
Mauritius Commercial Bank has a long history of stability and growth in the financial sector of Mauritius. The bank was founded in 1973.
With a strong foundation, the bank has been able to expand its services to meet the evolving needs of its customers. Its vision is to be the leading bank in Mauritius.
The bank's business model is built on a robust network of branches and ATMs, making it easily accessible to customers across the island. This extensive network has enabled the bank to provide its services to a wide range of customers.
Mauritius Commercial Bank has also invested heavily in technology, allowing it to offer a range of digital banking services to its customers.
Consider reading: Banking Industry Architecture Network
Structure and Governance
Mauritius Commercial Bank has a clear structure in place, with a board of directors that oversees the bank's operations. This board is responsible for making key decisions and ensuring the bank is run efficiently.
On a similar theme: Banks Board Bureau
The bank is led by a Chief Executive Officer, who reports to the board of directors. This CEO is responsible for the day-to-day operations of the bank.
The bank's governance framework is designed to promote good governance and accountability, with a clear separation of powers between the board, management, and staff.
Group Reorganization
The Mauritius Commercial Bank (MCB) Group underwent a significant reorganization in 2013 to separate its banking and non-banking operations. This move aimed to position the group for future growth.
MCB Group Limited was incorporated as the ultimate holding company in the group, replacing MCB as the parent company. Shareholders of MCB exchanged their shares for MCB Group shares on a 1:1 ratio, listing them on the SEM.
MCB's entire stock was transferred to MCB Investment Holding Ltd (MCBIH), which was incorporated to act as the intermediary holding company for all banking investments. The banking subsidiaries were then unbundled to MCBIH, while non-banking subsidiaries and investments were unbundled to MCB Group.
A unique perspective: Universa Investments
The reorganization resulted in MCB Group's structure operating under three clusters: Banking, Non-banking financial, and Other investments.
Here's a breakdown of the key entities involved in the reorganization:
MCB Group's reorganization has enabled the group to focus on its core banking operations, while also allowing for the development of its non-banking businesses and investments.
Board Composition:
The Board Composition is a crucial aspect of a company's governance structure. The Mauritius Commercial Bank Ltd. has a diverse Board of Directors.
The Chairman of the Board is M. G. Harel, who has been in the role since 2016-09-28. He is 73 years old.
The Board of Directors consists of 8 members, each with a unique background and experience.
Here is a list of the Board of Directors:
The Board of Directors has a good mix of ages, with the oldest member being 76 years old and the youngest being 40 years old.
Here's an interesting read: Wells Fargo Old National
Executive Committee:
The Executive Committee is responsible for overseeing the overall direction and strategy of the Mauritius Commercial Bank Ltd. Jean-Michel Ng Tseung serves as the CEO, having taken the role in 2021.
The committee is led by Jean-Michel Ng Tseung, who has been in the position since August 31, 2021, at the age of 57.
Dipak Chummun is the Director of Finance/CFO, a position he has held since August 31, 2024, at the age of 58.
Gaspard Kersley is the Investor Relations Contact, a role he has had since September 30, 2016.
Here's a brief overview of the Executive Committee members:
Financial Performance
Mauritius Commercial Bank has consistently demonstrated strong financial performance over the years.
The bank's total assets have grown significantly, reaching MUR 1.3 trillion by 2020, a notable increase from MUR 934 billion in 2015.
This growth has been driven by the bank's strategic expansion into new markets and its focus on digital banking.
The bank's net profit has also seen a substantial increase, reaching MUR 12.4 billion in 2020, up from MUR 8.3 billion in 2015.
This improvement in profitability can be attributed to the bank's efforts to diversify its revenue streams and reduce costs.
The bank's return on equity (ROE) has also been impressive, averaging 15.6% over the past five years.
This indicates that the bank's management has been able to generate strong returns for shareholders while maintaining a stable and secure banking environment.
National Pensions Fund Controversy
The National Pensions Fund controversy has been a long-standing issue in Mauritius. The government's decision to merge the National Pensions Fund with the Social Security Fund in 2012 sparked widespread protests from citizens who felt their retirement savings were being compromised.
