COMMUNIQUÉ

BANKS AND NON-BANK DEPOSIT-TAKING INSTITUTIONS

The Bank of Mauritius once again draws the attention of the public to the provisions of the law relating to transacting of banking business, offshore banking or deposit-taking business, all of which are regulated under the Banking Act 1988 and defined as follows:

"banking business" means -

(i) the business of accepting deposits of money repayable on demand or after fixed periods or after notice, by cheque or otherwise; and

(ii) the employment of such deposits in making or giving loans, advances,overdrafts or similar facilities for the account and at the risk of the person accepting such deposits.

"offshore banking" means banking business or investment banking business conducted in currencies other than the Mauritian rupee except to the extent permitted by the central bank for trading on the foreign exchange market of Mauritius and investment in money market instruments.

"deposit-taking business" means the business of accepting deposits of money and the employment of such deposits to finance the specific business activities of the non-bank financial institution accepting such deposits.

No person in Mauritius is authorised to do any banking business, offshore banking or deposit-taking business without being duly licensed or authorised by the Bank of Mauritius.

The law further provides that every licensee, under the Banking Act 1988, shall at all times display its licence or authorisation in a conspicuous place in the public part of its every place of business.

The public is reminded not to deal with any party alleging to be a bank or deposit-taking institution without first ascertaining whether it holds a banking licence or deposit-taking authorisation as specified above.

A list of domestic and offshore banks licensed to transact banking business or offshore banking and non-bank financial institutions authorised to transact deposit-taking business in Mauritius is displayed on the notice board in the Banking Hall of the Bank of Mauritius and is given on the next page.

Domestic Banks

1. Bank of Baroda

2. Banque Nationale de Paris Intercontinentale

3. Barclays Bank PLC

4. Habib Bank Limited

5. Indian Ocean International Bank Limited

6. South East Asian Bank Ltd

7. State Bank of Mauritius Ltd

8. The Delphis Bank Limited

9. The Hongkong and Shanghai Banking Corporation Limited

10. The Mauritius Commercial Bank Ltd

Offshore Banks

1. African Asian Bank Limited

2. Bank of Baroda

3. Banque Internationale des Mascareignes Ltée

4. Banque Nationale de Paris Intercontinentale

5. Barclays Bank PLC

6. Deutsche Bank (Mauritius) Limited

7. Investec Bank (Mauritius) Limited

8. P.T Bank Internasional Indonesia

9. SBI International (Mauritius) Ltd.

10. SBM Nedbank International Limited

11. The Hongkong and Shanghai Banking Corporation Limited

Non-Bank Financial Institutions Authorised to Transact Deposit-taking Business

1. B.N.P.I. Leasing Company Ltd

2. Finlease Company Limited

3. General Leasing Co. Ltd

4. Mauritius Housing Company Ltd

5. Mauritius Leasing Company Ltd

6. MUA Leasing Company Ltd

7. SBM Lease Limited

8. State Insurance Company of Mauritius Ltd

31 August 1999

Bank of Mauritius