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Mauritius-based AfrAsia Bank granted license in a boost to SA expansion. AfrAsia Bank, which offers offshore investing and other financial services to high net-worth individuals has been granted a license by the Financial Sector Conduct Authority (FSCA) that will allow it to provide advisory and discretionary products in South Africa
Mauritius-based AfrAsia Bank granted license in a boost to SA expansion. AfrAsia Bank, which offers offshore investing and other financial services to high net-worth individuals has been granted a license by the Financial Sector Conduct Authority (FSCA) that will allow it to provide advisory and discretionary products in South Africa.
The bank, headquartered in Mauritius’s International Financial Centre with a representative office in South Africa, was granted a Financial Services Provider Category 1 intermediary and advisory license in a move that helps it cement its presence in the country and grow its customer base
The license will enable individuals and corporates to access a range of financial products such as global custody investments, including shares, ETFs, bonds, mutual funds, and indices. Others include fixed deposits in various major currencies, and access to principal-protected structured deposits issued by the bank itself, which are also linked to indices, mutual funds and ETFs, money market instruments, debentures, and securitised debt, among others.
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Speaking about the license, AfrAsia Bank’s structuring division head Raveen Ramlakan said the bank’s connection to global markets allows it to offer clients unique expertise as well as efficient access to the Mauritian financial system.
