What BANK ONE does

Bank One Limited is a privately held, Mauritian-licensed banking institution headquartered at 16 Sir William Newton Street, Port Louis, established in 2008 as a joint venture between I&M Group (an East African financial services group with presence in Kenya, Tanzania, Rwanda, and Uganda) and CIEL Finance (the finance arm of Mauritius-based conglomerate CIEL Group, with presence in Madagascar). The bank operates across four formal business units: Retail Banking (current/savings accounts, fixed deposits, personal/home/car/educational loans, Mastercard debit and credit cards, bancassurance); Private Banking & Wealth Management (open-architecture investment platform, discretionary portfolio management, and an External Wealth Managers Desk serving family offices and independent advisors); Corporate & Institutional Banking (term loans, overdrafts, trade finance, treasury, payments, and large corporate services); and International Banking for Global Business Category 1 and 2 entities, offshore management companies, and multinationals.

The bank's technology footprint centers on a Custody Platform that consolidates portfolio data from 50+ countries with real-time Bloomberg pricing, integrated directly with Euroclear (rated AA+/AA) as main depository. It was the first bank to onboard a Mauritian Rupee Fund on the Euroclear platform. Digital channels include Internet Banking, a Mobile Banking app, SMS alerts, and eStatements, supplemented by an online account origination flow and a 24/7 contact centre at (230) 202 9200.

Bank One generates revenue through a diversified mix of interest income on loans priced off a Prime Lending Rate of 8.20%, transaction and account fees, recurring custody and securities services fees, trade finance commissions, and treasury/FX trading income. Distribution is omnichannel: a 9-branch domestic network across Mauritius (Port Louis, Curepipe, Rose Belle, Flacq, Beau Bassin-Rose Hill, Quatre Bornes, Vacoas), a digital self-serve layer, dedicated relationship managers for Private and Corporate clients, and an Investor's Circle event platform. The bank is rated BB-/Stable by Fitch (June 2023) and ranked in Fitch's Top 15 Banks in Africa, and has been named Best Private Bank in Mauritius by Global Finance Magazine for three consecutive years. As of late 2024/early 2026, the bank is undergoing a near-complete senior leadership refresh, with a new CEO (Sunil Ramgobin, ex-Absa Mauritius), CRO (Vinay Sharma, ex-BNY Mellon and Bank of England-approved), Head of Corporate & Institutional Banking, Head of Compliance (ex-HSBC), and Independent Chairperson (Cyril Wong, ex-Barclays Mauritius) installed within an 18-month window.

Name

BANK ONE

Legal name

Bank One Limited

Website

https://bankone.mu

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

251–500 employees

Short description

Bank One is a privately held, Mauritius-licensed bank founded in 2008 as a joint venture between I&M Group and CIEL Finance, offering retail, corporate, private banking/wealth management, and international/Global Business services to individuals, HNW clients, SMEs, corporates, and offshore entities in Mauritius and across Africa.

Ownership category

akta.pro rank

Product category

Retail and International Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Private Banking Lending (Securities-Backed, Real Estate, Structured Credit) (FSABADAE), Bank-Affiliated Retail Wealth Management (FSAAAAAB), Student & Youth Banking (FSABAAAH)

Keywords

• Retail banking services
• Corporate banking
• Private banking wealth management
• International trade finance
• Securities custody services

Headquarters

HQ city

Port Louis

HQ country

Mauritius

HQ region

Africa

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Interest Income: Traditional banking revenue from interest charged on loan products including home loans, personal loans, car loans, educational loans, and corporate credit facilities. Interest rates are linked to Prime Lending Rate (8.20%).
2. Fee-based Income: Transaction fees, account maintenance fees, credit card fees, and service charges across retail, corporate, and international banking segments.
3. Wealth Management & Custody Services: Fees from securities custody, trade settlement, corporate action management, proxy voting, income collection, and portfolio management services for private banking clients and external asset managers.
4. Trade Finance & International Banking: Revenue from import/export transactions, trade financing, international remittances, and foreign currency services for corporate and international clients.
5. Treasury Operations: Revenue from foreign exchange trading, treasury services, and management of the bank's liquidity and investment portfolios.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

Bank One is a Mauritian banking institution providing a full suite of retail, corporate, private, and international banking services. Its offerings span deposit accounts (Current, Savings, Fixed Deposits in MUR and foreign currency), personal and business loans, Mastercard debit and credit cards, digital banking channels, bancassurance products, trade finance, treasury services, and securities custody with an open architecture wealth management platform.

