Fitch Rates Bank One ‘BB-‘ With A Stable Outlook

Fitch Rates Bank One ‘BB-‘ With A Stable Outlook

OpenLife Nigeria reports that Bank One, a joint venture between CIEL Finance Limited in Mauritius and Kenya-based I&M Group PLC, which has built a client base of over 50,000 and a dedicated team of over 425 experienced collaborators with asset base exceeding MUR 45 billion as well as a geographic footprint spread across the island of Mauritius, comprising of 7 branches and a well-distributed ATM network, has announced 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, according to a statement made available to OpenLife by APO Group, was made public by Fitch Ratings in 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.”