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Press Release

Fitch Rates Bank One ‘BB-‘ with a Stable Outlook

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PRESS RELEASE

Fitch Rates Bank One ‘BB-‘ with a Stable Outlook

The rating provides both investors and customers with an independent and verified view of Bank One’s credit standing

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PORT LOUIS, Mauritius, July 7, 2022/ — (Bank One www.BankOne.mu) is pleased to announce that it has received a Long-Term Issuer Default Rating (IDR) of ‘BB-‘ with a Stable Outlook from Fitch Ratings for its first rating exercise. The rating was made public by Fitch Ratings (London) on 27 June following a thorough evaluation of Bank One based on key rating drivers. The rating provides both investors and customers with an independent and verified view of Bank One’s credit standing. It is significant to note that from a ratings perspective, Bank One now ranks among the top 15 banks in sub-Saharan Africa. Commenting on the announcement, Mark Watkinson, CEO of Bank One said: “I am delighted that after working closely with Fitch Ratings over the past months, we have been awarded such a positive rating. The new rating confirms our reputation as a trusted partner for our customers and we look forward to growing our business in Mauritius and the rest of sub-Saharan Africa.”
Distributed by APO Group on behalf of Bank One Limited.

Media Contact:
Ali Mamode, Head of Marketing & Communications
Tel: +230 202 9247, +230 5713 5924|
Email: ali.mamode@bankone.mu Virginie Couronne, Communications Specialist
Tel: +230 202 9512, +230 5258 2926
Email: virginie.appapoulay@bankone.mu

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About Bank One:
Bank One is a joint venture between CIEL Finance Limited in Mauritius and Kenya-based I&M Group PLC. Over the last decade, it has built a client base of over 50,000, a dedicated team of over 425 experienced collaborators and an asset base exceeding MUR 45 billion. Bank One provides a wide range of banking products and services to its clients through a geographic footprint spread across the island of Mauritius, comprising of 7 branches and a well-distributed ATM network. It also plays an active role in supporting businesses in sub-Saharan Africa. Bank One has deep development finance institution relationships and long-term funding lines in place with the German Investment Corporation (DEG), the International Finance Corporation (IFC) and the French Development Agency (Proparco). Bank One has been rated ‘BB-‘ with a Stable Outlook by Fitch Ratings.
SOURCE
Bank One Limited

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