u003cpu003eu003cstrongu003eIn a joint interview to Business Magazine, Barclays Bank Mauritius Chairman Phillip Dawe and Managing Director Ravin Dajee expound on the decision to transfer the branch business of Barclays to a locally incorporated subsidiary.u003c/strongu003eu003c/pu003eu003cpu003eu003cspan style=color:#ff8c00;\u003eu003cstrongu003eBUSINESSMAG.u003c/strongu003eu003c/spanu003e u003cstrongu003eBarclays Bank PLC has transferred all of its business to Barclays Bank Mauritius Limited. Concretely, what does this mean?u003c/strongu003eu003c/pu003eu003cpu003eu003cstrongu003ePhillip Dawe: u003c/strongu003eThe decision to transfer the branch business of Barclays to a locally incorporated subsidiary is a reflection of the confidence that the Barclays Group has in the future growth and development of Mauritius and the African continent as a whole. The newly incorporated entity, Barclays Bank Mauritius Limited, continues to operate under the Barclays brand and remains part of the Barclays Group.u003c/pu003eu003cpu003eA formal Board of Directors has been appointed for Barclays Bank Mauritius Limited which comprises both Executive and Non-Executive Directors. This is in accordance with Barclays Africau0026rsquo;s own norms and with the Bank of Mauritius guidelines on Corporate Governance.u003c/pu003eu003cpu003eIt is the intention that the constitution of a formal Board, which is principally Mauritian in composition, will contribute to enhance the governance and control structure, and will provide a more objective view of external factors affecting the bank in its business environment.u003c/pu003eu003cpu003eu003cspan style=color:#ff8c00;\u003eu003cstrongu003eBUSINESSMAG. u003c/strongu003eu003c/spanu003eu003cstrongu003eWhat would be the impact on Barclays operations in Mauritius?u003c/strongu003eu003c/pu003eu003cpu003eu003cstrongu003eRavin Dajee:u003c/strongu003e Barclays continuesto provide the same range of high quality products and services to its customers in Mauritius. As a fully-fledged locally incorporated bank, Barclays Bank Mauritius Limited has received a substantial capital injection which should enable it to make further investment in the business and selectively expand targeted business activities.u003c/pu003eu003cpu003eu003cstrongu003eu003cspan style=color:#ff8c00;\u003eBUSINESSMAG.u003c/spanu003e Is there any particular objective behind this move?u003c/strongu003eu003c/pu003eu003cpu003eu003cstrongu003ePhillip Dawe:u003c/strongu003e Incorporation is an important step towards pursuing the Barclays Group u0026ldquo;One Africau0026rdquo; expansion strategy, involving a combination of the majority of the Barclays Africa businesses with Absa Group Limited which is headquartered in South Africa. The incorporation achieves alignment across Barclays Africa in terms of operating model and legal structure, and puts the Mauritius operation on a level footing with all the other Barclays African businesses which are already locally incorporated.u003c/pu003eu003cpu003eBarclays Africa has the largest number of bank branches on the continent, with around 1,300 spread over 10 countries. In the longer term, I imagine the alignment will result in a significant number of new business opportunities, particularly at our offshore bank in Mauritius which is well-placed to benefit from economic development in the region.u003c/pu003eu003cpu003eu003cstrongu003eu003cspan style=color:#ff8c00;\u003eBUSINESSMAG.u003c/spanu003e The banking environment in Mauritius is becoming more and more competitive with the arrival of new banks. How do you assess Barclaysu0026rsquo; performance on the domestic market?u003c/strongu003eu003c/pu003eu003cpu003eu003cstrongu003eRavin Dajee: u003c/strongu003eBarclays remains a key player in the domestic market. Whilst it may be true that the competition has intensified, it is equally true that we have retained our position as one of the leading banks operating in the domestic sector.u003c/pu003eu003cpu003eBecoming the u0026lsquo;u0026lsquo;Go-To Banku0026rsquo;u0026rsquo; in Mauritius remains our immediate goal and we have got in place, in this connection, a clear strategy to further improve our product and service level proposition.u003c/pu003eu003cpu003eu003cstrongu003eu003cspan style=color:#ff8c00;\u003eBUSINESSMAG. u003c/spanu003eDo you think there is still room for newcomers on the market?u003c/strongu003eu003c/pu003eu003cpu003eu003cstrongu003eRavin Dajee:u003c/strongu003e Although the mainstream domestic banking market appears to be well covered, it is possible that a few prospective newcomers could demonstrate that they would be able to make a meaningful contribution to the financial services sector in one or two speciality / niche areas.u003c/pu003eu003cpu003eu003cstrongu003eu003cspan