Barclays Mauritius Finance                                   Europe Middle East & Africa

Barclays Mauritius Finance is at the centre of all major financial activity of the Bank, employing 23 talented, hardworking and highly skilled staff.  Recognised as being one of the best finance teams across the EM territory and having won the Barclays Africa Best finance Team award in 2006, Barclays Mauritius Finance has a wide spectrum of customers ranging from EM and GRCB finance, regulatory bodies (Central Bank, MRA, etc.), suppliers, internal functions and even the public at large.

Customer service is at the heart of our operations and our objective has always been that of being the partner of choice of our customers, responding to their needs and providing them with the best possible finance guidance.  The following activities fall under Finance’s umbrella.

Group Reporting

Mauritius Finance is accountable to the Regional Head Office.  Barclays Group has its own set of requirements which ranges from financials like P&L, balance sheet, WRAs, product profitability, etc. to non-financial data (volume of transactions, number of outlets, staff count etc..).  Members of this sub team equally look after the elimination process which primarily consists of the reconciliation of balances due by or to us, with that of counterparts within the Barclays Group.  The Group Reporting team has pledged to ensure that financial reporting to the Regional Office is accurate, of high quality and submitted on a timely basis. It should be noted that EM finance makes use of scorecards to rate country submissions both in terms of meeting deadlines and in terms of quality. Mauritius Finance whilst always remaining in the top flight is now top of the league for two consecutive months with an overall score of >90%.

General Ledger Control

Finance monitors all internal accounts which have been opened to sustain the Bank’s operations.  The General Ledger Control team ensures that the system of internal controls in respect of financial reporting, general ledger and accounts payable is sound and effective.  Through control upon opening of accounts and entries being passed through these accounts, Finance reduces the scope for frauds and inappropriate accounting treatment of transactions occurring.

Fixed Asset Management

All dealings in fixed assets, i.e., sale / scrap / purchase, are monitored and recorded at Finance by the Fixed Asset Management.  Fixed assets represent huge investments made by the Bank and are mostly in terms of logistics and building. This team controls the asset part of the bank including the monthly depreciation process and yearly physical checks

Regulatory Reporting

Finance is responsible for the submission of 41 returns to the Bank of Mauritius, of which, 25 are prepared in-house.  A dedicated team is in place to cater for the timely preparation and despatch of these whilst remaining at the disposal of Bank of Mauritius officers or inspectors in case of any queries.  These returns primarily focus on the Balance Sheet, Profit and Loss account, and liquidity positions of the Bank whilst ensuring that the latter is abiding by set guidelines.  The team is committed to protect the bank’s reputation by ensuring compliance with all applicable financial reporting and tax regulations and legislations.

Statutory Reporting

This section is responsible for the preparation, record keeping and publication of the Bank’s financial statements which must be compliant with the Companies Act 2001 and Banking Act 2004.  These people are the prime contact of the Bank’s auditors and are equally there to coordinate and help in the audit process. Note that as per current legislation, the Bank is bound to publish its accounts in the local papers before the 31st of March yearly; a deadline which has always been respected.

Tax Administration
 
Finance is responsible for the monthly calculation, filing and payment of VAT (Value Added Tax) which is collected from certain categories of our fees and services.  Corporate tax computations for both local and UK tax reporting, filing and payment are equally carried out by this team.  These people have committed to protect the bank’s reputation by ensuring compliance to all tax legislations

Business Performance and Analytics

The role of this sub department is two fold: the analytics side and the liaison side.   The Business Performance and Analytics team is committed to provide business functions with accurate information on their financial performance with quality commentaries on a timely basis.  Major responsibilities include the following:

• Monthly reporting of functional performance versus budget / RAF (Revised Annual Forecast)
• Liaising with functions to highlight areas of excellent or poor performance
• Branch wise reporting
• Preparation of the countrywide and functional budgets in line with pre-defined strategies
• Preparation of business cases in respect of financial forecasts
• Monitoring and settlement of recharges
• Monitoring of product profitability
• Dissemination of finance knowledge to colleagues

System Support
The System Support team has been created to improve the efficiency and effectiveness of the in-country Finance Systems following closure of Africa Regional Office. Mission statement is that of Re-engineering, automating and focus on continuous improvement without sacrificing quality.
The team also caters for the Group common Financial System (SAP) and TM1 (a local database on providing “insight and feel” reports to SBU’s and Clusters to enhance management and supplement regulatory reporting). Scope of service provision has recently improved with the use of BIW in-house.
This team is deeply involved in all Finance-related projects and MI work-stream.

Accounts Payable
This sub segment of Finance is responsible for the payment of claims presented to the Bank for goods and services provided by vendors.  Duties equally include the call over and scrutinizing of vouchers processed.  The Accounts Payable team has pledged to ensure that payments to employees and suppliers are effected promptly within agreed timeframes. 
The Finance department is headed by the Finance Director, Mr. Cyril Wong Sun Thiong and deputized by Mr. Franco Davis.

Contact us
Finance Department                                            Tel        +230 208 90 70
8th Floor, Harbour Front Building                           Fax:     +230 208 2720
President John Kennedy Street               
Port Louis, Mauritius

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