ABC Banking Corporation: Restructuring and Creation of ABCB Holdings
Banking
ABC Banking Corporation has reached another significant milestone in its ongoing structural reorganization. Early this month, the bank secured shareholder approval for the creation of ABCB Holdings, which will oversee both its banking and non-banking divisions. This restructuring initiative is part of ABC Banking Corporation’s efforts to streamline its operations and improve its overall efficiency.
In addition to the creation of ABCB Holdings, the bank also sought approval for its integration into the Main Board of the Stock Exchange of Mauritius (SEM) through a Scheme of Arrangement under the Companies Act 2001. As part of this move, the bank’s ordinary shares will be exchanged on a 1:1 basis for new shares in ABCB Holdings, thus ensuring that shareholder interests are maintained during the transition. This shift will also lead to the delisting of ABC Banking Corporation from the Development and Enterprise Market (DEM) of the SEM, a step that has already been endorsed by the Listing Executive Committee of the Stock Exchange of Mauritius.
This move marks a major step forward in ABC Banking Corporation’s strategy to reinforce its position on the market, and it is expected to enhance the bank’s ability to compete more effectively within the financial sector. The approval of this restructuring plan comes on the heels of impressive financial results, with the bank reporting over one billion rupees in Interest Income for the first time in its history.
Operating since 2010 through four primary divisions — International Banking, Treasury, Private Banking, and Domestic Banking — ABC Banking Corporation has built a solid financial foundation and a reputation for providing efficient and professional services. The bank’s international presence includes two Representative Offices in Hong Kong and Dubai, and its financial expertise has been recognized globally with awards from renowned publications like Euromoney, Capital Finance International Magazine, and Global Banking & Finance Review.
By taking steps to reorganize its structure and increase its financial and operational agility, ABC Banking Corporation is well-positioned to meet the challenges of an evolving financial landscape and continue to support Mauritius’ economic growth.
Mauritius Times ePaper Friday 29 November 2024
An Appeal
Dear Reader
65 years ago Mauritius Times was founded with a resolve to fight for justice and fairness and the advancement of the public good. It has never deviated from this principle no matter how daunting the challenges and how costly the price it has had to pay at different times of our history.
With print journalism struggling to keep afloat due to falling advertising revenues and the wide availability of free sources of information, it is crucially important for the Mauritius Times to survive and prosper. We can only continue doing it with the support of our readers.
The best way you can support our efforts is to take a subscription or by making a recurring donation through a Standing Order to our non-profit Foundation.
Thank you.
