Mauritius Commercial Bank teams up with Société Générale to boost operations in Mozambique
Mauritius Commercial Bank (MCB) Group will further its expansion in Mozambique in partnership with Société Générale. As per an agreement signed yesterday, Société Générale will become a shareholder of MCB Moçambique. This operation is subject to the approval of the central bank of Mozambique.
A new boost
MCB Moçambique started operating in Maputo in August 1999 in order to better serve Mauritian entrepreneurs venturing into Africa. Over the years, it has widened its client base and now serves all the sectors of the Mozambican economy through two branches located in Maputo and Matola. By joining forces, MCB Group and Société Générale will provide the bank with important resources that will enable it to offer more services – particularly in terms of financing to local and international businesses – and extend its network of branches in a fast developing country.
Sustained growth
Mozambique has posted one of the strongest growth rates recorded globally over the past decade. The country has strong development potential, particularly in infrastructure further to the recent discovery of vast gas reserves. According to the International Monetary Fund, the Mozambican economy should grow by 7.5% in 2015. As Mozambique becomes one of the world’s biggest exporters of liquefied natural gas, the size of its economy is expected to increase tenfold by 2035.
Longstanding cooperation
In Mozambique, MCB Group and Société Générale will deepen a cooperation that started in 2003 with a joint-venture for the management of Banque Française Commerciale Océan-Indien (BFCOI). The latter now operates 21 branches in Réunion, seven in Mayotte and one in Paris.
An increasing presence
MCB Group is present in ten countries through the MCB and BFCOI brands as well as representative offices: Mauritius, Seychelles, Madagascar, Maldives, Mozambique, South Africa, Kenya, Réunion, Mayotte and France. It is the largest bank in East Africa and is firmly focused on securing new business across the continent and engaging in organic growth by increasing cross-border financing and entering into regional ventures, strategic partnerships or alliances. Reflective of its growing African aspirations, foreign-sourced income accounts for nearly half of the Group’s net profit, principally stemming from the
Indian Ocean region and the African continent. Over the past years, MCB Group has served over 100 businesses and financial institutions in 28 African countries.
Pierre Guy Noël, MCB Group Chief Executive: “This association with Société Générale, our longstanding partner in BFCOI, will provide important resources to MCB Moçambique. It will enable the bank to boost its operations and widen its network of branches while consolidating MCB Group’s footprint in Africa.”