Product overview

Bank One is a Mauritian banking institution offering a comprehensive, multi-segment banking platform serving retail customers, high net worth individuals, SMEs, corporations, and international clients. The product portfolio spans deposit accounts (Current, Savings, Fixed Deposits in MUR and FCY, and specialized accounts like First Step for minors and MoneyTree for wealth builders), loan products (Home Loans, Personal Loans, Car Loans, Educational Loans, and adjustable repayment options), credit and debit cards (Classic, Gold, Platinum, World tiers with Mastercard), digital banking channels (Internet Banking, Mobile Banking, SMS Alerts, eStatements), insurance products through bancassurance (Life, Motor, Home, Travel), and SME/Business banking services (Term Loans, Overdrafts, Trade Finance, Working Capital, Merchant Acquiring). The bank differentiates through its Private Banking arm offering Securities Services, Custody Platform with Bloomberg real-time pricing, Wealth Management with Open Architecture model, and Elite Banking programs for premium clients. International Banking services include Trade Financing, Global Business Category 1 and 2 solutions, Offshore Management Company services, and Correspondent Banking across over 50 countries. The bank leverages its joint venture structure between CIEL Group and I&M Group for regional reach across East Africa.

Differentiator

Problem solved

Functional benefit

Brands

• Elite Banking Mauritius: Premium banking services designed for affluent individuals and families in Mauritius, offering personalized banking with dedicated relationship managers.
• Elite Banking Offshore

