The Mauritius Commercial Bank (MCB) has been awarded the 2023 Deal of the Year Award for the Middle East and Africa by Project Finance International, as well as the Financial Institutions/Bank Bond Deal of the Year.
This recognition highlights Mauritius’ growing reputation as a leading International Financial Centre (IFC) that effectively connects Gulf capital to emerging markets in Africa, with MCB at the forefront of this development.
Thierry Hebraud, CEO of MCB, has shed light on what sets Mauritius and its banking sector apart, emphasizing how the financial services industry defines its competitive advantage.
He explains, “Our banking sector, dating back to the 1830s, is the oldest in Africa and boasts a rich tradition in financial services.”
He further notes that “this historical depth plays a crucial role in making our banking environment both robust and dynamic.”
The banking activity in Mauritius significantly contributes to both employment and the Gross Domestic Product (GDP), making it essential to the Mauritian economy.
Hebraud points out that “loans from Mauritius’ banking sector represent over 60% of the country’s GDP.
Such a high level of involvement is quite rare, not only in Africa but globally as well. This positions our banking sector as a fundamental component of Mauritius’ economic framework.”
Mauritius holds a strategic geographic position between Africa and Asia, facilitating cross-border transactions and channeling significant investments towards Africa, while also being a major investor in India.
The country acts as a financial hub, attracting venture capital funds. The banking sector includes non-resident deposits that are nearly double the country’s GDP.
MCB plays a crucial role in this dynamic, particularly in directing flows towards Africa in collaboration with African and international banks active on the continent.
Hebraud states, “MCB leads the way in Mauritius, serving a diverse clientele of local and foreign businesses, private equity funds, and pan-African companies.
Our services range from routine banking needs to complex financing solutions. We have embraced digital solutions to meet the requirements of international clients, and are at the forefront of technological advancements.”
Hebraud strongly advocates for collaborative relationships and emphasizes the importance of developing expansive platforms, believing that our partnership with the Dubai International Financial Center (DIFC) and joint financing efforts with Gulf Cooperation Council (GCC) banks will support initiatives targeting sub-Saharan Africa.
He explains how Mauritius continuously adapts to meet the evolving demands of the global financial sector, stating that “our dedication to innovation and regulatory compliance uniquely positions us as a gateway for GCC investors looking to invest in Africa.”
Source: l’Express
