts, and structured products.
Speaking about the license, AfrAsia Bank’s structuring division head Raveen Ramlakan said the bank’s connection to global markets allows it to offer clients unique expertise as well as efficient access to the Mauritian financial system.
Mauritius is the international financial centre for Africa, and we are able to offer bespoke solutions to our clients in South Africa as the local branch of a bank that has extensive offshore banking experience spanning across markets and sectors,” added Ramlakan.
“We are pleased we are able to offer first-class global services to affluent, high net worth and ultra-high net worth individuals in the region, whilst also connecting them to the broader bank’s offering,” he added.
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