MCB upgrades presence in Dubai, gets DFSA/Category 4 license

The Mauritius Commercial Bank (MCB) has been licensed by the Dubai Financial Services Authority to provide Advising and Arranging services.

Mr Sebastian Graewert has been appointed as the Senior Executive Officer of MCB DIFC Branch, MCB’s first branch in the Middle East region.

The Mauritius Commercial Bank had previously established a Representative Office in the DIFC in July 2019.

“The UAE has 20 Double Taxation Agreements (DTAs) in force with African countries, while Mauritius have 16. When combining these DTAs, more than 60% of African countries are covered,” the MCB said in a communique published on its website.

This expansion of the MCB’s scope to the Middle Eastern region is said to be aligned with its mandate to further facilitate transactions to and from Africa.

The bank is rated Baa3 by Moody’s.

Alain Law Min, Chief Executive Officer, MCB Ltd: “We are upgrading our presence in the DIFC from a representative office to a Branch with a DFSA/Category 4 license, which demonstrates our commitment to UAE and MENA-based clients and our interest in contributing to further trade and investment flows between this region and Africa.”