Overview
MCB Ltd, a subsidiary and the mainstay of MCB Group Ltd, is the longest-standing and leading banking institution in Mauritius. Over time, we have diversified our business activities across market segments and geographies. We are actively involved in various markets across sub-Saharan Africa, while remaining alert to relevant growth opportunities across the continent and beyond.
Brief history
It all started in 1838...
A group of traders, led by James Blyth, see the need for a second bank in Mauritius. They establish 'La Banque Commerciale de Maurice' which starts business on 1 September 1838 in premises situated at the Rue de Paris (now Sir Seewoosagur Street) in the capital, Port Louis. In 1839, Queen Victoria grants a Royal Charter to the newly established bank for a period of twenty years under the name of 'The Mauritius Commercial Bank' (MCB). The charter is renewed every twenty years until 18 August 1955 when the Bank becomes a limited liability company. Five years later, it moves to the current location of its headquarters at Sir William Newton Street (at the time, Rue de l'Eglise).
The early years
The first hundred years are rough and the Bank encounters serious financial difficulties on several occasions. In spite of various national financial crises, fierce competition over the years from ten other commercial banks, two world wars and natural catastrophes, MCB succeeds in expanding its activities, trebles its capital and opens its first branch in Curepipe in 1920.
Building a network
Curepipe is the first step in the weaving of a nationwide network. MCB has become the first bank to set up branches in rural locations: Mahébourg in 1955, Flacq in 1958, Triolet in 1959, Goodlands in 1963... Today, the network consists of 40 strategically located branches and helps assert the Bank's leadership in the retail market.
Helping businesses grow
MCB has always been dedicated to helping people with ideas become entrepreneurs and businesses grow. The Group has been the lynchpin of the country's economic development. Drawing on its intimate local knowledge and business relations, the Bank has supported agriculture, trade and industry. Since the country's independence in 1968, however, the Bank has amplified its response to the more varied and diverse needs of the country. MCB has thus been crucial in ensuring the take-off of a number of sectors which were, at inception, considered either unfashionable or risky. From tourism to textiles, local manufacturing to Freeport activities, from information & communication technology (ICT) to seafood, MCB has always been present to support bright ideas and turn fledgling segments into pillars of the economy.
Pioneering innovations
MCB has achieved several market firsts throughout its history: ATMs, mobile points of sale, junior savings accounts, SWIFT, TCR machines, phone, Internet Banking and mobile Internet Banking among others.
A regional leader
With a dominant market position on the local side, MCB is well inspired to expand beyond the shores of Mauritius as early as 1991. Today, on the strength of its sustained international expansionary drive and regional rebranding initiatives, the MCB brand is visible in Madagascar, Maldives and Seychelles. The Group has also consolidated its presence namely in Réunion, Mayotte and Paris through its associate, BFCOI and in Mozambique via its other associate Société Générale Moçambique. MCB opened representative offices in Paris (France), Johannesburg (South Africa), Dubai (United Arab Emirates) and Nairobi (Kenya). Moreover, the Group is actively involved in project and trade financing in various countries of the sub-Saharan region, while being engaged in other markets such as India.
Beyond banking
In line with its strategy to diversify its markets, MCB expanded into non-banking financial services, a sector where it is now considered as a benchmark player. A comprehensive range of investor services is offered by MCB Capital Markets Ltd and speciality driven subsidiaries. In addition, MCB also proposes leasing, factoring and microfinance solutions.
The Bank of Banks
MCB is also actively pursuing its market development drive on the basis of its 'Bank of Banks' strategy, positioning itself as a regional focal point for handling trade finance, payments outsourcing and advisory services amongst others.
Gearing up for the future
In view of our aspiration to make banking simple, easy, accessible and convenient whilst delivering superior customer experience, the Bank has embarked on a journey to reinforce its capabilities and fundamentally transform itself towards becoming increasingly digital, sustainable and people focused in the future. This shift is currently being driven through three major undertakings namely the Corporate Sustainability, HR Transformation, and Digital Transformation Programmes.
