MCB Group
| MCB Group Ltd | |
| Company type | Public |
|---|---|
| SEM:MCBG | |
| Industry | Financial Services |
| Founded |
|
| Founder | Mr. James Blyth |
| Headquarters | 9-15, Sir William Newton Street, Port Louis, Mauritius |
Key people | |
Number of employees | 3,011 (2015) |
| Website | MCB Group |
MCB Group Limited is a financial services holding company. Its headquarter is located in Port Louis, Mauritius, with subsidiaries and investments in Mauritius, France, India, Madagascar, Maldives, Mayotte, Mozambique, Réunion, Seychelles and South Africa.
Overview
MCB Group is a large financial services conglomerate. As of 31 March 2015, it had an estimated asset base of over US$7.4 billion (MUR 267.7 billion) and estimated shareholders' equity of more than US$1.0 billion (MUR 35.2 billion).[1]
The group is listed as one of the top 10 companies listed on the Stock Exchange of Mauritius in terms of annualized returns.[2] A 2015 report by Business Magazine indicated that the MCB Group was the most valuable company in the Eastern Africa and the Indian Ocean region in terms of market value[3] and was the most profitable company in Mauritius.[4]
History
MCB Group Ltd was incorporated on 5 August 2013 during the corporate restructure of Mauritius Commercial Bank (MCB). Previously, MCB operated as both a listed company and a holding company. MCB Group was created by MCB's shareholder with the aim of separate the banking and non-banking operations and raise capital in order to position itself for future growth.[5][6]
During the restructure, shareholders of MCB exchanged their MCB shares for MCB Group shares on a 1:1 ratio and the various subsidiaries previously held by Mauritius Commercial Bank were unbundled to MCB Group. Its shares were then listed on the Stock Exchange of Mauritius on April 5, 2014 to replace those of Mauritius Commercial Bank on the Mauritian bourse.[7]
Member companies
The companies that compose the MCB Group include but are not limited to the following:[8]
Banking operations
- MCB Investment Holding Limited – Port Louis, Mauritius – 100% Shareholding – Intermediary holding company of all of the Group's banking businesses.
- Mauritius Commercial Bank – Port Louis, Mauritius – 100% Shareholding – A commercial bank in Mauritius, serving individuals and businesses, focusing mainly on large corporations. Incorporated in 1838 and the group's flagship company.
- MCB Seychelles – Victoria, Seychelles – 100% Shareholding – A commercial bank in Seychelles.
- MCB Moçambique – Maputo, Mozambique – 95% Shareholding – A commercial bank in Mozambique.
- MCB Madagascar – Antananarivo, Madagascar – 85% Shareholding – A commercial bank in Madagascar.
- MCB Maldives – Malé, Maldives – 100% Shareholding – A commercial bank in Maldives.
- Banque Française Commerciale Océan Indien (BFCOI)– Paris, France – 49.99% Shareholding – BFCOI is a joint venture between MCB Group and Société Générale. The bank has operations in France and the French Overseas departments of Mayotte and Réunion.
Non-banking financial
- MCB Capital Markets – 96% Shareholding – A leading financial services Investment holding company in Mauritius. Providing financial services through its subsidiaries:
- MCB Investment Services
- MCB Registry & Securities
- MCB Stockbrokers
- MCB Capital Partners
- MCB Investment Management
- MCB Structured Solutions
- MCB Equity Fund – 100% Shareholding – A private equity fund which specializes in providing expansion and buy-out capital to small and medium-sized established businesses across Eastern and Sub-Saharan Africa.
- MCB Factors – 100% Shareholding – Offering invoice discounting services.
- Credit Guarantee Insurance Company – Port Louis, Mauritius – 40% Shareholding – A joint venture with La Prudence Holding, providing credit insurance services to its customers by ensuring protection in respect of their trade receivables.
All the Non-banking financial investments are based in Port Louis, Mauritius.
