HSBC Bank (Mauritius) Limited officially launched yesterday its Global Custody proposition, a first in Mauritius. Over a hundred key players from the Global Business sector in Mauritius, including directors of Management Companies, attended the launch at Hennessy Park Hotel.
At the launch, Ms Siew Meng Tan, the country head of HSBC in Mauritius; Mr Yandranuth Googoolye, First Deputy Governor of the Bank of Mauritius; Ms Clairette Ah Hen, Chief Executive of the Financial Services Commission and Mr James Boucher, Managing Director of HSBC (Mauritius) Limited, addressed the audience.
HSBC Securities Services - including Global Custody Services - serves more than 2,700 corporate and institutional clients worldwide, with US$5.4 trillion of assets under custody. HSBC was awarded best Global Custodian globally in Global Custodian Survey 2011 and has been top rated in 8 out of 10 categories.
HSBC has introduced this product in Mauritius to meet a growing demand from its clients and local financial intermediaries. HSBC Global Custody Services will give investors access to over 90 countries around the globe, including 22 core African markets.
Siew Meng Tan, in her opening remarks said that HSBC’s main strengths are its ‘global reach’, ‘financial strength and ‘scale’. The extensive global network of HSBC enables the Bank to serve its clients across multi-jurisdictions best suited to their operations. HSBC has proved time and again to be prepared for the new challenges and to lead the market.
According to James Boucher, Managing Director of HSBC Bank (Mauritius) Limited, global investors look for a highly professional custody service with a strong focus on accuracy and transparency of asset reporting. A strong global custody service provider, like HSBC, can help them achieve increased processing efficiency and better risk management, within an environment of international standards and competitiveness.
In his speech, the First Deputy Governor congratulated HSBC’s initiative to broaden the range of financial services offered to its customers. He added that the global custody services industry has been dominated by a handful of largest banks worldwide, and HSBC has, in this regard, secured a privileged position among big players..
“This outstanding performance clearly demonstrates your commitment to deliver a market leading product and maintain the position,” he stated. Speaking about how the economy of Mauritius will benefit from this service, Mr Googoolye pointed out that the image and reputation of the jurisdiction as a credible International Financial Centre in the global business arena, will be strengthened.
Ms Clairette Ah Hen, Chief Executive of the Financial Services Commission, in her speech highlighted HSBC’s past performance and unblemished track record, while also stressing HSBC’s access to African markets, the large scope of services it provides and quality of its global custody services.
Following the launch, Mr Couldip Basanta Lala, Director of International Financial Services Limited, one of the leading management companies in Mauritius, commented: “It is an excellent initiative from HSBC to bring to Mauritius innovative products such as Global Custody. Such products definitely add value to the recognition of Mauritius as an international financial centre and broaden the rage of international products available to our global clients. This will surely encourage investors to come to Mauritius for their international business requirements.”
Mr Gary Gowrea, Managing Director of CIM Tax Services, another key player in the industry, added, “In view of increasing pressure worldwide, it is of paramount importance that we demonstrate that we use Mauritius as a jurisdiction of substance, whereby all the stakeholders are present. If we look at a collective investment scheme structure, over and above the regulatory platform, the argument that we have provided is that Mauritius has already developed the required expertise to do the administration with its pool of young professionals, as well as, a tried and tested banking platform. An additional important link has now been established in the financial arena with HSBC Global Custody services, which provides fund managers a one-stop avenue to complete the Mauritius offerings.”
Mr Amit Gupta, Executive Director from ABAX Corporate Services, further added, “To establish itself as a renowned International Financial Center, Mauritius has to provide a complete range of financial products to investors. With the launch of Global Custody Services by an international bank like HSBC, one such important offering is now in place. This will encourage Investors to consider Mauritius as a serious place to do global business, where all their needs could be addressed through a single window.”
Mr Gilbert Noel, Partner at Appleby also contributed by stating that “The Global Custodian Services by HSBC in Mauritius demonstrate that a combination of enabling provisions under the laws of Mauritius, high standard regulatory framework, and the presence of a world leading player, can bring Mauritius to the forefront of Global Custodian Services at a regional and international level.”
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