MCB Ltd, a subsidiary and the mainstay of MCB Group Ltd, is the longest-standing and leading banking institution in Mauritius while displaying an increasingly prominent foothold in the region. Backed by its sound business model, modern channel capabilities and high quality customer service, the Bank has, throughout its history, been true to its guiding principle of assisting in the advancement of individuals, corporates and the country at large, thus playing a key role in the socio-economic development of Mauritius. The Bank embraces an innovative culture, with significant progress made in upgrading its IT platform and developing its digital footprint. Furthermore, the Bank, which leverages a network of around 1,470 correspondent banks across the world, has diversified its activities in sub-Saharan Africa and beyond, as gauged by participation in major cross-border deals and transactions as well as the deployment of the ‘Bank of Banks’ initiative. As a responsible citizen, the Bank also promotes social welfare and natural resource protection.
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.
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) 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.
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 and cards operations outsourcing, amongst others.
Gearing up for the future
During FY 2016/17, the Bank sharpened its leading banking position locally and pursued its international market diversification strategy. Initiatives were adopted to strengthen foundations for market expansion, promote superior customer relationships and experiences, reinforce growth enablers and improve operational excellence, with effective channel management and technological innovation being at the forefront of various undertakings. In the wake of the challenging context, MCB Ltd has adopted a prudent approach to execute its market thrusts, notably those spanning the regional scene, and promote quality business growth.
Facts & figures
- Our staff: Above 2600
- Our client base: Some 965,000
- Outlets: 37
- Assets: Rs 336bn as at 30 December 2017
- Loans: Some 40% - Market share of domestic credit to the economy
- Deposits: Above 45% - Market share of local currency deposits
- Cards: More than 55% - Market share of cards issued
- Our international presence: 45% of our net profit is foreign-sourced
- Our regional footprint: Some 200 African correspondent banks
Our investment grade ratings
|Baseline Credit Assessment||ba1|
|Adjusted Baseline Credit Assessment||ba1|
|Counterparty Risk Assessment||Baa2/P-2|
|Long-Term Issuer Default Rating||BBB-|
|Short-Term Issuer Default Rating||F3|
|Support Rating Floor||BB+|
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.
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
Everyday, we will help make something happen
- 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 ValuesIntegrity
Our commitment to the highest standards of business ethics and our alertness in the protection of the necessary trust required of a financial institution.
The assurance of quick, dedicated & unrivalled services to our valuable customers.
Our approach towards synergistic potential among our people & between the companies of the Group alongside leveraging individual skills & competencies.
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.
A strong commitment to nurture our human capital through lifelong development & learning towards achieving our vision.
Our ability to constantly rethink ourselves & reflecting our effort to instill, collectively & individually, behaviors tuned to outstanding performance.
MCB Ltd is led by a committed and unitary Board, which is collectively accountable and responsible for the long-term success of the organisation. The Bank operates within a clearly defined governance framework which provides for delegation of authority and clear lines of responsibility while enabling the Board to retain effective control. As such, the Board is ultimately accountable and responsible for the performance and affairs of the Bank. While the Board has reserved certain matters for its approval, it has created five Committees tasked to provide specialist guidance to the Board to help it carry out its duties and responsibilities. A reporting mechanism is in place to ensure that matters affecting the affairs and reputation of the Bank are escalated to the Board by the Chairpersons of these Committees. In this way, the Board maintains an effective oversight process within a flexible and autonomous structure. The Board has delegated the day-to-day running of the business to the Leadership Team and regularly monitors their performance in relation to set objectives and policies.
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.
The Board is supported by its Committees which provide in-depth focus on specific areas and make recommendations on matters delegated to them, encompassing, inter alia, risk, internal control, financial reporting, governance, and remuneration issues. Through the deliberations and reporting of the various committees, the Board ensures that the Company is being managed in line with its objectives.
Each committee has its own charter, approved by the Board and reviewed as deemed necessary. The charter sets out the committees’ role, responsibility, composition, powers, structure, resources and any other relevant matters.
