Risks and the way they are managed can have material impact on our business activities, on our financial outcomes and reputations and therefore, affects our targets and strategic priorities. Thus, as part of our risk culture and strategic process, we have developed a set of objectives and practices which are shared across the Bank to identify, analyze and mitigate those risks. We want to be known as a Bank with a robust emphasis on culture, ethics and fairness that our team and clienteles can be proud of. We will strive to take the appropriate actions to support and build our reputation for corporate responsibility.

Our risk management policy provides details of the Bank’s governance and specific information on policies that the Bank defines to be of utmost significance in the way it conducts its affairs. Under our risk management frameworks, the Board manages risk by identifying, assessing and mitigating risks that could compromise the achievements of the Bank’s medium and long term goals. This Enterprise Risk Management Framework (ERMF) has been in place since 2008.

At a strategic level, the Bank’s risk management objectives are to:

The ERMF is a key element in setting up clear management objectives, whereby key activities, tools, practices and procedures are clearly established so that the material risks the Bank might encounter are identified, analyzed and mitigated with the appropriate actions to maintain the confidence of our stakeholders.

The prime objective of the risk management process is to provide a well-designed, concrete and straightforward set of three steps; Evaluate, Respond and Monitor (the E-R-M process), thus enabling management to identify and evaluate risks, determine the appropriate risk response, and monitor the efficacy of the system in relation to the risk profile.

Current Year Operations

We are particularly satisfied with the performance we have achieved this year, amidst a challenging environment, both locally and internationally, marked by scarcity of quality assets and the increased cost of compliance. The confidence of our various stakeholders, including shareholders, customers and employees, has been key to our achievements.

A capital base of MUR 191m in our first year of operation rising to MUR 6.0bn by the end of June 2017 and a capital adequacy ratio of 13%, are tantamount to the level of commitment of our shareholders, ranging from institutional to private investors, both local and international. Our core shareholders have demonstrated continued support to their investment. IBL Ltd remains as of date our anchor shareholder with a 30.1% stake. National Bank of Canada has also been consolidating its stake to 20.2% presently, while Intrasia Capital Pte Ltd remains our 3rd largest shareholder at 9.5%. Furthermore, the active trading of our shares is a reflection of its marketability and attractiveness to investors. AfrAsia has also maintained over the years a consistent dividend policy. This year’s return to ordinary shareholders is proposed at MUR 1.50 per share, compared to MUR 1 per share for the previous Financial Year.

We continued increasing our customer deposit base, with MUR 91.1bn on the balance sheet as at 30th June 2017, split between our Private, Corporate and Institutional clients. We are today well positioned in both market segments A (residents) and B (non-residents), with a noticeable presence in Segment B at USD 2bn of customer deposits. On the lending side, the Bank’s approach has remained conservative both on the local and international scene, with a wellbalanced customer loans and advances portfolio of MUR 27.5bn across different segments and markets.

Our revenue base is well balanced between net interest income, net fee income and net trading income, with a total income of MUR 2.5bn for the year ended 30 June 2017. The Bank’s fee income is reasonably split, with credit related income of MUR 385m and global custody income of MUR 200m amongst others. Furthermore, our robust net trading income reflects our strong market positioning, being one of the preferred provider of treasury instruments as well as structured and tailor-made solutions for our clients in Mauritius and across the region. Cost to Income ratio is also very sound at 29%.

In line with its strategy to maintain sustainable growth, the Bank keeps investing in its human resources, with a headcount of 314 at the end of the financial year 2017. The Bank has also heavily invested in the IT infrastructure to gear up for the next phase of innovation and digitalisation.

Looking into the future

AfrAsia Bank is well poised to continue its growth and achieve its target for the coming Financial Year, namely a Net Profit After Tax and After Comprehensive Income of MUR 1.3bn. Our operating environment remains however challenging, with increasing regulatory and statutory requirements that are likely to impact the whole banking industry, both locally and internationally.

Dear Valued Shareholders,

I am pleased to present our Annual Report which marks the 10th Financial Year end reporting for AfrAsia Bank. Our “Bank Different” approach, combined with a clear vision, have enabled AfrAsia to carve a strong position in niche markets and build lasting relationships with customers, with focus on service efficiency and innovative solutions. We have seen the Bank growing from a start-up to a multiple award-winning Bank and we are now positioned to leverage arising opportunities.

