Appointment: An Economist Takes the Helm of MauBank

Economist Sanjay Matadeen has been appointed as the president of MauBank, which is state-owned. This appointment comes at a time when the bank is focusing on financing the local economy, particularly for SMEs and individuals.

A Senior Lecturer at Middlesex University Mauritius, Sanjay Matadeen specializes in strategic management and innovation. With over 25 years of experience, he combines academic expertise with practical knowledge. He has led numerous consulting projects for local SMEs and international organizations, while also regularly contributing to national development initiatives.

MauBank plays a key role in the Mauritian financial landscape. It aims to support inclusive growth by facilitating access to credit and assisting businesses in their development, while also strengthening the stability of the national banking system. MauBank was established in 2016 in the context of a banking crisis in Mauritius, following the collapse of the Bramer Banking Corporation Ltd, which was linked to the BAI Group.

In April 2015, Mauritian authorities decided to revoke Bramer Bank's license after serious financial irregularities were found. This decision was part of a broader operation aimed at dismantling the BAI Group, accused of operating like a pyramid scheme. To prevent a loss of confidence in the banking system and to protect depositors, the state intervened and initially created the National Commercial Bank Ltd, which took over the operations of Bramer Bank.

It was in this context that MauBank was established, resulting from the merger of the healthy assets of Bramer Bank and the National Commercial Bank Ltd, another public banking entity. The dual objective is to ensure the continuity of banking services for affected clients and to preserve the financial stability of the country.