The transaction includes wealth management operations.

Absa Group, an African financial services firm that used to be part of Barclays, has bought the wealth offerings, retail and business banking businesses in Mauritius of HSBC.

The transaction includes assets and liabilities tied to about 38,000 customers, Bloomberg said.

The deal is subject to regulatory approval and is expected to be completed in the third quarter of next year.

HSBC will continue to offer services to mid-size companies and large corporates based in Mauritius as well as to the local subsidiaries of international firms, reports said.

“The transaction speaks to Absa’s growth aspirations in Africa where we see significant opportunity,” Arrie Rautenbach, Absa Group chief executive, said. “We remain purposeful in our efforts to create a more diversified business across geography, segment and product, and we will continue to deploy capital to attractive growth prospects across the continent as we deliver on our ambition to being a leading pan-African bank.”