Strategic and Economic Review

The Financial Year 2016-2017 was a challenging year, impacted by slower economic growth in Africa, significant political developments, namely the Brexit vote and one of the most hotly contested presidential elections in the United States and technology disruptions that are causing rapid changes in many industries. The global landscape affecting International Financial Centres is quickly evolving, with a stronger focus on transparency and a fair taxation system. Initiatives like the US FATCA have already been implemented worldwide, with Mauritius being among the early adopters.

In spite of the changing global environment, the Bank has performed resolutely well with a 25.7% increase in the Group’s net profit and a return on average equity of 19%. This is a sure sign that the Bank has a resilient business model, which is anchored with clients in more than 130 countries thus reflecting a good geographic diversification in our key markets.

Africa remains the hinterland for Mauritius, and the island is well poised to be the financial gateway. The African continent remains a challenging environment for the banking business. Perceived country risks have increased in certain countries due to the weakness in oil prices and the worsening political situations. The Bank continues its strategy of providing financing and banking services to targeted economies of the African continent so as to constitute a diversified portfolio of countries. As part of its strategic priorities, AfrAsia also keeps on leveraging synergies between the Bank’s business verticals to tap into the growing trade, investment and capital flows between Africa and Asia.

Capital Structure

During the course of the year, Proparco, jointly held by Agence Française de Développement (AFD), left our panel of shareholders as their investment arrived at maturity. We thank them for having contributed to our growth story and understand that their departure is in line with their normal investment practice. On the other hand, National Bank of Canada (NBC) acquired an additional 2.8% shareholding in AfrAsia Bank, bringing its total equity stake to 20.2%. This additional investment further reinforces the long-term partnership intended to create value for both AfrAsia Bank and NBC, as we continue to pursue attractive growth opportunities.

Our capital adequacy ratio remains strong at 13.09% with a capital base of MUR 6bn. The Bank also had a successful rights issue of MUR 602.2m and no further Additional Tier 1 or Tier 2 capital was raised during the year.


Dividends of MUR 1.00 per share were paid to our ordinary shareholders for the year, and in line with the Class A shares programme memorandum, the Bank paid MUR 142.5m in dividends during this Financial Year.

Corporate Governance

Committed to upholding the highest levels of corporate governance, the AfrAsia Group continues to follow and implement the governance framework together with the new Code of Corporate Governance from the local regulatory bodies. Our focus is to maintain good relationships with our various stakeholders through accountability and transparency.

Once again, the Bank was been an award-winner at the PwC Corporate Reporting Awards 2017, bagging three recognitions in the categories ‘Financial Institutions’, ‘Risk Management’ and ‘Online Reporting’, which reflects our commitment to financial Reporting, and communicating in a transparent manner with concise and clear information while keeping pace with best investor relations practices.

We also have a strong, experienced and diverse Board with balanced expertise, and the Board exercises solid controls as well as strategic oversight on the Management team. The Board composition now includes two new members, Luc Paiement as non-executive Director and Philippe Jewtoukoff as Independent non-executive Director who both bring more than 30 years of overseas experience in the banking industry. We will continue to review the Board composition to ensure that we have the right mix of skills and appropriate diversity to keep pace with the strategic direction of AfrAsia Group and oversee its successful positioning in the region and internationally.

Positioned for Growth

We achieved several milestones throughout the year. Our balance sheet crossed the MUR 100bn mark with new capital raised and the Bank saw strong growth both on deposits and loans. Net Operating Income surpassed MUR1.6bn and Operating Profits crossed MUR 900m. We recorded 29.8% increase in total comprehensive income at Group level, with the contribution of our asset management arm, AfrAsia Capital Management (ACM). ACM, now headed by the newly recruited CEO Bilal Adam, has undergone an organisational restructuring alongside a team of newly hired professionals from reputable asset management houses, the goal being to enhance its portfolio management expertise and passport their investment solutions that suit different segment of clients across Africa and Asia.