The merged fund's investment strategy was criticized for being too conservative, resulting in lower returns for contributors. This move was seen as a betrayal of the public's trust in the pension system.
The controversy led to a significant increase in public debt, as the government had to cover the shortfall in the pension fund. The debt-to-GDP ratio rose from 34% in 2010 to 54% in 2015.
Many citizens felt that the government's actions were motivated by a desire to bail out the Mauritius Commercial Bank, which was facing financial difficulties at the time.
Readers also liked: Association of German Public Banks
Services and Products
Mauritius Commercial Bank offers a wide range of banking and financial services to individuals and corporate customers, including current, savings, and fixed deposit accounts.

The bank provides various types of accounts, such as foreign currency and foreign currency term deposit accounts, which cater to the diverse needs of its customers.
One of the notable services offered by MCB is its credit and debit card facility, which allows customers to make transactions easily and securely.
The bank also provides car, educational, housing, personal, and other loans to its customers, making it a one-stop-shop for all their financial needs.
In addition to these services, MCB offers various trade financing products, international payment services, and travelling services, such as foreign bank notes, travellers checks, and business credit cards.
A different take: Banks ATM Network and Customer Services
Market Share
MCB has a dominating 50 percent overall local market share.
The bank's market capitalisation is the largest on the Stock Exchange of Mauritius, standing at Rs 31.5 billion as at 30 June 2009.
This represents 24.1 percent of the total market capitalisation, a significant chunk of the market.
MCB also has over 40 percent market share in respect of credit to the economy and local currency deposits.
This level of market share is a testament to the bank's strong presence and influence in the local economy.
Here's an interesting read: Au Small Finance Bank Limited Share Price
Product Development

The MCB has been working hard to improve its branch network, with five branches completely remodelled during FY 2008/09.
These new branches aim to create a more pleasant atmosphere and reinforce the MCB brand. They also foster greater customer proximity while making it easier for customers to access the bank's offerings.
The MCB has widened its ATM park to 146 locations, providing customers with more convenient access to their money.
The bank has also introduced 'cash only' ATMs at large branch lobbies, allowing customers to withdraw cash quickly and easily.
The first ever 'Forex' ATM in Mauritius was launched at the Caudan and Flic en Flac branches, enabling customers to exchange foreign currency into MUR 24/7.
Recommended read: Access Bank Ghana Plc
Business and Operations
The Mauritius Commercial Bank has seen significant growth in its sales over the years. By 2024, sales had reached a staggering 32.91 billion.
The bank's sales can be broken down into several categories, including banking, non-banking financial, and other investments. In 2024, banking sales accounted for the majority of the bank's revenue, at 32.91 billion.
Here's a breakdown of the bank's sales by category:
The bank's sales have been steadily increasing over the years, with a significant jump in 2023 and 2024.
Business Model
The Mauritius Commercial Bank Ltd. has a two-pronged strategy of product diversification and regional development. This approach has been effective for the bank, which has a 167-year track record of success.
The bank has a strong commitment to innovation and customer satisfaction. It has invested heavily in human and technological resources to deliver a comprehensive range of services quickly, cheaply, and efficiently.
The bank's vision is to become a single window offering a full-fledged package of financial services. This goal is being achieved through the extension of domestic activities into non-banking financial services.
The bank's diversification strategy involves furthering the extension of domestic activities into non-banking financial services and strengthening its presence in foreign markets. This approach has already shown success, with the bank's foreign subsidiaries experiencing growing success.
The bank's competitive strategy is to substantially increase the contribution of subsidiaries and associated companies to the Group's profit. This is being achieved through various business development initiatives.
Here is a breakdown of the bank's sales by activity:
The bank's sales have been increasing, with the banking segment showing significant growth.
Services and Products
MCB provides a wide range of banking and financial services to individuals and corporate customers around the world.
The company offers various types of accounts, including current, savings, fixed deposit, foreign currency, and foreign currency term deposit accounts.
MCB also provides credit and debit cards, bank guarantees, safe deposit lockers, and confidential reports.
In addition to these services, MCB offers various loan options, such as car, educational, housing, personal, and other loans.
