Mauritius: New lender to take over bank

MAURITIUS would create a new company to take over Bramer Banking after the central bank revoked the lender’s licence last week and the country’s prime minister said there was evidence of links to a $690 million (R8.1 billion) Ponzi scheme, Finance Minister Vishnu Lutchmeenaraidoo said on Tuesday. The company, to be known as National Commercial Bank, would be given an operating licence by the end of this week, Lutchmeenaraidoo said in parliament in Port Louis. The Bank of Mauritius withdrew Bramer’s banking licence last week, saying the lender had been “carrying on business in a manner which is contrary or detrimental to the interest of its depositors and the public”, according to a statement. – Bloomberg