PORT LOUIS (Reuters) - An unidentified investor is preparing to buy a stake in Mauritius’ MauBank, which was formed by the merger of two banks bailed out by the government, its CEO said on Monday.
MauBank, the island nation’s 10th biggest by assets, was formed when the government joined MPCB, which was weighed down by bad debt, with parts of what was Bramer Bank, which was nationalized in 2015 after a run on deposits.
“It is up to the shareholders to agree on the amount and what stakes they are ready to sell,” MauBank CEO Shridar Nagarajan told Reuters, adding the suitor had conducted due diligence.
He attributed the potential deal to an aggressive positioning of the bank, which has made inroads in the retail, small and medium enterprise (SME) and corporate segments.
Reporting by Jean Paul Arouff; Writing by Duncan Miriri; Editing by Louise Heavens and Jon Boyle