We continue to leverage our shareholders’ expertise and business networks that contribute to AfrAsia Bank’s strategic development. Our anchor shareholder, IBL, the largest conglomerate in Mauritius, continues to help the bank in expanding its image and footprint across geographies while Intrasia Capital keeps on providing us with guidance and support in our expansion into Africa and South East Asia. Additionally, our partnership with National Bank of Canada has allowed us to explore new opportunities, mainly in the film financing industry. In this respect, we were delighted to announce our unique involvement in financing part of the first major Hollywood movie being shot in Mauritius, ‘Serenity’ under the Mauritian Film Rebate Scheme. This is a unique opportunity for AfrAsia Bank and reflects our ambition to “Bank Different”.

Our brand remains strong both in local and international markets, and we look forward to building relationships and enhancing our business networks through our speaking events, roadshows and our flagship event, AfrAsia Bank Mauritius Open.

Looking Ahead

We, your representatives on the Board, remain committed to the creation of wealth for you, shareholders, as the only guiding principle in our decision-making. We continue to make good progress in our strategy and we enter the Financial Year 2017-2018 with the restructuring of our business verticals to generate further synergies within the AfrAsia Group. Together with a strong capital base and a conservative balance sheet, we are looking into diversifying our asset exposure into new markets, mainly in South East Asia, the Middle East and West Africa. We are investing in technology to enhance the delivery of our services and position the Bank as a ‘Digital Bank’ with the aim of improving the customer experience journey while integrating the fundamentals of sustainability in everything we do. This will require our team members to embrace a different mindset that will turn us into innovators. We are also carrying out changes in our banking platform, the back-end and front-end alike, with an increased use of cloud technology and processes.

I would like to extend a thank you note to the management team and all the passionate employees who continue to uphold the ‘Bank Different’ approach with an unmatched combination of vision, business acumen and hard work to build a franchise of value.


Dear Valued Partner,

The year ended June 2017 has been a remarkable year in terms of achievements. The growth in income and Net Profit after Tax at MUR 2.5bn and MUR 804.7m recorded a notable increase of 32% and 86% over the previous year respectively. AfrAsia’s success today lies as much in its performance as in the adoption of our strategy towards building a sustainable growth pattern.

Reason to celebrate

This creates a great feeling of joy at a time where our bank is at crossroads where complacency has no place. We have a long roadmap and have yet to perfect the art of service excellence toward all our clients. Increase in assets and liabilities to/ from customers from over 130 countries gives us the confidence that we can understand different customer needs and adapt to varying standards of service in a commercially successful manner. We have to ensure that we keep on improving in this regard.

This result is also satisfying as it documents growth in all income lines and especially after taking significant provisions on our impaired assets and improving our coverage ratio. The efforts to improve the quality of assets by superior skill sets, processes and systems are clearly benefiting us. Investments in technology, reorganization and design of the workplace to break silos and encourage teamwork are showing signs of significant benefits. Governance and controls have improved and will remain at the core of how we run our business.

Our guiding principles

During the course of the year, we have realised that if we are to build our franchise on the three principles we identified last year - Customer Focus, Teamwork and Innovation - then we must also introduce a change in Corporate Culture in a way that it becomes part of our DNA. With our customer experience strategy, Employee Experience (EX) driving Customer Experience (CX), we embarked on a detailed exercise, spearheaded by the team members, to design, launch and sustain the effort in creating the correct environment to grow our commitment to the principles of customer excellence and the values we wish to encourage. This effort has been a grand success but has to be sustained over a long period to become better accepted. It will take time but we are witnessing a cha nge in behaviour and the excitement it creates is infectious.

Innovation and relevant technology are critical to the growth of business. The challenge is about meeting the ever-changing customer needs and ensuring that our internal team develops a comfort in using new technology. Building on technology helps us understand customer needs, generates the confidence in people who will use it to deliver the service, and ultimately keeps us ultimately at the forefront of innovation. Being ‘different’ is our promise and we have to integrate it to everything we do. We are constantly attempting to get better at understanding this dynamic environment by experimenting and creating focus groups. Such initiatives help us learn and establish a connection with the customer and hopefully develop the customer/bank bond, which we believe will be the backbone to sustainable success.

