The government recently decided that the Small and Medium Enterprises (SMEs) do not need a bank of their own after all. It was initially thought that the concept of a bank dealing with SME cases exclusively would be beneficial, but now the authorities say that the National Commercial Bank (NCB) Ltd and the Mauritius Post and Cooperative Bank (MPCB) Ltd are already enough.
Minister Vishnu Lutchmeenaraidoo
The Minister of Finance, Vishnu Lutchmeenaraidoo, explained that the NCB and the MPCB already have the required infrastructure. He said so in a statement to Reza Uteem in Parliament on September 8.
The two banks in question will be merged into one with a special department dedicated to SMEs. Rs 10 billion will be allocated to this department.
The launching of the new bank is scheduled for today, September 10.
The institution will also provide offshore services. It is to be noted that the minister reassured the employees that noone will lose his job.