Could the global financial hub of tomorrow be nestled in the Indian Ocean, surrounded by white sands, cyan-blue waters and covered in volcanoes? Ask Sunil Ramgobin, the CEO of Bank One, and the answer is a resounding yes.
“I want to position Mauritius as an international finance center of substance and excellence,” Ramgobin enthuses. “At Bank One, we are here for investors who share this vision, and we are making a difference.”
Established in 2008, Bank One is a Mauritius-headquartered company with customers across the African continent and beyond. Its services cater to an eclectic range of needs from corporate and institutional banking to business banking, custody, treasury, consumer banking, private banking and wealth management.
“Our purpose is Empowering your Prosperity.”
With more than 30 years of expertise in Mauritius’ finance sector, Ramgobin was the inevitable choice when Bank One moved to appoint a new CEO in late 2024. Since then, he tells The CEO Magazine, his objective has been clear: to maintain and accelerate the bank’s impressive rise.
“Bank One has been in existence on the island since 2008. And let me tell you, from 2008 to when I joined in 2024, the bank was in a state of growth,” Ramgobin says.
“When I was called upon to join Bank One, it felt like a good challenge to take this bank to a new level. My initial discussions with the shareholders and the board were about preparing the bank for the next phase of growth and deciding how we lay the foundations to bring this about.”
Making a mark
Ramgobin’s vision revolves around three central pillars: a strategy reset, realigning its organizational structure with this strategy, and investing in a new digital infrastructure. But he realized something was missing and that without a reestablishment of Bank One’s culture, this vision could not be realized.
“Our purpose is Empowering your Prosperity,” he says.
“So we have to embed this purpose in what we do every day. We must revisit the bank’s culture through our core organizational values of trust, respect, integrity, innovation and courage.
“Instilling these values will create the right behaviors, which will align to meet the purpose and strategy of the bank in the medium-term and long-term.”
“We can take global best practices to make things move on our side, while being nimble and fast in our delivery.”
According to Ramgobin, the bank’s size – combined with his own wealth of experience in the sector – means Bank One is uniquely positioned in the market to provide value to its clients.
“Being a mid-sized local bank, we can be more agile than larger organizations,” he says. “With my experience in the market, in both local banks and international banks, we can take global best practices to make things move on our side, while being nimble and fast in our delivery.”
Combined with the perks of Mauritius, this only strengthens the value proposition for potential investors.
“Mauritius is still very relevant to the African continent, bridging investment into Africa from other parts of the world,” Ramgobin says.
Next steps
Primary among Bank One’s objectives in the medium to long-term is to expand its corporate and investment banking operations across continental Africa.
As well as Mauritius, the bank currently leverages its shareholders’ presence across the key Sub-Saharan African countries of Kenya, Rwanda, Tanzania, Uganda and Madagascar, as well as coverage across nine other Sub-Saharan nations.
“We’re looking at the countries we already have a presence in to start with – but also beyond where there are prospects that align with both our commercial strategy and our risk appetite,” Ramgobin reveals.
“The other pillar where we are putting a lot of investment and focus is on private banking and wealth management.”
Ramgobin envisages Mauritius becoming a hub for the growing number of African clients interested in portfolio management services.
“There are a lot of private banking clients emerging across Africa and Mauritius could be a hub for high net worth individuals,” he explains.
“This could be an engine of growth for us.”
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Having a bold and creative vision for growth is only the first step toward actually achieving it; effective execution is also critical.
For Ramgobin, Bank One must be investing in the latest digital technologies, while ensuring that technologies are introduced in a nuanced manner.
“You can only achieve growth if you have got the right IT infrastructure and the right digital platform, coupled with a good relationship management attribute for the bank,” he says.
“So while we can have a high level of digital automation, the human touch and client relationships are key. AI should not replace human beings; it should be a tool, an enabler for our people to work in a more efficient manner.
“We really need them to work hand-in-hand so that we provide the right service to the client.”
Creating lasting value
Also central to Bank One’s objectives are its valued relationships with key partners such as fintech specialists Mipsit Digital.
“Partnership is key for the growth of any organization,” he says. “Relationships should be win–win, they should help us grow while also being complementary to our partners.”
But winning can look different means for each organization. To define what success looks like for Bank One, Ramgobin returns to the company’s overarching purpose: creating value for its clients.
“Partnership is key for the growth of any organization.”
“When I see a customer has grown or diversified its business with our support, this is empowering prosperity and that is what we call success,” he stresses.
“And for me, it’s not all about figures. If you are also having sustainable growth in your profitability, your colleagues will be happy, your shareholders will be happy.
“This, I would say, is empowering their prosperity.”