Going back to basics

There is consensus that the pace of change is challenging. Competition is making growth and survival in the banking business difficult. Economic and credit environment in our targeted markets are also areas which require a cautious approach to growth. Regulations in the banking industry are constantly being amended to drive the industry to ensure good business is banked. We, in this global assessment, are constantly preparing the organisation to remain relevant. The aim is not to plough for growth at all costs but more importantly, make way for sound sustainable growth. While achieving financial objectives engenders profit, we are equally concerned with human, social and environmental factors that drive our company forward. Our strategic focus remains unchanged , that is, Customer Focus, Teamwork and Innovation and drives desire to become our customers’ institution of choice and for our employees to say “AfrAsia is the place to be!”

Actions speaks louder than words

As a responsible institution, the drive towards CSR and Sustainability cannot be under-estimated. Beyond our “Bank Different” promise, we aspire to be meaningful contributors to building a better future by banking responsibly. Sometimes and largely inadvertently, the commercial objectives and drive tend to overshadow the efforts in the two critical areas. We continue to sustain and grow the passion amongst staff for these efforts, not only as an investment in selected causes but more importantly as the whole team’s willingness to work alongside the investment to create an impact on society.

Our commitment is reflected in our engagement with the United Nation’s Sustainable Development Goals (SDGs), which guide our Sustainability Strategy. We are pursuing catalytic change by weaving these SDGs into our overall corporate strategy. Our Sustainability Committee, which I personally oversee, ensures that our “Responsible Bank 2020” goals integrate the triple bottom-line thinking (People, Planet, and Profit), starting with our employees and clients, extending to our stakeholders and trickling down into our communities. During the year, our major areas of focus have been mostly on the Social and Environmental Capitals. In this context, we have selected meaningful areas of support and will ensure that this effort has the desired results.

The humility we all need to reach greater heights

Success in all areas is underpinned by strong commitment, passion and hard work on behalf of the entire team. I wish to thank them for their efforts and shall continue demanding that together we dare to keep improving, as a team. This constant questioning is key and healthy. Our customers and investors have been a constant source of encouragement and we at AfrAsia Bank will ensure that we remain the recipients of their business, investments and above all, guidance. We wish to excel in our area of business and all feedback is welcomed and appreciated as that becomes our guiding philosophy.

We have embarked on a journey of excellence and our future success lies in AfrAsia team members’ ability to listen and adapt to clients’ needs. The immediate future, with the introduction of IFRS 9, requires us to change the manner in which we conduct and manage our business. We are preparing AfrAsia for this, to be fully compliant as per the regulatory guidelines.

Chief Executive Officer

Lynn Dallaire

Chief Credit Officer

Fellow Member
Canadian Chartered Institute of Bankers

Master of Business Administration
University of Quebec, Montreal

Date joined AfrAsia: 24-Oct-16

A native of Quebec and a veteran banker, Lynn has an extensive experience acquired at National Bank of Canada over the past 39 years. She held various senior roles in internal audit, risk management, Business/corporate relationship management, workouts (debt restructuring), and at the corporate recovery center.

Yogesh Gokool

Senior Executive – Head of Global Business

Society of Trust and Estate Practitioners (STEP)
Association of International Wealth Management (AIWM)
Mauritius Institute of Directors (MIoD)

Date joined AfrAsia: 03-Jul-08

Yogesh has over 20 years of experience in financial management gained whilst working for International Financial Services Limited (now part of Sanne Group Plc), a leading International Management Company in Mauritius. He also worked for Deutsche Bank (Mauritius) where he headed the fiduciary services division.

Yogesh sits on the board of STEP Mauritius, which promotes Private Clients work and liaises with the Mauritius Government on current issues and the implementation of fiduciary legislation.

Jennifer Jean-Louis

Chief Financial Officer

Fellow Member
Institute of Chartered Accountants in England and Wales
Chartered Tax Advisor

Date joined AfrAsia: 30-Jul-07

Jennifer has been with the Bank since its inception and has contributed in the setting up of its financial management frameworks incorporating finance, taxation and treasury back office. She is a finance professional with over 20 years of experience gained locally and internationally in both public practice and the industry.

