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MCB Group

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Not to be confused with Mauritius Commercial Bank.

MCB Group Limited
Company typePublic
SEM:MCBG
IndustryFinancial services
Founded
  • 1 September 1838; 186 years ago (1838-09-01) (as Mauritius Commercial Bank)
  • 5 August 2013; 11 years ago (2013-08-05) (as MCB Group, as parent holding company to Mauritius Commercial Bank, which is now as a subsidiary)
FounderMr. James Blyth
Headquarters9-15, Sir William Newton Street,
Port Louis, Mauritius
Key people
  • Jean-Michel Ng Tseung (CEO) "MCB Group Communique" (PDF).
Number of employees
4,100 (2023)"Annual Report" (PDF).
WebsiteMCB Group

MCB Group Limited is a financial services holding company. Its headquarters is located in Port Louis, Mauritius, with subsidiaries and investments in Mauritius, France, India, Madagascar, Maldives, Mayotte, Mozambique, Réunion, Seychelles and South Africa.

Overview

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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

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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

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The companies that compose the MCB Group include but are not limited to the following:[8]

Banking operations

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  • MCB Investment Holding Limited – Port Louis, Mauritius – 100% Shareholding – Intermediary holding company of all of the Group's banking businesses.
  • The Mauritius Commercial Bank Ltd – 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

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  • MCB Capital Markets – 100% 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

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  • Fincorp Investment Limited – 57.56% Shareholding – Holding company quoted on the Stock Exchange of Mauritius. Its subsidiaries include:
    • MCB Leasing – 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.
  • MCB Forward Foundation – 100% Shareholding – The MCB Forward Foundation manages the Corporate Social Responsibility (CSR) activities of the Group.on
  • 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.
  • Compagnie des Villages de Vacances de l’Isle de France Limitée (COVIFRA) - 84.4% Shareholding - Hotel property holding company quoted on the Stock Exchange of Mauritius Ltd

All Other investments are based in Port Louis, Mauritius.

Ownership

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The stock of MCB Group is listed on the SEM. As at June 30, 2023, shareholding in the group’s stock was as depicted in the table below:[9]

MCB Group Limited stock ownership
Rank Name of owner Percentage ownership
1 National Pensions Fund 7.1
2 State Insurance Company of Mauritius Ltd 3.9
3 Swan Life Ltd 3.6
4 Promotion & Development Limited 2.9
5 The Mauritius Commercial Bank Ltd Superannuation Fund 1.3
6 BNYM SA/NV A/C Eastspring Investment SICAV-FIS 1.1
MUA Life Ltd 1.1
SSLC/OSSB Boston A/C Russel Investment Company PLC FN:NAS5 1.0
National Savings Fund 1.0
KASA Investments Ltd 1.0
7 Others 76.0
Total 100

Governance

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MCB Group is governed by an eleven-person board of directors with Didier Harel as the Chairman and Jean Michel Ng Tseung as the Group Chief Executive Officer.[10][11]

See also

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References

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  1. ^ "MCB Group at a glance". MCB Group. Retrieved 26 June 2015.
  2. ^ "SEM Top 10 Companies" (PDF). Stock Exchange of Mauritius. 30 June 2015. Retrieved 1 July 2015.
  3. ^ Arouff, Jean Paul (14 May 2015). "Mauritius Commercial Bank Group profit up, optimistic for full year". Reuters. Thomson Reuters. Retrieved 1 July 2015.
  4. ^ "The TOP 100 Companies of Mauritius". Business Magazine. Business Publications Limited. Archived from the original on 5 July 2015. Retrieved 1 July 2015.
  5. ^ "Mauritius Commercial Bank - Statement to Shareholders" (PDF). MCB Group. 15 November 2013. Archived from the original (PDF) on 26 June 2015. Retrieved 26 June 2015.
  6. ^ "Transfer of Undertaking by The Mauritius Commercial Bank Ltd" (PDF). Bank of Mauritius. 9 June 2015. Retrieved 1 July 2015.
  7. ^ "MCB Group replaces MCB on the Stock Exchange of Mauritius". 4 April 2014. Retrieved 1 July 2015.
  8. ^ "MCB Group 2014 Annual Report" (PDF). MCB Group. 30 June 2014. Retrieved 26 June 2015.
  9. ^ "Shareholder information". MCB Group. Retrieved 13 July 2020.
  10. ^ "Board". MCB Group. Retrieved 2 April 2024.
  11. ^ "Corporate Governance". MCB Group. Retrieved 13 July 2020.
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