Other investments
- Fincorp Investment Limited – 57.56% Shareholding – Holding company quoted on the Stock Exchange of Mauritius. Its subsidiaries include:
- Finlease – the leasing arm of MCB Group and a fully owned subsidiary of Fincorp Investment
- Promotion and Development – A quoted company having diversified interests
- MCB Properties – 100% Shareholding – The company owns several properties, some of which house banking premises of MCB Limited.
- International Card Processing Services – 80% Shareholding – This is a card processing unit that allows banks to outsource their card processing needs to achieve economies of scale and to provide their customers with the relevant card solutions
- MCB Forward Foundation – 100% Shareholding – The MCB Forward Foundation manages the Corporate Social Responsibility (CSR) activities of the Group.
- Blue Penny Museum – 97.88% Shareholding – The Blue Penny Museum is an art and history museum that is wholly devoted to Mauritius.
- MCB Consulting Services – 100% Shareholding – The dedicated consulting arm of the Group.
All Other investments are based in Port Louis, Mauritius.
Ownership
The stock of MCB Group is listed on the SEM. As at December 31, 2018, shareholding in the group’s stock was as depicted in the table below:[9]
| Rank | Name of owner | Percentage ownership |
|---|---|---|
| 1 | National Pensions Fund | 6.9 |
| 2 | Swan Life Ltd | 3.3 |
| 3 | Promotion & Development Limited | 2.9 |
| 4 | State Insurance Company of Mauritius Ltd | 2.0 |
| 5 | La Prudence (Mauricienne) Assurances Limitee | 1.5 |
| 6 | Others | 83.4 |
| Total | 100 |
Governance
MCB is governed by a twelve-person board of directors with Pierre Guy Noel as the group chief executive officer.[10]
Board members
Executive Directors
- Pierre Guy NOEL, Chief Executive
- Gilbert GNANY, Chief Strategy Officer
- Jean-Michel NG TSEUNG, Chief Executive – MCB Investment Holding Ltd
Non-Executive Directors
- Didier HAREL, Chairperson and Independent Director
- Sunil BANYMANDHUB, Independent Director
- Karuna BHOOJEDHUR-OBEEGADOO, Independent Director
- Jean-Jacques DUPONT DE RIVALZ DE ST ANTOINE, Independent Director
- Georges Michael David LISING, Independent Director
- Jean-Louis MATTEI, Independent Director
- Alain REY, Independent Director
- San T. SINGARAVELLOO, Independent Director
- Margaret WONG PING LUN, Independent Director
See also
- Mauritius Commercial Bank
- Banque Française Commerciale Océan Indien
- Société Générale
- Stock Exchange of Mauritius
- Bank of Mauritius
References
- ^ "MCB Group at a glance". MCB Group. Retrieved 26 June 2015.
- ^ "SEM Top 10 Companies" (PDF). Stock Exchange of Mauritius. 30 June 2015. Retrieved 1 July 2015.
- ^ Arouff, Jean Paul (14 May 2015). "Mauritius Commercial Bank Group profit up, optimistic for full year". Reuters. Thomson Reuters. Retrieved 1 July 2015.
- ^ "The TOP 100 Companies of Mauritius". Business Magazine. Business Publications Limited. Retrieved 1 July 2015.
- ^ "Mauritius Commercial Bank - Statement to Shareholders" (PDF). http://www.mcbgroup.com/. MCB Group. 15 November 2013. Archived from the original (PDF) on 26 June 2015. Retrieved 26 June 2015.
{{cite web}}: External link in|website= - ^ "Transfer of Undertaking by The Mauritius Commercial Bank Ltd" (PDF). Bank of Mauritius. 9 June 2015. Retrieved 1 July 2015.
- ^ "MCB Group replaces MCB on the Stock Exchange of Mauritius". 4 April 2014. Retrieved 1 July 2015.
- ^ "MCB Group 2014 Annual Report" (PDF). http://www.mcbgroup.com. MCB Group. 30 June 2014. Retrieved 26 June 2015.
{{cite web}}: External link in|website= - ^ "Board". MCB Group. Retrieved 29 April 2019.