Established in 2008 through a strategic joint venture between CIEL Finance Limited, the financial arm of the Mauritian conglomerate CIEL Limited, and Kenya-based
I&M Group PLC, Bank One Limited (referred to as “Bank One” or the “Bank”) stands as a distinctive player in the Mauritian banking sector.
The Bank boasts a unique position as one of the few local banks with a tangible presence in sub-Saharan Africa (SSA). Bank One is solidified through I&M Group’s extensive reach across Kenya, Tanzania, Rwanda and Uganda, and CIEL Group’s banking operations in Madagascar.
Guided by the vision of establishing itself as Africa’s preferred gateway, Bank One draws strength from a team of seasoned professionals with decades of combined expertise. This adept workforce excels in addressing the unique dynamics of both local and African markets, strategically expanding the Bank’s presence throughout the continent. Covering its main lines of business: International Banking, Private Banking & Wealth Management, Personal Financial Services, Corporate Banking, and Treasury Services, the Bank crafts bespoke products and services tailored for clients both onshore and offshore.
In line with an ambitious digital transformation, Bank One has embarked on key initiatives, including the successful launch of POP in 2021, the first universal digital payment solution in Mauritius, and a comprehensive revamping of its Internet Banking and Mobile Banking platforms. This ongoing digital evolution underscores its commitment to delivering innovative solutions, with several more milestones planned for the short to medium term.
Bank One has deep development finance institution relationships and long-term funding lines in place with the German Investment Corporation (DEG), the International Finance Corporation (IFC) and the French Development Agency (Proparco). Bank One has been rated ‘BB-’ with a Stable Outlook by Fitch Ratings in June 2023.
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Ms. Roselyne Renel |
Independent Chairperson of the Board |
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Mr. Mark R. P. Watkinson |
Executive Director |
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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. A. Christopher M. Low |
Non-Executive Director; Resigned as director on 31.08.2023 |
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Mr. C. Kihara Maina |
Non-Executive Director; Appointed as director on 01.09.2023 |
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Mr. Leonard C. Mususa |
Independent 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; Appointed as director on 01.08.2023 |
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Chief Executive Officer |
Mr. Mark R. P. Watkinson |
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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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Acting Head of International Banking |
Mr. Thavin Audit |
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Acting Head of Corporate Banking |
Mr. Philippe Peritamby |
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Head of Private Banking and Wealth Management |
Mr. Guillaume Passebecq |
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Head of Personal Financial Services |
Mr. Bhavya Shah |
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Head of Treasury |
Mr. Rishyraj Lutchman |
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Head of Regulatory Affairs |
Mr. John Alfred (Kenny) Morton |
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Head of Legal |
Ms. Valérie Duval |
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Head of Human Resources |
Ms. Priscilla Mutty |
Governance framework and accountabilities
Bank One Limited (hereinafter referred to as “Bank One” or the “Bank”) is a Mauritian commercial bank incorporated in 2008 following a joint venture between CIEL Finance Limited, the finance arm of Mauritian conglomerate CIEL Limited and Kenya-based I&M Group PLC. Through its shareholders, Bank One is one of the only local banks with a tangible presence in sub-Saharan Africa (SSA): from I&M Group’s extended presence across Kenya,Tanzania, Rwanda and Uganda to CIEL Group’s banking operations in Madagascar.
To support its vision to “becoming Africa’s preferred gateway”, Bank One leverages the strength of a highly qualified team of 413 professionals from across 12 nationalities, and bespoke products and services designed for clients both onshore and offshore by its main lines of business: International Banking, Private Banking & Wealth Management, Personal Financial Services, Corporate Banking and Treasury Services.
In line with an ambitious digital transformation programme, Bank One has embarked on a series of key initiatives starting with the launch of the first universal digital payment solution in Mauritius named POP and the revamping of its Internet Banking and Mobile Banking platforms. It is a continuous process and several more milestones are planned in the year ahead.
Bank One has deep development finance institution relationships and long-term funding lines in place with the German Investment Corporation (DEG), the International Finance Corporation (IFC) and the French Development Agency (Proparco). Bank One has been rated ‘BB-’ with a Stable Outlook by Fitch Ratings.
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.
Townhalls were organized for information sharing. Work from home and flexible working arrangements are now well established in the Bank One culture.
A Culture Transformation initiative is currently in progress.
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 Bank engages with third party suppliers to support its 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.
Bank One remained engaged in Pointe aux Sables in Port Louis in 2023 through its community action by supporting its longstanding NGO partners, The Ecole Pere Henri Souchon School, and the Jean Blaise Learning Centre respectively. The Bank’s objective has remained unchanged which is to promote education as a means in advancing economic development to alleviate poverty in this region.
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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