Products and services

• Current Account A transactional bank account enabling day-to-day banking operations with features such as cheque book access, direct debits, and standing orders for individuals and corporates.
• Savings Account An interest-bearing deposit account for individuals to save money while earning competitive interest rates.
• First Step Account A savings account designed for individuals under 18 years old to help them start saving for their future.
• MoneyTree Account A savings account offering competitive interest rates with a base rate plus additional returns on balances exceeding Rs1 million.
• Emma Account A regular savings account helping families achieve their dreams by providing a secure and regular income through attractive interest rates.
• FCY Account A foreign currency deposit account allowing customers to hold and transact in multiple currencies including EUR, USD, and GBP.
• MUR Fixed Deposit A Mauritian Rupee term deposit offering guaranteed returns with competitive interest rates depending on amount and tenor.
• Foreign Currency Fixed Deposit A term deposit account in foreign currencies (EUR, USD, GBP) with minimum amounts and competitive rates based on tenor.
• POP Save Savings account with competitive interest rates at 3.30% p.a. for retail depositors.
• Home Loan Financing solution for purchasing or refinancing residential property with competitive rates and personalized support.
• Adjustable Home Loan A flexible home loan with adjustable repayment options that cater for fluctuations in the Prime Lending Rate.
• Personal Loan Unsecured loans up to Rs2.0 million for various personal needs including home improvements and debt consolidation.
• Car Loan/Lease Auto financing for purchasing new or used vehicles, or assistance with refinancing current car loans.
• Educational Loan Financing solution to fund higher education and help students achieve their academic goals.
• Debit Cards Mastercard debit cards offering a range of features and benefits for managing money with easy access to accounts.
• Credit Cards Mastercard credit cards including Classic, Gold, Platinum, and World tiers with various benefits, rewards, and worldwide acceptance.
• World Credit Card Premium Mastercard credit card available in MUR, USD, and EUR with exclusive benefits including complimentary airport lounge access, travel insurance, purchase protection, and concierge services.
• Life Insurance Bancassurance product providing life insurance coverage to protect families and ensure financial security.
• Motor Insurance Insurance coverage for vehicles protecting against accidents, theft, and damage.
• Home Insurance Insurance coverage for residential properties protecting against fire, theft, natural disasters, and other damages.
• Travel Insurance Insurance coverage for travelers including medical emergencies, trip cancellations, baggage loss, and travel delays.
• Internet Banking Secure online banking platform enabling customers to manage accounts, transfer funds, pay bills, and access financial services via web browser.
• Mobile Banking Secure mobile banking application allowing customers to manage finances from smartphones and tablets anytime, anywhere.
• SMS Alerts Real-time text message notifications for account transactions, balance updates, and security alerts.
• eStatement Electronic bank statements delivered via digital banking platforms, providing convenient access to account transaction history.
• Elite Banking Mauritius Premium banking service for discerning clients featuring dedicated relationship managers, exclusive privileges, and luxury lifestyle benefits.
• Elite Banking Offshore Offshore banking solutions for international individuals and investors seeking stability in Mauritius as a leading IFC.
• Securities Services Custody services including trade settlement, corporate action management, proxy voting, and income collection with access to over 50 countries.
• External Wealth Managers' Desk Dedicated desk for External Asset Managers, Family Offices, and Independent Advisors providing custody services and investment access.
• Wealth Management Comprehensive wealth management services including execution services and discretionary portfolio management with open architecture.
• Corporate Current Account Transaction account designed for corporate clients with comprehensive cash management features.
• Term Loans Medium to long-term financing for business investments and expansion needs.
• Overdraft Revolving credit facility allowing businesses to withdraw beyond available balance up to an approved limit.
• Import Line Trade finance facility supporting import transactions and managing foreign currency requirements.
• Working Capital Loan Short-term financing to support day-to-day business operations and manage cash flow cycles.
• Bank Guarantees Guarantee instruments supporting business transactions and contractual obligations.
• Letter of Credit / Bills for Collection Trade finance instruments facilitating international transactions by providing payment guarantees.
• Bill Discounting Receivables financing allowing businesses to convert outstanding invoices into immediate cash.
• Supply Chain Financing Financing solutions optimizing cash flow throughout the supply chain for both buyers and suppliers.
• Debt Financing Structured debt solutions for business funding requirements and capital optimization.
• POP - Merchant Acquiring Payment processing services enabling businesses to accept card payments from customers.
• Business Credit Card Credit card solutions designed for business expenses with spending controls and reporting features.
• Short Term and Revolving Line Flexible credit facilities for businesses to manage short-term funding needs and working capital.
• Deposits and Cash Management Corporate deposit products and cash management solutions optimizing liquidity and returns for business funds.
• Financing Corporate lending solutions including term loans and structured financing for business growth.
• Import and Export Transactions Trade finance services facilitating international trade with letters of credit, guarantees, and documentary credit facilities.
• Treasury Services Foreign exchange and treasury solutions for managing currency exposure and optimizing returns.
• Payments Corporate payment solutions including domestic and international fund transfers and bulk payment services.
• Large Corporate Banking Specialized banking services for large corporate clients with complex financial needs.
• Trade Financing International trade finance solutions including letters of credit and documentary collections for import/export transactions.
• International Remittances Cross-border money transfer services enabling fast and secure international payments.
• Foreign Currency Requirements Foreign exchange services for businesses and individuals needing to transact in various currencies.
• Banking Facilities Comprehensive banking facilities for international clients including multi-currency accounts and trade services.
• Account Opening and Cash Management International account opening services with comprehensive cash management solutions.
• Global Business Category 1 Banking solutions for Global Business Category 1 entities operating from Mauritius.
• Global Business Category 2 Banking solutions for Global Business Category 2 entities with specific regulatory requirements.
• Offshore Management Company Specialized banking services for offshore management companies operating in Mauritius.
• Multi-national Corporation Banking solutions for multinational corporations with complex international banking needs.
• Term Loans (International) Long-term financing solutions for international and corporate clients.
• Correspondent Banking Partnership network with correspondent banks facilitating international transactions across multiple markets.

