[2] Bramer Bank was part of the British American Investment Group,[3] formerly one of the largest conglomerates in Mauritius with investments in banking, insurance, asset and wealth management, trade & commerce and services in Bahamas, East Africa, Mauritius, Malta, South Africa and UK.
[7] On May 9, 2012 Bramer Banking Corporation's stock began trading on the Stock Exchange of Mauritius (SEM) after the amalgamation of its business with The Mauritius Leasing Company (“MLC”) that was listed on the SEM and Bramer Holding Company.
[5] The amalgamation made Bramer Banking Corporation the third largest lender in Mauritius by market capitalisation[8] and it remained a subsidiary of the British American Investment Group.
Indeed, Bramer Bank had been experiencing large withdrawals of deposits placing it in a precarious liquidity situation[9] in an alleged Ponzi scheme.
As a result, it was relying on overnight facilities from the Bank of Mauritius from March 6, 2015 in order to meet daily cash flow requirements.