Overview

• AfrAsia Bank Limited is a Mauritius-based commercial bank founded in 2007, with headquarters in Port Louis. It is regulated by the Bank of Mauritius and supported by shareholders such as IBL Ltd, National Bank of Canada, and Intrasia Group. The bank focuses on corporate banking, private wealth, global business, and treasury services, catering to high-net-worth individuals and international clients. AfrAsia is known for bridging banking needs between Africa, Asia, and global markets, offering tailored financial and investment solutions. As of FY 2024, it manages over MUR 262 billion in assets and reported MUR 7 billion in profit after tax. The bank is award-winning, particularly recognized for its leadership in private banking, FX, and investment services.

Services Offered

• Account Types:
  Personal and Business Accounts
• Currencies Supported:
  EUR, USD, GBP, and others
• Banking Services:
  Current and Savings Accounts
  ● Fixed Deposits and Notice Accounts
  ● Debit and Credit Cards (Visa and Mastercard)
  ● Online and Mobile Banking (via 1bank and BoC Mobile App)
  ● Loans: Personal, Housing, and Business Loans
  ● Investment Services:
  – Equities, Bonds, ETFs, Foreign Exchange (FX), Commodities, Structured Products
  ● Insurance Services:
  – Through Eurolife and General Insurance of Cyprus
  ● Merchant Services and Payment Solutions
  ● Private and Affluent Banking Services

Required Documentation for Bank Account Opening

For Personal Accounts (Residents or Non-Residents)

1. Completed Account Opening Form
   
2. Valid Identification Document
   Passport or National ID (certified true copy)
3. Proof of Residential Address
   Utility bill or bank statement (not older than 3 months)
4. Proof of Income or Source of Funds
   Salary slip, tax return, employment letter, or investment document
5. Tax Declaration Forms
   FATCA & CRS self-certification
6. Passport-size Photograph (sometimes required)

For Corporate / Business Accounts

1. Certificate of Incorporation
2. Business Registration Certificate
3. Memorandum & Articles of Association
4. Board Resolution to open the account and designate signatories
5. List of Directors and Shareholders
6. KYC Documents for Directors, Shareholders, and UBOs (≥25%)
   

• Passport copy and proof of address
• Bank or professional reference
• CV or business profile

1. Proof of Business Address (utility bill or lease agreement)
2. FATCA & CRS Forms
3. Recent Financial Statements (for existing companies)

Note: All documents must be in English or officially translated, and may need to be certified or notarized, depending on the bank’s compliance policies.

Account Opening Process

1. Submit Required Documents
    ● Complete the account opening form and declarations (FATCA/CRS)
   ● Provide all necessary KYC documents (ID, proof of address, incorporation papers if corporate)
   ● For offshore accounts, certified or notarized documents may be required
2. Compliance & Due Diligence
    ● The bank performs KYC, AML, and risk assessments
   ● May request additional documents (e.g., source of wealth/funds, financials)
3. Account Approval
    ● Once approved, the bank will issue account details (account number, SWIFT, IBAN if applicable)
   ● Internet/mobile banking credentials are also provided
4. Initial Deposit
    ● Fund the account with the minimum required deposit (varies by account type)
5. Account Activation
    ● You can start transacting, access cards, digital banking, and other services

Bank of AfrAsia Bank (Mauritius) Account Opening Summary