Mauritian financial services major Bramer Bank is currently holding discussions with a major African bank for a possible merger.
The management stated that Bramer Bank has ambitious expansion plans for Africa and such a partnership would give it a major advantage in accessing new markets on the continent which are yet under-penetrated.
“The opportunity to work with a large African bank would give us direct access to a huge market where there is a growing demand for financial products and services,” says Ashraf Esmael, CEO, Bramer Bank.
Given the probable merger, Bramer Bank has warned investors to take due precautions while trading in its shares, in a cautionary announcement on the Stock Exchange of Mauritius website yesterday.
The scope of activities of Bramer Bank has grown considerably in recent years. The number of bank customers now exceed 60,000 and the bank has strengthened its position in the segments of Business Banking, Private Banking and International Banking.