Facts & figures
- Our staff: Around 3,100
- Our client base: Above 1 million
- Branches/Kiosks:Â 39
- Assets: Rs 665 bn as at 30 June 2022
- Loans: Around 40% - Market share of domestic credit to the economy
- Deposits: Around 48% - Market share of local currency deposits
- Our international presence: 41% of our net profit is foreign-sourced
- Our regional footprint:Â Around 100 African correspondent banks
Our investment grade ratings
MCB Ltd is investment-grade rated by Moody’s Investors Service, with a long-term deposit rating of Baa3 and is one of the few financial institutions rated as such in sub-Saharan Africa.
Domestically, CARE Ratings (Africa) Private Limited assigns a AAA rating to MCB Ltd with regard to the servicing of financial obligations
Corporate philosophy
Throughout its history, MCB has crafted bold strategies which have grown business on the back of well-anticipated opportunities and threats, an unwavering dedication to excellent customer service, continuous business process improvement and a knowledgeable and motivated workforce.Â
Reflective of its corporate philosophy and anchored on its core values of Integrity, Customer Care, Teamwork, Knowledge, Innovation and Excellence, MCB also has a tradition of being a pioneer in adapting to a demanding operating environment, through ongoing business innovations and the introduction of state-of-the-art, quicker, cheaper and more comprehensive services to the satisfaction of its increasingly sophisticated customers domestically and internationally. Consequently, MCB continues to be trusted by its stakeholders for fulfilling its brand promise every day and for upholding high standards of corporate governance, employee diversity, social responsibility and environmental protection.
Going forward, MCB, propped up by the three pillars of excellent customer service experience which are people, processes and technology, is well geared towards furthering its strategic orientation of evolving into a one-stop shop in financial services locally and in the region, whilst continuing to generate real and sustainable value for all its stakeholders and catalysing the socio-economic prosperity of Mauritius.
Mission and Vision
Our Vision
Success Beyond Numbers
Our Mission
- We will keep finding ways to meet the needs of our customers.
- We will listen to them and help them achieve their goals.
- We will help people with ideas to be entrepreneurs.
- We will be worthy of our shareholders' confidence.
- We will do what we can to make the world a better, greener place.
- And we will never go away.
Our Corporate Values
IntegrityOur commitment to the highest standards of business ethics and our alertness in the protection of the necessary trust required of a financial institution.Â
Customer care
The assurance of quick, dedicated & unrivalled services to our valuable customers.Â
Team work
Our approach towards synergistic potential among our people & between the companies of the Group alongside leveraging individual skills & competencies.Â
Innovation
A long-standing in-house tradition of proactively seeking for opportunities at the technological, operational & managerial levels - a long string of market firsts testifies to this.Â
Knowledge
A strong commitment to nurture our human capital through lifelong development & learning towards achieving our vision.Â
Excellence
Our ability to constantly rethink ourselves & reflecting our effort to instill, collectively & individually, behaviors tuned to outstanding performance.
Governance
Governance framework
MCB Ltd is led by a committed and unitary Board, which has a collective responsibility for the leadership, oversight and long-term success of the organisation. The Bank operates within a clearly defined governance framework, which enables delegation of authority and clear lines of responsibility, while allowing the Board to retain effective control. The Board is supported by five committees, each mandated to provide counsel, recommendations and specific expert guidance on matters affecting the Bank’s activities. Acting on the direction set by the Board, the Leadership Team is entrusted with the operational management of the business, with their performance and effectiveness closely monitored against set objectives and policies.
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Board
The Board defines the Bank’s purpose, strategy and value and determines all matters relating to the directions, policies, practices, management and operations of the Bank. The Board thereafter ensures that the Bank is being managed in accordance with its directions and delegations.
The methods through which the Board exercises its powers and discharges its responsibilities are set out in the Board Charter of MCB Ltd.
