On 25 September 2024, Absa Mauritius inaugurated its Wealth Centre at The Precinct in Grand Baie, marking a key milestone for the region’s financial sector. Jaysen Nundoosingh, Head of Wealth at Absa Mauritius, emphasised the Wealth Centre’s commitment to delivering an exceptional client experience, combined with a world-class Wealth Offering for High-Net-Worth Individuals and families, further reinforcing Absa’s position as a leader in financial services.
Can you share more about the opening of the Absa Wealth Centre in Mauritius and its significance for the region’s financial landscape?
Let’s start by defining what a Wealth Centre truly represents. This facility, the first of its kind in Mauritius and a pioneering step for our group outside of South Africa, is exclusively dedicated to wealth offerings. As a leading Pan-African bank with a presence in around 15 African countries and select international offices, our Wealth Centre provides a tailored environment designed to meet the unique financial needs of high-net-worth individuals and families. It’s more than just a service; it’s a curated space where you will find a collection of meeting rooms, lounges and a high-tech boardroom which is made available to our clients, intermediaries and business partners where meaningful discussions are held.
How have client expectations changed over the years?
Twenty years ago, while our clients may have had substantial wealth, conversations were largely transactional in nature, and they were not focused on managing and structuring across multiple jurisdictions. Today, however, these clients often have complex business structures that involve collaboration with management companies, accountants and legal advisors from different regions. We spend a significant amount of time working with these professionals to find the optimal solutions with the client remaining at the centre of all engagements. In the past, such type of engagements were less common, but as wealth continues to grow, particularly in Africa, we are experiencing an increase in sophistication, the growth in wealth on the continent requires us to continually invest, innovate, and push development boundaries to meet future demands and remain relevant with competing financial centres.
It seems the Absa Wealth Centre is designed to cater to these sophisticated needs. What are some of its key features?
The new Absa Wealth Centre has been thoughtfully designed to cater to the distinct needs of high-net-worth individuals (HNWIs) and families. This exceptional space combines art and elegance with functionality, offering private meeting rooms and sophisticated lounges where clients can engage in open discussions about their financial aspirations, all within an atmosphere that values discretion and comfort. A key highlight of the Wealth Centre is its focus on creating a personalised experience, supported by a team of well-seasoned experts who bring in-depth knowledge to every conversation, ensuring that each financial plan is as unique as the client. In addition to a vast array of multi-currency of cash and credit solutions, we now offer our clients the Visa Infinite credit card, the pinnacle of our card portfolio, packed with premium benefits. This includes unlimited access to over 1,200 airport lounges worldwide for both the cardholder and their companion, blending luxury with convenience to match the HNWI lifestyle. The card also comes with a global concierge service, providing ease in booking restaurants or securing flights with just a WhatsApp away. As a special touch, all clients are presented with a limited-edition print from our South African art academy, crafted by talented artists. Just as art inspires and resonates on a personal level, our Wealth Centre experience is designed to craft bespoke solutions that align perfectly with each client’s unique financial goals and aspirations.
How does Absa Wealth distinguish itself from other Wealth Offering services in the region?
Absa Wealth is committed to delivering world-class client experience tailored to global benchmarks. Our goal is to provide a level of service on par with private banks in Geneva or Singapore, creating a premium environment for both Mauritian high-net-worth individuals and international clients. Every product, service and interaction are designed with the client at the core, ensuring authenticity and integrity. This client-focused approach emphasises rapid response times for key requests like account openings or credit approvals or alongside day to day banking services, including clear and timely communication. We believe that if the basics of day-to-day banking aren’t executed flawlessly, it compromises the overall management of clients’ wealth.
From a financial perspective, what additional benefits does the Wealth Centre provide to its clients?
The Wealth Centre offers clients preferential interest rates on loans and deposits, delivering clear financial advantages. Additionally, the principles of investment are based on a pure open architecture model, enabling the recommendation of the best available investment solutions; even if that means suggesting a competitor’s product when it performs better than others. The integrity of financial advice is critical to the sustainability of our client relationship. This dedication to aligning services with clients’ best interests strengthens Absa Wealth reputation as a trusted and leading financial partner.
How has Absa integrated technology into its Wealth Offering services?
A key innovation is the digital onboarding process for offshore private banking clients, which allows them to complete the account opening remotely via our digital platform, eliminating the need for in-person meetings. By offering top-tier technology at a highly competitive price, Absa aims to attract clients from competitors and reinforce its market leadership. Also, we offer a number of services beyond dayto-day banking through mobile platforms, and which cater for our clients travel and lifestyle requirements. The bank continues to partner and develop solutions with leading global wealth tech companies which we expect to roll out in time.
Recognising the North’s significant influence in wealth offering with its varied resident and non-resident clientele, are there any plans to diversify or expand your services?
We strategically established our Wealth Centre in the North of the island to tap into the growth of the region and we have plans to expand to the West later this year It’s important to know that Mauritius is increasingly recognised as a centre for managing Wealth in the SA corridor. To serve this growing client base efficiently over the next 10 years, significant investment in people is critical. While technology, innovative and relevant products are important, our success ultimately relies on smart banking professionals who can articulate clearly, build and maintain trust with clients and partners while holding highest level of integrity and professional ethics.
It sounds that people are at the heart of your strategy. Why is this focus on talent so critical?
People are truly at the heart of our strategy and for good reason. In a highly competitive landscape, talent is what sets us apart. By investing in our team’s growth and expertise, we not only ensure exceptional service for our clients but also reinforce Mauritius’s position as a leading player in the Wealth sector. We believe that when our people thrive, our clients benefit from unparalleled service and insights - creating long-term value and trust. Ultimately, nurturing talent is the key to sustaining our competitive edge and helping our clients achieve their goals.
