The MCB first started business in Madagascar by opening a representative office in Antananarivo in 1991.

In December 1992, MCB Group incorporated a new subsidiary, the Union Commercial Bank (UCB)in partnership with the Standard Bank of South Africa, the Fiaro Company and the Manofi Company. UCB is well equipped to cater for the trading and business requirements of the domestic market and, in line with MCB's international strategy, to offer a whole range of services tailored to suit the needs of its banking friends abroad. On 28th December 1992, the first branch started operations in Antananarivo. A second branch was opened in Toamasina, on 23rd October 1998 and nearly a year later, on the 24th September 1999, the branch network is reinforced in Antananarivo with the opening of an office in the Galerie Zoom in Ankonrondrano.

During last years, the UCB endeavoured in the diversification of its activities and became a bank of reference in the economic landscape of Madagascar. While UCB’s primary target is the corporate sector and since it does not have an extensive branch network, it will continue to explore new areas for the development of its activities and is planning to open a new branch on the west coast of Madagascar in the forthcoming months.