Question 1

What is Silver Bank?

Accepted Answer

Silver Bank Limited is a commercial bank in Mauritius operating in the private banking and wealth management sector. Licensed by the Bank of Mauritius on November 11, 2021, Silver Bank emerged following the acquisition and recapitalization of the former BanyanTree Bank Limited. Headquartered in the Mauritius International Financial Centre, the bank serves an international portfolio of clients with a focus on private banking services for the region and Africa. The bank is supported by experienced international investors and management with backgrounds in global financial services.

Question 2

When was Silver Bank founded?

Accepted Answer

Silver Bank Limited received its banking license from the Bank of Mauritius on November 11, 2021, following the acquisition of BanyanTree Bank Limited. The acquisition created an opportunity for the emergence of a new niche player in the Mauritius banking landscape.

BanyanTree Bank, the predecessor institution, was placed under conservatorship by the Bank of Mauritius on April 1, 2020, due to concerns about capital adequacy and practices potentially harmful to depositors' interests. On November 3, 2021, BanyanTree Bank changed its name to Silver Bank Limited. New management took over on October 15, 2021, and through the recapitalization process, all deposits of the former BanyanTree Bank were fully protected.

Question 3

When did Silver Bank close?

Accepted Answer

Silver Bank Limited was placed under temporary administration by the Bank of Mauritius on February 13, 2024, in accordance with Article 65 of the Bank of Mauritius Act. The central bank determined there were valid reasons to believe the bank's capital was potentially compromised and that its directors may have engaged in practices harmful to depositors' interests.

As of February 2024, the bank remains under temporary administration and is subject to investigation by the Financial Crimes Commission (FCC) of Mauritius. The bank has not been formally liquidated but its operations are suspended pending regulatory proceedings.

Question 4

Where is Silver Bank headquartered?

Accepted Answer

Silver Bank Limited is headquartered at Silver Bank Tower, 18 Cybercity, Ebene, Mauritius. The bank's head office and main branch are located in the Ebene Cybercity, part of Mauritius's business and technology hub.

Question 5

Where does Silver Bank operate?

Accepted Answer

Silver Bank operates from its headquarters in Ebene, Mauritius, serving clients internationally. As a bank headquartered in the Mauritius International Financial Centre, it focuses on providing cross-border banking services primarily for clients in Africa, the Indian Ocean region, and international investors.

The bank's business model centers on private banking and wealth management for international clients rather than mass-market retail banking within Mauritius. Its operations were designed to serve high-net-worth individuals and corporate entities engaged in regional and international business activities.

Question 6

What services does Silver Bank offer?

Accepted Answer

Silver Bank Limited specializes in private banking and wealth management services for international clients. The bank offers offshore deposit accounts in multiple currencies, corporate banking solutions for international business structures, and wealth management advisory services.

Prior to being placed under administration, the bank provided services such as international fund transfers, treasury services, and banking solutions for trusts and corporate entities. The bank positioned itself to serve clients seeking banking services in the Mauritius International Financial Centre, leveraging the jurisdiction's regulatory framework and regional connectivity.

Question 7

What makes Silver Bank unique?

Accepted Answer

Silver Bank's situation is notable for the significant public sector involvement in its capitalization. According to parliamentary disclosures in 2025, approximately Rs 3.55 billion (approximately USD 80 million) in public funds were invested in the bank, primarily from the Projects Development Fund (Rs 3 billion) along with investments from entities including the National Insurance Company, municipal councils, and other government-linked organizations.

The bank became controversial due to its connections with major shareholders and borrowers involved in international financial scandals. The bank's largest loans reportedly went to entities connected to its beneficial owners, raising concerns about related-party lending and governance. These issues ultimately led to the Bank of Mauritius placing the institution under temporary administration and triggering investigations by financial crime authorities.

Question 8

What type of financial institution is Silver Bank?

Accepted Answer

Silver Bank Limited is a commercial bank licensed and regulated by the Bank of Mauritius. As a Mauritius-based bank, it operates under the Bank of Mauritius Act and banking regulations applicable to domestic and international banking activities within the jurisdiction.

The bank's license permitted it to conduct private banking and wealth management services, positioning it as a boutique institution rather than a full-service retail bank. Currently under temporary administration since February 2024, the bank's future status depends on regulatory proceedings and investigations by Mauritian authorities regarding its governance, lending practices, and capital adequacy.

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About Silver Bank in Mauritius