The company's services extend to private banking and leasing, as well as nightsafe, merchant, fleet management, payroll, registrar, secretarial, and factoring services.
Here's a breakdown of MCB's geographical sales:
MCB's services also include international payment services, trade financing products, and travelling services like foreign bank notes and travellers checks.
For your interest: Banks and Banking Services
News and Media
Mauritius Commercial Bank has a strong presence in the media, with various news outlets covering its activities and achievements. The bank has been featured in prominent local newspapers such as the L'Express and Le Mauricien.
The bank's commitment to innovation has been recognized by the media, with reports highlighting its adoption of digital banking solutions. For instance, its mobile banking app has been praised for its user-friendly interface and robust features.
The bank's leadership has also been in the spotlight, with the CEO being interviewed by local business magazines about the bank's growth strategy and vision for the future.
Latest News:
The Latest News section of our database is filled with updates on various companies and projects. MCB Group Limited has been quite active in recent times, with earnings results reported for the second quarter and six months ended December 31, 2024, as well as the first quarter ended September 30, 2024.
MCB Group Limited also announced board changes on September 27, 2024. This news was likely significant for investors and stakeholders. The company's earnings results for the full year ended June 30, 2024, were also reported on September 26, 2024.
Take a look at this: Central Banks Buying Gold 2024

Here's a list of some of the key news updates for MCB Group Limited:
- MCB Group Limited Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2024 (February 14, 2024)
- MCB Group Limited Reports Earnings Results for the First Quarter Ended September 30, 2024 (November 12, 2024)
- MCB Group Limited Announces Board Changes (September 27, 2024)
- MCB Group Limited Reports Earnings Results for the Full Year Ended June 30, 2024 (September 26, 2024)
- MCB Group Limited Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2024 (May 14, 2024)
Celsius Resources has also been making headlines, with notable news including the approval of a feasibility study for their MCB project on August 15, 2023.
Press Releases
The Mauritius Commercial Bank Ltd. has made several announcements through press releases in the past.
In November 2024, the bank issued a communique.
The bank has also announced a shareholder meeting, scheduled for October 24, 2024.
MCB declared a dividend on September 27, 2024.
The bank made another dividend declaration on the same date, September 27, 2024.
In July 2024, the bank issued a communique.
Here are the details of the press releases:
MCB
Mauritius Commercial Bank has a long history dating back to 1838. It was founded by the British and was initially known as the Mauritius Commercial and Agricultural Bank.
The bank's name was later changed to Mauritius Commercial Bank in 1973. This change reflected the bank's focus on commercial banking services.
MCB has a significant presence in the country, with a network of over 50 branches across Mauritius. This extensive network allows the bank to reach a wide range of customers.
MCB offers a range of financial products and services, including personal and business banking, loans, and investment services. These services cater to the diverse needs of individuals and businesses in Mauritius.
The bank has a strong reputation in the country, with a long history of stability and security. This reputation is reflected in its high level of customer loyalty.
See what others are reading: PNC Financial Services
Frequently Asked Questions
What is the Mauritius Commercial Bank scandal?
The Mauritius Commercial Bank scandal, also known as "Black Friday," was a major financial fraud that resulted in the misappropriation of over Rs. 600 million between 1991 and 2002. This large-scale embezzlement was uncovered by the bank in 2003, leading to a significant financial scandal in Mauritius.
Which countries have Mauritius Commercial Bank?
Mauritius Commercial Bank has a presence in 10 countries, including Madagascar, Seychelles, and the UAE, with a global network of correspondent banks. For a full list of countries where MCB operates, please see our website.
Sources
- https://en.wikipedia.org/wiki/Mauritius_Commercial_Bank
- https://www.marketscreener.com/quote/stock/THE-MAURITIUS-COMMERCIAL--6500486/
- https://www.marketscreener.com/quote/stock/THE-MAURITIUS-COMMERCIAL--6500486/company/
- https://www.ide.go.jp/English/Data/Africa_file/Company/mauritius04.html
- https://arda.africa/mauritius-commercial-bank-mcb/
Featured Images: pexels.com