29 Jun 2020
CIEL Finance

Bank One raises MUR 600 million for its first issuance on the Mauritian Capital Market

(Port Louis, Mauritius) – 29 June 2020 – We are pleased to announce that Bank One has raised MUR 600 million in Subordinated Tier 2 Capital for its maiden issuance on the Mauritian Debt Capital Market. The transaction was successfully concluded with PLEION Corporate Finance Ltd acting as the Transaction Adviser.

Bank One Chief Executive Officer, Mark Watkinson, said: “We are delighted with the very positive response we have received on the Mauritian Debt Capital Market for our very first local issuance. I believe this is an accomplishment that shows the confidence of investors in our strong business fundamentals. For a first time issuer to come to the market in the present difficult business environment and issue an unsecured 10 year maturity bond is both a sign of maturity of the Mauritian Bond Market and the strength of its own operations.”

With the success of this new capital raising, Bank One remains well-positioned to continue its local and international to growth strategy.

About Bank One Limited:

Bank One is a joint venture between CIEL Finance Limited in Mauritius and Kenya-based I&M Holdings PLC. Over the last decade, it has built a client base of over 50,000, a dedicated team of over 400 experienced collaborators and an asset base exceeding MUR 55 billion. Bank One provides a wide range of banking products and services to its clients through a geographic footprint spread across the island of Mauritius, comprising 10 branches and a well-distributed ATM network. It also plays an active role in supporting businesses in sub-Saharan Africa.

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).

Both Bank One and the Tier 2 issue have been rated A+ by CARE Ratings (Africa).