Board Committees
The Board has delegated authority to various Board committees to provide specialist guidance and make recommendations, through established reporting mechanisms, on areas and matters entrusted to them. Each committee has its own charter, as approved by the Board and reviewed as required, which sets out, inter alia, its roles, responsibilities, composition and meeting requirements.
- Supervisory and Monitoring Committee: |
- Audit Committee: Â |
- Risk Monitoring Committee: |
- Nomination and Remuneration Committee: |
Directorate
The Board currently comprises 8 members: 1 executive, 2 non-executive and 5 independent non-executive directors. The executive and non-executive directors of MCB Ltd are shown below. Biographies are available by clicking on the relevant name.
Executive Directors
MCB Group Corporate Services Ltd acts as Secretary to the Board.
Director nomination and appointment process
The Board has a formal and transparent process in place for the nomination and appointment of directors. In fulfilling this duty, the Board is supported by the Nomination and Remuneration Committee (NRC), which is responsible for overseeing board directorship’s renewal and succession planning. The NRC reviews the size, structure and composition of the Board on an annual basis or whenever appointments are considered. In so doing, it seeks to promote diversity of perspectives to enable a smooth execution of the Bank’s strategy in a dynamic operating environment. The NRC is responsible for identifying candidates, carrying out interviews and recommending potential directors to the Board for its approval. The selection criteria used to assess prospective candidates relate, amongst others, to their background, specific skills, expertise, knowledge and experience, including the value the individual can bring to the overall Board performance. The NRC also considers gender diversity, time commitment and independence in the assessment of candidates.
Whilst seeking to retain a core set of directors with long-standing knowledge, the Board recognises the importance of rotation of Board members to ensure that there is a good balance between continuity and fresh perspectives on the Board. It is worth highlighting that at each Annual Meeting, one third of Board members, notably those who have been longest in office, are required to retire, while being eligible to stand for re-election.
Role and responsibilities of Chairpersons, Chief Executive and Company Secretary
The roles and responsibilities of the Chairperson, executive and non-executive directors as well as the Company Secretary are clearly defined in the Board Charter and Position Statements, which have been approved and are regularly reviewed by the Board. The role of the Chairperson is distinct and separate from that of the Chief Executive Officer. There is a clear division of responsibilities with the Chairperson leading the Board and the Chief Executive Officer managing the Bank’s business on a day-to-day basis. The Board ensures that the external obligations of the non-executive directors do not hinder the discharge of their duties and responsibilities.
Internal Control framework
The Board, assisted by the Audit Committee, ensures that the internal control framework in place results in an acceptable level of risk exposure whilst guaranteeing compliance with established internal policies and procedures and relevant laws and regulations. The Internal Audit, Compliance and Risk (for non-financial risk matters) functions regularly report to the Audit Committee. Furthermore, the Audit Committee receives feedback from the Company’s external auditor and engages with the latter in the absence of Management to ensure that there are no unresolved material issues of concern. Based on the work performed by internal and external auditors, reviews by Management and regular reporting from the Chairperson of the Audit Committee, the Board satisfies itself that the internal control systems are adequate and effective.Â
The primary role of Internal Audit is to assist the Board in upholding the assets and reputation of the Bank. The aim of internal audit is to assess the policies, methods and procedures in place at the organisation in order to cater for their adequate application. It is responsible for independently assessing the effectiveness of key controls, including those within the risk management framework, and providing timely reporting to the Audit Committee with a view to strengthening the internal control framework
Relation with shareholders and other stakeholders
The Bank ensures that engagement with its stakeholders is optimally managed. Stakeholders are kept informed about the Bank’s business and strategy on a regular basis through various channels. Their views and concerns, notably gathered through ongoing dialogues and meetings are considered in the Bank’s decisions, with material issues escalated to the Board.