style=color:#ff8c00;\u003eBUSINESSMAG. u003c/spanu003eWhere do you see growth prospects for Barclays Bank?u003c/strongu003eu003c/pu003eu003cpu003eu003cstrongu003ePhillip Dawe: u003c/strongu003eOur core banking activities in retail and commercial banking will remain a key focus. These will be supported by the provision of more sophisticated Group-manufactured products and services where these are of benefit to our clients.u003c/pu003eu003cpu003eIt must also be said that our ability to tap into a number of emerging opportunities across Africa is likely to be a key driver of new business growth in the coming years.u003c/pu003eu003cpu003eu003cstrongu003eu003cspan style=color:#ff8c00;\u003eBUSINESSMAG.u003c/spanu003e In last yearu0026rsquo;s budget, government expressed clearly its intention to walk the talk on the issue of banking fees and commissions. What would be the impact of a decision authorising the central bank to introduce a cap on banking charges?u003c/strongu003eu003c/pu003eu003cpu003eu003cstrongu003ePhillip Dawe: u003c/strongu003eThis is a hypothetical question and one that we could only sensibly answer if the situation actively arose. It is in any event always our intention to offer a fair deal to our customers.u003c/pu003eu003cpu003eu003cstrongu003eu003cspan style=color:#ff8c00;\u003eBUSINESSMAG.u003c/spanu003e According to the Central Bank Governor, banks were reluctant to play the ball on the special line of credit put in place by the Bank of Mauritius. Why?u003c/strongu003eu003c/pu003eu003cpu003eu003cstrongu003eRavin Dajee: u003c/strongu003eIt is, we feel, not so much a matter of playing ball as identifying a clear need for use of the line on the terms offered. We have no doubt that the initiative was in fact a good one and has been subscribed to by a few banks.u003c/pu003eu003cpu003eu003cstrongu003eu003cspan style=color:#ff8c00;\u003eBUSINESSMAG.u003c/spanu003e At the same time, excess liquidity seemed to remain a challenge for the banking sector. How do you explain this situation?u003c/strongu003eu003c/pu003eu003cpu003eu003cstrongu003ePhillip Dawe:u003c/strongu003e As a matter of fact, I believe that situation has improved significantly over the last two months due to a number of measures taken by the Bank of Mauritius to mop up excess liquidity. Tax payments falling at the end of June will have also played their part in easing the situation.u003c/pu003eu003cpu003eu003cstrongu003eu003cspan style=color:#ff8c00;\u003eBUSINESSMAG.u003c/spanu003e Local banks continue to show great resilience although our economy has been under the influence of the global downturn for the last five years. How do you explain this performance?u0026nbsp;u003c/strongu003eu003c/pu003eu003cpu003eu003cstrongu003ePhillip Dawe:u003c/strongu003e We believe this is mainly due to their expansion overseas, although the major operators have also presumably benefitted from maintaining a strong foothold in the domestic market.u003c/pu003eu003cpu003eu003cstrongu003eu003cspan style=color:#ff8c00;\u003eBUSINESSMAG.u003c/spanu003e Some analysts believe that the worse is yet to come on the economic front. As an economic operator, what are your expectations for 2013?u003c/strongu003eu003c/pu003eu003cpu003eu003cstrongu003ePhillip Dawe:u003c/strongu003e The picture is likely to be very mixed. On a positive note, it must be said that emerging nations, including many in Africa, represent 80% of the worldu0026rsquo;s population and just 40% of global GDP. So there is certainly room for growing prosperity. Perhaps just not in every nation, all the time.u003c/pu003eu003ch3 style=color: blue; text-align: center;\u003eBarclays Mauritius launches its Platinum World Miles Credit Cardu003c/h3u003eu003cdiv style=color: blue;\u003eIn line with its philosophy of innovation and elite service, Barclays is back with another u0026lsquo;first-on-the-marketu0026rsquo; product. This is the Platinum World Miles Credit Card to be launched in the coming days.u003c/divu003eu003cdiv style=color: blue;\u003eWhat sets this Barclays-branded Platinum Card apart from the competition is an outstanding feature whereby transactions effected enable cardholders to earn points. These points can be converted into miles which can be redeemed for tickets on any major airline for any destination around the world. In addition, the card brings pampering to the next level and provides cardholders with exciting benefits with a number of Barclays partners operating in luxury-oriented areas. Platinum World Miles cardholders can avail themselves of a range of exclusive offers and discounts pertaining to tourism and hospitality, sports and leisure activities, jewellery and luxury goods.u003c/divu003e}]
Ravin Dajee : « Becoming the Go-To Bank in Mauritius remains the immediate goal of Barclays»
