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AfrAsia Bank Limited and its Group Entities
Annual Report 2015
page 151
LONDON REPRESENTATIVE OFFICE
The Bank’s presence in London reflects the city’s importance
as a centre for African-focused capital flows. It is also home to
a large proportion of the major African private equity groups
and our London Representative, Garry Sharp, himself has deep
experience in African private equity stretching back nearly
twenty years.
The key role of the Representative Office is to act as a
networking and contact centre, enhancing our relationships with
London financial institutions, advisers and intermediaries, and
with clients and contacts who pass through the city. The Bank
also liaises closely with the London offices of Mauritius-based
management companies and similar partners.
Key achievements in the last twelve months have included:
deepening AfrAsia Bank Limited’s links with London-based,
Africa-focused Private Equity funds. The Bank now provides
banking services, including bridging loan and portfolio
company facilities, to a significant and growing number
of these funds and the London connection has helped
accelerate this progress.
cooperation with International Management Companies.
A growing number of AfrAsia Bank Limited’s IMC partners
are opening London offices. The Bank is collaborating closely
on joint business development activities with these offices to
offer total solutions to London-based clients.
developing relationships with major international
conglomerates with African exposure. As Mauritius becomes
more established as the natural offshore base for international
investment in Africa, these links are helping to promote the
Bank’s positioning as their natural Mauritius banking partner.
broadening private banking coverage, the presence of a
London Representative has strengthened the Bank’s appeal
to High Net Worth Individuals based in London.
ZIMBABWE
The Financial Year 2014/15 was marked by the closure of the
Bank’s Zimbabwe operations, despite all efforts made to salvage
them. This happened against the backdrop of deteriorating
macroeconomic conditions and a continued liquidity crunch in the
banking sector.
In February 2015, the board of AfrAsia Bank Zimbabwe Limited
(ABZL) decided to surrender its banking licence. Despite the write-
off of this investment, AfrAsia Bank Limited continues to maintain
a strong capital based of MUR 4.9bn, demonstrating the resilience
and financial strength of the Bank.
Please refer to the note on “Investment in Associates” contained on Note 22 of the Annual Report.