Dividend policy
Although there is no formal dividend policy, the Company aims to supply its shareholder with adequate returns to meet the objective of the Group to have a stable and relatively predictable dividend path whilst adapting to the context and ensuring that the Bank maintains a strong level of capitalisation.
Code and Rules
Below are some of the codes and policies endorsed at Group level and which are adhered by the Bank. The documents are reviewed as deemed necessary.
Leadership Team
Business Executives
- Jean Alain LAW MIN: Chief Executive Officer
- Vincent CHATARD: Chief Operating Officer
- Thierry HEBRAUD - Head - Corporate & Institutional Banking
- Bhavish NAECK: Head – Finance
- Frederic PAPOCCHIA: Chief Risk Officer
- Mike SOPHIE: Head – Human Resources
- Parikshat TULSIDAS: Head – Financial Markets
Business Leaders
- Stéphanie AH TOW: Head – Compliance
- Xavier BATHFIELD: Head – Mauritian & Regional Corporates
- Matthieu BENOIT: Head – Marketing
- Hema CEDERHAGE: Head – Securities Services
- Paul CORSON: Deputy Head – Corporate & Institutional Banking
- Robin CUNDASAWMY: Head – Internal Audit
- Koomaren CUNNOOSAMY: Head - Debt Restructuring & Recovery Management
- Ashvin DEENA: Head – Global & International Corporates
- François DESVAUX DE MARIGNY: Head – Private Banking & Wealth Management
- Vanessa DOGER de SPEVILLE: Head - Communication and Corporate Sustainability
- Marc HAREL: Head – Business Development
- Hemandra Kumar HAZAREESING: Head – Global Transactional Banking
- Jean-François HENRI: Head – Facilities Management & Procurement
- Patrice HERVE: Head – Technology
- Vicky HURYNAG: Head – Strategy, Research & Development
- Anbar JOWAHEER: Head – Financial Institutions & Syndication
- Joel LAMBERT: Head – Legal
- Vikash NATHOO: Head – Permanent Supervision, Operational & Information risk
- Stephanie NG TSEUNG YUE: Head – Cards
- Lindley PERRINE: Head – Global Markets & Treasury Management
- Dominic PROVENCAL: Head – Business Banking
- Neekeea RAMEN: Head – Credit Management BU
- Abraham RAWAT: Head - Retail
- Zaahir SULLIMAN: Head – Specialised Finance
- Anju UMROWSING-RAMTOHUL: Head – Banking Operations
Our People
With a growing presence over the African continent and in the Indian Ocean Islands, MCB is constantly re-inventing itself to tap into the new and exciting opportunities that globalization is offering.
The world is changing, so are we
Our continued success will depend on our capacity to be attentive and innovative not only to our external environment but also to our people.
We are dedicated to nurturing the proper atmosphere for the healthy intellectual, professional and cultural development of our people and business partners. We do so by actively supporting them in the achievement of their career and personal goals.
We bank on talents
Talent Management is not just a vague concept. We strive to recognize, at an early stage, the particular gifts and endowments of each of our employees, so that we can better help them excel at what they are talented at.
Our rewards are handsome
We have an entrenched performance culture, a long tradition of valuing and rewarding competence and merits. We always strive to remain above industry standards, by setting new trends, especially in creatively crafting suitable packages for our people.
Creativity and innovation are in our DNA
We recognize and even recompense ideas and new concepts generated by our people's creativity, regardless of their position in the Group.
Knowledge is key
As a learning organization, we know that our employees' strengths are our strengths. It is only natural therefore that we invest substantially in the development of our people.
You're empowered to develop yourself and grow
The MCB Group has multiple entry points for you, depending on what type of career you envisage. We also offer to talented and ambitious individuals a whole array of opportunities to join as global resources through our graduate schemes.
Values are meant to be passed on
We wish for our people to embrace, practise and live the values of Integrity, Customer Care, Teamwork, Knowledge, Innovation, and Excellence that have always epitomized MCB Way over the 178 years of its existence.