former type public industry banking and finance fate liquidation successor national commercial bank founded 29 february 1988 defunct 2 april 2015 headquarters port louis mauritius key people dawood a. rawat director products loans mortgages investments debit cards credit cards website homepage bramer banking corporation commonly known as bramer bank is a financial institution based in mauritius 1 with its head office is situated at port louis and currently under statutory management . it was one of the commercial banks licensed by the bank of mauritius the country s central bank and the nation s banking regulator . 2 contents 1 overview 2 history 2.1 founding 2.2 growth years 2.3 liquidity crisis and closure 3 ownership 4 see also 5 references 6 external links overview edit bramer bank was part of the british american investment group 3 formerly one of the largest conglomerates in mauritius with investments in banking insurance asset and wealth management trade & commerce and services in bahamas east africa mauritius malta south africa and uk . 4 history edit founding edit bramer banking corporation limited was formed on february 29 1988 as south east asian bank limited seab 5 as a subsidiary of bumiputra commerce bank now cimb bank of malaysia . 6 in march 1990 seab took over the banking business of habib bank ag zurich in mauritius . in january 2003 cimb bank increased its stake in seab to 60 % subsidiary of cimb . 6 growth years edit in 2008 british american investment group acquired full control of south east asian bank and subsequently rebranded it to bramer banking corporation . 7 on may 9 2012 bramer banking corporation s stock began trading on the stock exchange of mauritius sem after the amalgamation of its business with the mauritius leasing company mlc that was listed on the sem and bramer holding company . 5 the amalgamation made bramer banking corporation the third largest lender in mauritius by market capitalisation 8 and it remained a subsidiary of the british american investment group . liquidity crisis and closure edit on april 2 2015 bramer banking corporation s banking license was revoked by the bank of mauritius to avoid systemic risks to the domestic financial system . indeed bramer bank had been experiencing large withdrawals of deposits placing it in a precarious liquidity situation 9 in an alleged ponzi scheme . 10 a situation that was further worsened by bramer bank s difficulty to raise funds on the interbank market . as a result it was relying on overnight facilities from the bank of mauritius from march 6 2015 in order to meet daily cash flow requirements . 10 this liquidity crisis also affected bramer banking corporation s sister company bai co. both firm s stock were suspended from trading on the same day . 9 the bank of mauritius appointed messrs. mushtaq oosman and andre bonieux of pricewaterhousecoopers as the receivers pursuant to section 75 of the banking act 2004 . a new newly formed state owned bank known as the national commercial bank 11 was incorporated and took over all the assets and liabilities of bramer banking corporation . the state bank of mauritius 12 provided limited assistance to the new bank . 13 ownership edit as of december 31 2013 the shareholding of bramer banking corporation was as follows 14 bramer banking corporation stock ownership rank name of owner percentage ownership 1 british american investment group 74.04 2 others via the sem 25.96 total 100.00 see also edit list of banks in mauritius british american investment company mauritius british american investments company references edit the banker database bramer bank . the banker database . financial times . retrieved 2015 04 09 . banks in mauritius pdf . bank of mauritius . retrieved 2015 04 09 . cfi.co meets the ceo of bramer bank ashraf esmael . http cfi.co . cfi . 2014 03 01 . retrieved 2015 04 09 . external link in website help british american investment co. mtius ltd about us . british american investment co. mtius ltd. retrieved 2015 04 09 . a b bramer banking corporation information memorandum pdf . stock exchange of mauritius . bramer banking corporation . 2012 03 19 . retrieved 2015 04 09 . a b profile of banks pdf . 2008 04 01 . mauritius bankers assosiciation . retrieved 2015 04 09 . british american investment co. mtius ltd milestones . british american investment co. mtius ltd. retrieved 2015 04 09 . bramer banking corporation 2012 annual report pdf . bramer banking corporation . 2012 12 31 . retrieved 2015 04 09 . a b arouff jean paul 2015 04 03 . mauritius revokes bramer bank licence pm says ponzi scheme found . reuters . thomson reuters . retrieved 2015 04 09 . a b maglich jordan d. 2015 04 03 . mauritius halts 693 million ponzi scheme at bank . http www.ponzitracker.com . ponzi tracker . retrieved 2015 04 09 . external link in website help vilbrin christina april 8 2015 . mauritius creates bank to take over bramer amid ponzi probe . bloomberg business . bloomberg l.p. retrieved april 9 2015 . vilbrin christina april 3 2015 . mauritius sees ponzi scheme evidence as bramer shares halted . bloomberg business . bloomberg l.p. retrieved april 9 2015 . vilbrin christina april 8 2015 . mauritius creates bank to take over bramer amid ponzi probe . bloomberg business . bloomberg l.p. retrieved april 12 2015 . bramer banking corporation pdf . bramer banking corporation . 2013 12 31 . retrieved 2015 04 09 . external links edit bramer corporation limited british american investment co. mtius ltd website of bank of mauritius retrieved from https en.wikipedia.org w index.php title bramer banking corporation & oldid 714646979 categories banks of mauritiuscompanies listed on the stock exchange of mauritiusport louisbanks established in 19881988 establishments in mauritiusbank failuresbanks disestablished in 20152015 disestablishments in mauritiushidden categories cs1 errors external linksengvarb from april 2015use dmy dates from april 2015 navigation menu personal 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