Banque Patronus Limitée (“the Bank”), a subsidiary of Patronus Wealth Holdings Limited (DIFC) was granted a full banking license in Mauritius on February 27, 2024 by the Bank of Mauritius (BOM). Banque Patronus Limitée has been capitalized with USD 16.1 Million (Mauritian Rupees 700 Million).
Patronus Wealth Privé (DIFC) Limited and Patronus Wealth Privé (Mauritius) Limited are fully owned subsidiaries of Patronus Wealth Holdings and are regulated by the Dubai Financial Services Authority and Mauritius Financial Services Commission.
Both firms offer premier wealth management, arranging custody and brokerage services to family offices, ultra-high net worth individuals, institutional and professional clients with over USD 1 Billion assets under management (AUM). Patronus Wealth Holdings Limited (DIFC) was incorporated in 2017 and has experienced rapid growth in the wealth management space since its inception. Patronus Wealth Privé recently won two awards at the Wealth Briefing MENA 2023 for Best Private Wealth Offering in MENA and Best Firm for Private Wealth with a focus on clients from USD 5 Million to 25 Million AUM.
The Patronus Group counts the LOLC Group as one of its major shareholders (www.lolc.com); the latter is amongst the top ten conglomerates of Sri Lanka.
The LOLC Group is a publicly traded company on the Colombo Stock Exchange with an asset base in excess of USD 4.5 Billion and was incorporated in 1980 by Orix of Japan and IFC (International Finance Corporation). It has since grown into an international conglomerate with global micro and SME finance operations in South East Asia, East Asia, Central Asia and Africa. As recently as 2020, the Group exited one of its microfinance investments in Cambodia at a valuation of approximately USD 1 Billion. It maintains a second microfinance entity in Cambodia valued with an asset base exceeding USD 1.5 Billion. LOLC is a significant shareholder in three large publicly listed Sri Lankan banks including Hatton National Bank Limited, Ceylan Bank Limited and DFCC Bank Limited. The Group owns multiple hotel properties in Sri Lanka, Maldives and most recently in Mauritius, with the acquisition of the Radisson Blu - Poste La Fayette Resort & Spa. LOLC, being a well-diversified conglomerate, has interests in agriculture, tea and sugar plantations in East Africa, Sierra Leone and Sri Lanka.
The founding partners of Patronus Wealth, Romesh Atapattu, Nikhilesh Pawar and Mr Romesh Elapata are excited to expand the Group’s offerings to their clients across the globe via the commercial banking license. Mr Elapata, an ex-Citi corporate banking veteran, will spearhead this initiative in the role of CEO at Banque Patronus Limitée. The Management is supported by a Board of Directors, most of whom have extensive regulatory experience in the commercial banking sector, with two Board members being ex-central bankers from the Central bank of Sri Lanka and several Board members with experience in reputed international commercial banks such as CitiBank, Deutsche Bank, HSBC and Fortis Bank.
The Chairman of Banque Patronus Limitée is Mr. Sunil Lankathilake, who was also the Deputy Governor of the Central Bank of Sri Lanka from January 2016 to April 2017. Prior to that, Mr. Sunil Lankathilake was an Assistant Governor at the Central Bank of Sri Lanka from 2010 to 2016. He has extensive experience in monetary pricing, foreign reserve management, and investment decisions. He is a Board member of LOLC Development Finance Plc. Mr. Sunil Lankathilake brings to the Bank his regulatory experience and his skills as a seasoned economist.
The CEO of Banque Patronus Limitée is Mr. Romesh Elapata who has 30+ years of experience in the financial industry in several overseas markets. He has worked at ICICI BANK, Sri Lanka as a Deputy Country Head and Head of Corporate Banking; Chief Operating Officer of Citi National Investment Bank; Head of Corporate of Citibank, Sri Lanka before his tenure at Bank Muscat, Riyadh, with an enriching career in different areas, such as Corporate Bank Strategy, Structured Trade Finance with responsibility for asset, revenue, acquisition, and risk targets. Mr. Romesh Elapata has spent many years working in the Kingdom of Saudi Arabia, Bangladesh and Sri Lanka.
Banque Patronus Limitée will focus on providing comprehensive banking services, including deposits, credit, custody, and securities trading, to individuals and SMEs in Mauritius and globally. Emphasizing technology-driven solutions, the Bank aims to simplify banking experiences while ensuring rapid service delivery through various channels with a focus on mobile and digital technology. Tailored financial services and a commitment to customer service excellence underlie the Bank’s dedication to meeting diverse client needs with efficiency and security.
On commencement of the operations of Banque Patronus Limitée, the Bank will increase staff rapidly over the next several months and provide extensive training for growth and retention of staff. Furthermore, the Bank is in the process of investing in physical infrastructure by opening state of the art offices to host customers and employees. The Bank shall, for all its forthcoming activities, manage all relevant depositors by providing existing banking services and shall significantly enhance their banking experience by using cutting edge technology and digital channels.
For more info www.patronuswealth.com and www.lolc.com.
Banque Patronus Limitée granted a full banking license in Mauritius