- Supervisory and Monitoring Committee:
- Audit Committee:
- Risk Monitoring Committee:
- Nomination and Remuneration Committee:
- Conduct Review Committee:
The Board currently comprises 9 members: 2 executive, 1 non-executive and 6 independent non-executive directors including 1 female member. The executive and non-executive directors of MCB Ltd are shown below. Biographies are available by clicking on the relevant name.
MCB Group Corporate Services Ltd acts as Secretary to the Board. Click
Director nomination and appointment process
The mix of competencies, knowledge and experience of directors enriches Board discussions and contributes towards a high performing and effective Board. As such, the size and composition of the Board is so established to ensure an appropriate balance of skills and expertise with the aim of achieving strategic objectives set for the organisation. Whilst seeking to retain a core of directors with long-standing knowledge of the Bank, the Board also recognises the importance of rotation to ensure its renewal and continued effectiveness, with due emphasis laid on succession planning.
The process and policy for the nomination and appointment of directors for the Bank is owned by the Nomination and Remuneration Committee (NRC), as delegated by the Board. Re-appointment of directors is also based on the recommendations of the NRC and is subject to approval of the Board and election by shareholders at the Annual Meeting of Shareholders. 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 Board Charter as well as the Position Statements, which have been approved by the Board, provide for a clear definition of the roles and responsibilities of the Chairperson, executive and non-executive directors as well as the Company Secretary. The role of the Chairperson is distinct and separate from that of the Chief Executive and there is a clear division of responsibilities with the Chairperson leading the Board and the Chief Executive managing the Bank’s business on a day-to-day basis.
Internal Audit function
The key objectives of internal audit at MCB is to assess the policies, methods and procedures in place at the organisation in order to cater for their adequate execution.
Relation with shareholders and other stakeholders
Stakeholder engagement and collaboration are deeply entrenched into our business model and help to improve our decision-making and relationships, towards achieving our goals and creating transformational change.
As a responsible corporate citizen, the Bank strives to make a sound and sustained contribution to the economies, environments and communities in which it is involved. It is committed to nurturing clearly-defined, close-knit, fair, transparent, impactful and lasting relationships with internal and external stakeholders towards delivering mutual benefits over the short and longer runs.
Although there is no formal dividend policy, the Company aims to supply its shareholder with adequate returns to meet the objective of MCB Group Ltd, the ultimate holding company, to have a stable and relatively predictable dividend path.
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.
- Alain LAW MIN: Chief Executive Officer
- Raoul GUFFLET: Deputy Chief Executive
- Vincent CHATARD: Chief Operating Officer
- Mike SOPHIE: Head – Human Resources
- Bhavish NAECK: Head – Finance
- Frederic PAPOCCHIA: Chief Risk Officer
- Christophe AYNAUD - Head - Permanent Control
- Matthieu BENOIT: Head – Marketing
- Hema CEDERHAGE: Head – Securities Services
- Paul CORSON: Deputy Head – Corporate and Institutional Banking
- Robin CUNDASAWMY: Head – Internal Audit
- Koomaren CUNNOOSAMY: Head – Corporate Banking
- Vanessa DOGER de SPEVILLE: Head - Communication
- Hemandra Kumar HAZAREESING: Head – Global Business
- Marc HAREL: Head – Institutional Banking
- Jean-François HENRI: Head – Facilities Management and Procurement
- Patrice HERVE: Head – IT
- Vicky HURYNAG: Head – Strategy, Research & Development
- Roselyne LEBRASSE-RIVET: Head – Legal/In-House Lawyer
- Steve LEUNG SOCK PING: Head – Quality Assurance
- Didier MERLE: Head – Head of Private Banking and Affluent Segments
- Vikash NATHOO: Head – Recovery
- Stephanie NG TSEUNG: Head – Cards
- Lindley PERRINE: Head – Transaction Management and Monitoring
- Jovanna PREFUMO-MONTY: Head – Treasury
- Dominic PROVENCAL: Deputy Head – Retail
- Neekeea RAMEN: Head – Credit Management
- Abraham RAWAT: Head - Retail
- Zaahir SULLIMAN: Head – Energy and Commodities
- Anju UMROWSING-RAMTOHUL: Head – Credit Origination and Structuring
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.