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Corporate Governance
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Corporate profile
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.
Directors in office during the financial year ended 31 December 2022
|
Ms. Roselyne Renel |
Appointed as Independent Director on 24.05.2021 and Appointed as Independent Chairperson of the Board on 01.01.2022 |
|
Mr. Mark R. P. Watkinson |
Executive Director |
|
Mr. Lakshman Bheenick |
Non-Executive Director |
|
Mr. Jérôme de Chasteauneuf |
Non-Executive Director |
|
Ms. Gauri A. Gupta |
Non-Executive Director |
|
Mr. A. Christopher (Chris) M. Low |
Non-Executive Director |
|
Mr. Leonard C. Mususa |
Independent Director |
|
Mr. Ignasi Serrahima Arbestain |
Independent Director |
|
Mr. Marc A. J. Israel |
Independent Director; Appointed as director on 27.05.2022 |
|
Mr. Nikhil Treebhoohun |
Independent Director; Resigned as director on 31.03.2022 |
Board committees’ composition as at 31 December 2022
|
Conduct Review & Audit Committee Mr. Leonard Mususa (Chairperson) Mr. Ignasi Serrahima Mr. Marc Israel |
Governance, Nomination & Remuneration Committee Ms. Gauri A. Gupta (Chairperson) Mr. Lakshman Bheenick Mr. Ignasi Serrahima Ms. Roselyne Renel |
|
Board Risk Management Committee Mr. Lakshman Bheenick (Chairperson) Mr. A. Christopher (Chris) M. Low Mr. Leonard C. Mususa Mr. Mark Watkinson Ms. Roselyne Renel |
Board Strategy & Investment Committee Mr. Lakshman Bheenick (Chairperson) Mr. A. Christopher (Chris) M. Low Mr. Ignasi Serrahima Mr. Mark Watkinson Ms. Roselyne Renel Mr. Marc Israel |
|
Board Credit Committee Ms. Gauri Gupta (Chairperson) Mr. Lakshman Bheenick Ms. Roselyne Renel |
Executive management team
|
Chief Executive Officer |
Mr. Mark R. P. Watkinson |
|
Chief Operating Officer |
Mr. Eric Hautefeuille |
|
Chief Financial Officer |
Mr. Ranjeevesingh Gowreesunkur |
|
Interim Chief Risk Officer |
Mr. Ranjit Prakash Gokarn |
|
Head of International Banking |
Mr. Carl Chirwa |
|
Head of Corporate Banking |
Mr. Fareed Soobadar |
|
Head of Private Banking and Wealth Management |
Mr. Guillaume Passebecq |
|
Head of Personal Financial Services |
Mr. Bhavya Shah |
|
Head of Treasury |
Mr. Rishyraj Lutchman |
|
Head of Regulatory Affairs |
Mr. John Alfred (Kenny) Morton |
|
Head of Legal |
Ms. Valérie Duval |
|
Head of Human Resources |
Ms. Priscilla Mutty |
Corporate Governance Report
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.
Relationships with shareholders and other key stakeholders
Shareholders
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.
Financial Partners
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.
Regulators
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.
Government Agencies
& Authorities
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.
Employees
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.
Customers
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.
Suppliers
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.
Community
Media
Shareholding structure and shareholders
Bank One Limited’s share capital stood at Rs 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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