Quantifiable outcome

• Rated Top 15 Banks in Africa by Fitch Ratings (BB- with Stable Outlook)
• +1 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core, major and minor.

• EuroclearcoreTechnology or IntegrationEuroclear serves as Bank One's main depository for securities. Rated AA+ by Fitch Ratings and AA by Standard & Poor's, Euroclear is the largest securities settlement provider globally. Bank One is the first bank to onboard a Mauritian Rupee Fund on the Euroclear platform.
• BloombergmajorTechnology or IntegrationBloomberg provides real-time pricing information for the bank's custody platform, enabling customers to view portfolio composition and make informed investment decisions.
• MastercardmajorTechnology or IntegrationMastercard provides debit and credit card infrastructure for Bank One's card products including World Credit Card with travel benefits, lounge access, and comprehensive travel insurance.
• DodoRelocationsminorStrategic or Co-development PartnerPartnership to provide relocation services for clients moving to Mauritius, including visa assistance, housing support, schooling information, and transition services for individuals and corporations.
• POP InsureminorStrategic or Co-development PartnerPartnership for travel insurance products offered through Bank One, providing insurance coverage for travel and related needs.
• I&M Bank (Kenya, Rwanda, Tanzania, Uganda)minorChannel Partner/ Reseller/ DistributorCorrespondent banking relationships with I&M Bank branches across East Africa (Kenya, Rwanda, Tanzania, Uganda) enabling cross-border banking services and referrals for clients seeking offshore banking in Mauritius.
• Booking.comminorGTM or Marketing PartnerTravel partner providing cashback benefits on accommodation for World Credit Card holders through Mastercard Priceless program.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• MCB Group (Mauritius Commercial Bank): Largest Mauritian bank with retail, corporate, private, and international banking across Mauritius and Africa. Most direct comparable in product mix, segment structure, and Mauritius-anchored strategy, though materially larger in scale.
• SBM Bank (State Bank of Mauritius): State-owned universal bank offering retail, corporate, and international banking in Mauritius with growing African footprint. Direct peer across customer segments and product set, competing head-to-head for Mauritian retail and corporate clients.
• AfrAsia Bank: Mauritius-based bank focused on private banking, wealth management, and international corporate banking for Africa-Asia corridors. Direct peer in the Mauritius private banking and Global Business segment where Bank One competes most directly for HNI and corporate clients.
• Absa Bank Mauritius: Subsidiary of South African-based Absa Group providing retail, corporate, and wealth management services in Mauritius. Direct peer with overlapping product set and competitive overlap, especially in corporate and private banking.
• ABC Banking Corporation: Mauritian bank offering corporate, retail, and international banking services with focus on trade finance and treasury. Direct local peer competing for the same Mauritian SME, corporate, and international banking clients.

Broad incumbents

• HSBC Mauritius: Global universal bank with a Mauritius branch offering corporate, institutional, and premier/private banking. Competes for the same international and HNI client pool as Bank One but operates as part of a much larger global franchise with broader product capabilities.
• Standard Chartered Mauritius: International bank with Mauritius presence focused on corporate, institutional, and priority/private banking. Overlaps with Bank One in trade finance, FX, and offshore banking services for African and Asian corporates.
• Investec (Mauritius and South Africa): Specialist banking and wealth management group with private banking and corporate lending in Mauritius and across Africa. Comparable in target HNI/private banking client base and open-architecture wealth philosophy.

Regional players

• I&M Bank Kenya: Kenyan universal bank and JV shareholder of Bank One via I&M Group, with retail, corporate, and digital banking across East Africa. Sister entity providing cross-border referral flow and regional context, though primarily serves the Kenyan market.

Others

• CIEL Finance: Finance arm of CIEL Group and JV shareholder of Bank One, providing financial services in Mauritius and the region. Connected party rather than a direct competitor, but comparable as a Mauritian financial services ecosystem participant.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCxoCOhAW7A2bg9rWBJ7Sbkg
• LinkedInlinkedin.com/company/bankone.mu
• Xx.com/bankone_ltd
• Facebookfacebook.com/bankone.mu

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BANK ONE