The Mauritius Bankers Association Limited (MBA) is the industry association for the Banking sector. The Association, which was set up in 1967, aims to nurture an innovative, competitive and trustworthy banking environment. It serves as a voice for the banking industry and represents its members as it works closely with stakeholders towards the development of the banking sector in Mauritius. Currently, the Mauritian banking industry comprises 20 banks, of which 5 local banks, 9 foreign-owned subsidiaries, 1 is a joint venture, 4 are branches of foreign banks and 1 is licensed as a private bank. All the banks are licensed by the Central Bank (Bank of Mauritius), to carry out banking business locally and internationally.