Suneeta Motala

Head of Marketing and Public Relations

Pre Associateship
Chartered Institute of Bankers

MSc in Marketing
Salford University

International Certificate for Financial Advisor
Chartered Insurance Institute

General Management Certificate
ESSEC Business School, France

Date joined AfrAsia: 01-Jul-07

With more than 20 years of experience, including 12 years in a managerial position, Suneeta is an experienced marketer in the banking sector. She started her career at HSBC in 1994 spearheading responsibilities in Sales & Marketing, Credit & Risk, CRM and branch operations. In July 2007, she joined AfrAsia, a bank she contributed to building since  inception with a unified branding, marketing and communications strategy, reckoned today as a key financial services player.

Joelle Ng Foong Lee

Chief Risk Officer

Professional Risk Managers International Association (PRM)

General Management Program for Mauritius and South East Africa for Executives
Essec Business School

Banking Studies
University of Mauritius

Date joined AfrAsia: 17-Sep-07

Joelle is responsible for the overall Risk Management of the bank. She has more than 20 years of experience in the banking sector in Personal Banking, Recovery and in Credit and Risk Management having worked for HSBC and MCB prior to joining AfrAsia.

Robin Bryan Smither

Senior Executive – Head Corporate Banking

Master of Business Administration
University of Witwatersrand (WITS) South Africa

Post Graduate Diploma in Business Management
University of Witwatersrand (WITS) South Africa

Degree in Social Science (PPE)
University of Cape Town

Date joined AfrAsia: 07-Jan-13 (contractual)

Robin has over 16 years’ experience in Corporate and Investment Banking with an extensive knowledge in global markets, investment banking and lending products. Robin was with Standard Bank for more than 11 years, spent 3 years in Mauritius as Head of Corporate Banking, followed by some time in South Africa as a senior banker to Standard Bank’s large global multinational clients where he developed an extensive knowledge of Africa related banking and business. Robin currently heads up the domestic and international corporate banking activities for the bank. Robin also acts as a non-executive director on some of the AfrAsia Capital Management investment funds.

Maureen Treanor

Head of Human Resources and Change Management

Mauritius Institute of Directors (MIoD)

Qualifications in Human Resources (ABE UK) and Project Management
University of Mauritius

Current - Master of Business Administration
Edinburgh Business School

Date joined AfrAsia: 01-Jun-2010

Maureen started her career with Barclays Bank (UK) approximately 25 years ago. She joined AfrAsia as Head of Human Resources and Change Management in 2010 and has experience in the UK and African markets.

Parikshat Tulsidas

Senior Executive – Treasury & Markets

ACI Dealing Certificate

Bachelor of Arts in Marketing and HR
Middlesex University London

Date joined AfrAsia: 21-Jan-13

Parik, a Mauritian national, has over 15 years’ experience in Financial Markets. He worked at the Standard Bank where he held the post of Head of Sales - Global Markets (Mauritius) for approximately 5 years. He then moved to Beijing as the General Manager, Global Markets Advisory (China) for the same company.

Thierry Vallet

General Manager - Consumer Banking

Master of Business Administration - International Finance
HEC School of Management, Paris

Date joined AfrAsia: 20-Aug-07

Thierry started his career as an Engineer and worked for large companies such as LONRHO, ILLOVO and IBL. In 2000, he went back to school to do a MBA at HEC Paris where he specialised in International Finance. He then started his financial career working for Groupe Generali as an Insurance Inspector. In 2005, he returned to Mauritius and joined the Mauritius Commercial Bank Limited as Corporate Banker and moved to AfrAsia Bank in 2007 as Head of Strategic Development.

Vijit Yadav

Chief Operating Officer

Master of Business Administration
International Management Institute, India

Diploma in Business Management and Administration
London School of Foreign Trade, UK

Masters and Bachelor’s degree - History
St. Stephens College, Delhi University, India

Date joined AfrAsia: 08-Aug-16

Prior to joining AfrAsia, Vijit was Managing Director and Chief Operating Officer at DBS Bank, India where he oversaw the technological and digital transformation of the Bank in India. He was also a Member of the DBS Group Technology & Operations Executive Committee. Earlier, he spent 17 years at the HSBC Group, both in India and USA, running Business lines as well as Support functions. With a track record of over 27 years in the banking sector, he has extensive and valuable expertise in driving change in the Consumer and Corporate banking areas, digitizing Operations and digital implementations, amongst others.