BUSINESS SEGMENTS REVIEW
During the year under review, Corporate Banking segment continued building strong client relationships and strengthening capabilities to deliver a superior client service.
This segment has maintained focus and expanded business by leveraging on IT system upgrade, reorganisation and efficient operational processes. Major initiatives undertaken included the review of the processes, in line with policies and regulations, in order to enable fast turnaround time and flexibility while continuing to lay emphasis on the Bank’s quality of service.
Corporate Banking segment posted solid financial results while further developing its sustainable business model. The challenge was to maintain margins and volumes within the Bank’s risk appetite in a market where competition intensified.
Advances grew by 22% during the financial year 2014 whereas trade finance and foreign transactions improved, generating higher fee income.
Deposits in Corporate segment experienced a significant growth of 46% with a balanced mix in rupee deposits (54%) and foreign currency deposits (46%).
Corporate assets & liabilities growth
High increase of 13% in foreign exchange transactions was achieved on the back of focused effort and enhanced relationship building with existing corporate entities as well as new clients.
During the past year, major clients in hospitality, property development and construction sectors were taken on board and Corporate Banking segment has among its clients most of the Top 100 Companies in Mauritius contributing to a diversified assets book. This segment has been strengthening relationships with more regular visits and extracting value with the existing clients.
Looking ahead, this segment is aiming to further improve performance through better penetration of Top 100 Companies, expansion of the customer base to include the 300 Top Corporates as well as selective business in Madagascar.
Despite the challenging economic environment conditions, the Corporate Banking segment is confident that it can leverage on its core competencies and existing capabilities in order to withstand the difficult times and subsequently maintain its market and product development thrust.
Customers remain at the heart of what we do and it is our ambition to be the best Bank for our clients and to provide the highest quality of service.