Maubank of Mauritius Turns a Profit Just Months After Formation
- Lender targets pretax profit of 200 million rupees in 2017
- International banks express interest in acquiring a stake
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A Mauritian lender established by merging a mismanaged state-owned bank and a nationalized lender is already in the black just months after its formation and targets a 200 million-rupee ($5.7 million) pretax profit in 2017, Chief Executive Officer Sridhar Nagarajan said.
Eight months ago, authorities in the Indian Ocean island nation amalgamated Mauritius Post Cooperative Bank with Bramer Bank Corp., which was owned by the British American Investment Group, a conglomerate seized by the government in April 2015 over its alleged links to a $690 million Ponzi scheme.