MCB Group Limited

MCB Group Limited is a prominent financial services conglomerate headquartered in Port Louis, Mauritius. Tracing its origins to 1838 with the establishment of The Mauritius Commercial Bank (MCB), it stands as the oldest and largest banking institution in Mauritius and one of the oldest in the Southern Hemisphere.

History:

The journey began on September 1, 1838, when a group of traders led by James Blyth founded La Banque Commerciale de Maurice in Port Louis. In 1839, Queen Victoria granted a Royal Charter to the bank, renaming it The Mauritius Commercial Bank. Over the years, MCB expanded its operations, establishing branches across Mauritius and venturing into international markets, including Madagascar, Maldives, Mozambique, and Seychelles. In 2013, a strategic reorganization led to the creation of MCB Group Limited as the holding company, consolidating its banking and non-banking financial services under one umbrella.

Financial Performance:

In the fiscal year ending June 30, 2024, MCB Group demonstrated robust financial health. Profit attributable to shareholders increased by 13.5%, reaching MUR 16.045 billion. This growth was primarily driven by a 22.5% rise in net interest income, attributed to the expansion of interest-earning assets and improved foreign currency margins amidst a high global interest rate environment.

The Group’s performance remained strong into the first quarter of the 2024/25 financial year, with profit attributable to ordinary shareholders increasing by 35.2% to MUR 4.811 billion. This uptick was supported by enhanced performance within both the banking and non-banking financial clusters. The return on equity rose to 18.3%, and the Group maintained a solid risk profile with stable asset quality and a strong capital position, evidenced by a Tier 1 ratio of 18.8%.

Leadership:

MCB Group’s leadership comprises experienced professionals steering its strategic direction:

• Jean-Michel Ng Tseung: Serving as the Chief Executive Officer since August 31, 2021, he brings extensive experience to the role.
• Didier Harel: Appointed as Chairman on September 28, 2016, he provides seasoned oversight to the Group’s operations.
• Dipak Chummun: Assumed the role of Chief Finance Officer on August 31, 2024, contributing to the Group’s financial strategy.

The Board of Directors includes individuals with diverse expertise, ensuring robust governance and strategic guidance.

Through its rich history, strong financial performance, and dedicated leadership, MCB Group continues to play a pivotal role in Mauritius’s financial landscape and maintains a significant presence in the regional banking sector.