Bank One Limited was established in 2008 as a joint venture between I&M Group, a key player in East Africa’s financial sector, and CIEL Finance, the finance arm of CIEL Group, one of Mauritius’s foremost conglomerates. Based in Mauritius, Bank One serves businesses and individuals across Africa and beyond, providing tailored financial solutions designed to meet their diverse and developing needs.
The Bank benefits from the extensive regional presence of its shareholders in key markets such as Kenya, Tanzania, Rwanda, Uganda, Madagascar, and Mauritius. We provide a comprehensive range of products and services across Corporate and Institutional Banking, Treasury Services, Consumer Banking, Private Banking and Wealth Management. Our services are designed to help businesses grow, manage risk, and optimize their financial resources and help individuals achieve their personal goals through a comprehensive mix of savings, loans, payments and investment solutions.
Our approach is built on collaboration, innovation, and deep industry expertise. The Bank’s dedicated teams, led by professionals with extensive experience, deliver customized strategies based on a solid understanding of market trends, regulatory environments, and client needs. Bank One’s teams work seamlessly to provide efficient and effective services that generate long-term value.
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Ms. Roselyne Renel |
Independent Chairperson of the Board |
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Mr. Moonesar (Sunil) Ramgobin |
Executive Director; Appointed on 11.10.2024 |
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Mr. Guillaume M.G Passebecq |
Executive Director; Appointed on 01.09.2024 until 10.10.2024 |
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Mr. Lakshman Bheenick |
Non-Executive Director |
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Mr. Jérôme de Chasteauneuf |
Non-Executive Director |
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Ms. Gauri A. Gupta |
Non-Executive Director |
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Mr. C. Kihara Maina |
Non-Executive Director |
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Mr. Ignacio Serrahima Arbestain |
Independent Director |
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Mr. Marc A. J. Israel |
Independent Director |
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Mr. Tchang Fa (Cyril) Wong Sun Thiong |
Independent Director |
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Mr. Mark R. P. Watkinson |
Executive Director; Resigned on 31.08.2024 |
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Mr. Leonard C. Mususa |
Independent Director; Resigned on 22.04.2024 |
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Chief Executive Officer |
Mr. Moonesar (Sunil) Ramgobin |
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Chief Operations Officer |
Mr. Eric Hautefeuille |
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Chief Financial Officer |
Mr. Ranjeevesingh Gowreesunkur |
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Interim Chief Risk Officer |
Ms. Normela Maunick |
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Head of Consumer, Private Banking and Wealth Management |
Mr. Guillaume Passebecq |
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Head of Treasury & Interim Head of Corporate and Institutional Banking |
Mr. Rishyraj (Rishy) Lutchman |
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Head of Compliance |
Mr. Bunsrajsing (Ashish) Gowreesunker |
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Head of Legal |
Ms. Valérie Duval |
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Head of Human Resources |
Ms. Priscilla Mutty |
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Company Secretary |
Ms. Kareen Ng* |
Introduction
Bank One Limited (the “Bank” or “Bank One”) is a bank regulated by the Bank of Mauritius and the Financial Services Commission. It is also a public interest entity (“PIE”) as defined by the Financial Reporting Act 2004. Throughout the year ended 31 December 2024, to the best of the Board’s knowledge, the Bank has applied all of the principles set out in the National Code of Corporate Governance for Mauritius (2016) (the “Code”) and explained how these principles have been applied.
Governance Structure
The Board of Directors is responsible for defining the Bank’s strategic direction and for leading, overseeing, and supervising the management of the business in an ethical and responsible manner. It is also tasked with ensuring compliance with all legal and regulatory requirements.
The Board is committed to upholding the highest standards of corporate governance and ethical conduct across the Bank’s operations, aiming to enhance shareholder value while considering the broader interests of all stakeholders. To achieve this, the Bank has implemented a robust governance framework.
The discharge of the Board’s responsibilities involves a combination of direct involvement and delegation through board committees, for a more focused approach on specific areas. Such a structure ensures a comprehensive oversight of the Bank’s activities.
In the pursuit of effective governance, the day-to-day management and operations of the Bank’s business have been entrusted to the Chief Executive Officer. The CEO is responsible for establishing a management structure that fosters accountability and transparency, while ensuring the effective implementation of business strategies, risk management systems, and internal controls.
Each shareholder has two representatives sitting on the Board of the Bank. The Bank also engages with the shareholders on a regular basis to keep them apprised on the affairs of the Bank and progress against the set KPIs. Given the shareholding structure and close and frequent communication with the two shareholder groups, written resolutions of the shareholders are passed in lieu of holding an Annual General Meeting
Communication is usually around the Bank’s financial performance and compliance with the terms and conditions set out by the financial partners which the Bank’s strives to comply to at all times.
The Bank, by nature of its activities, is a highly regulated entity. Bank One Limited strives to comply with all regulatory provisions and guidelines in the conduct of its activities.
The Bank builds and maintains close relationships with this stakeholder group through ongoing and consistent communication to ensure credible and effective relations are maintained, ensuring a connected approach which boosts trust and commitment.
As a responsible employer, the Bank is committed to fostering a supportive work environment for its employees. To this end, several initiatives were implemented, including regular town halls, which serve as a communication channel to address queries and provide updates on the progress of our Strategic Plan. Additionally, the Culture Revamp program will play a crucial role in furthering these efforts.
In addition to regular customer satisfaction surveys, each line of business regularly holds forums with their clients, whether in the form of investors’ circles, breakfast meetings, etc. The Customer Experience team also conduct interviews and meetings with clients to obtain feedback on the quality of service from the Bank.
The Bank engages with third party suppliers to support is business offerings and operations by leveraging on skills and expertise not available internally. Third party risks are managed by the procurement and supplier risk management policy which sets forth the principles and governance structure on which the Bank operates on.
The Bank remained committed towards supporting the community of Pointe Aux Sables in collaboration with its 2 long-standing partners which are the Pere Henri Souchon School and the Jean Blaise Learning Centre. These two NGOs cater for the educational support of some 150 children all coming from an unprivileged background. In 2024, the Bank has been a strong partner to these NGOs in organising some notable CSR events for the students such as the Annual Health Awareness Day, Sports Day, provision IT literacy skills, distribution of school materials and the Annual Christmas Party. The Bank shall remain supportive in 2025 as part of its longer-term plan.
The Bank continues to establish and nurture a strong relationship with the local media whilst developing good media relations in Sub-Saharan Africa (SSA) for its future strategic plans. It also leverages on CIEL and I&M Group Communications support and their partner networks as and when required.
Bank One Limited’s share capital stood at MUR 1,456,456,000, represented by 14,564,560 ordinary shares of no par value, held equally between CIEL Finance Limited and I&M Group PLC. The shareholding structure is illustrated below:
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