Award 2001

THE BEST BANK is the State Bank of Mauritius, which has developed a business model that enables it to respond to the increasingly sophisticated demands of its customers. A customer rather than a product-focused bank, it has provided an excellent range of integrated financial services to clearly identified customer groups while improving risk management procedures.

"Continued sharp focus on customers' needs, building long lasting relationships, and an efficient operating environment coupled with improved integrated risk management and modern but flexible technology tools contributed to the required quality growth both in business volumes and profitability," says Muni Reddy, deputy chairman and chief executive.

There has been a major commitment to new technology, which has enabled the bank to monitor customers and resolve problems remotely while ensuring that services are delivered effectively and efficiently.

The introduction last year of a world-class internet banking channel has enabled the bank to deliver services round the clock and further reduce the cost-to-income ratio from 38% in 1999 to 35% last year. This is only the latest stage in a process that has seen it fall from 80% a decade ago.