MCB Group

Not to be confused with Mauritius Commercial Bank.
MCB Group Limited
Public
Traded as SEM:MCBG
Industry Financial Services
Founded
  • 1 September 1838 (1838-09-01) (as Mauritius Commercial Bank)
  • 1 April 2013 (2013-04-01) (as MCB Group, as parent holding company to Mauritius Commercial Bank, which is now as a subsidiary)
Founder Mr. James Blyth
Headquarters 9-15, Sir William Newton Street,
Port Louis, Mauritius
Number of employees
3,011 (2015)
Website MCB Group

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

Overview

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

MCB Group was founded in 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

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

Banking operations

Non-banking financial

All the Non-banking financial investments are based in Port Louis, Mauritius.

Other investments

All Other investments are based in Port Louis, Mauritius.

Ownership

The stock of MCB Group is listed on the SEM. As at March 31, 2015, shareholding in the group's stock was as depicted in the table below:[1]

MCB Group Limited stock ownership
Rank Name of owner Percentage ownership
1 National Pension Fund 4.4
2 The Anglo-Mauritius Assurance Society Limited 3.1
3 Promotion & Development Limited 2.1
4 La Prudence 1.5
5 State Insurance Company of Mauritius Ltd 1.5
6 Others 87.4
Total 100

Governance

MCB is governed by a nine-person board of directors with Pierre Guy Noel as the group chief executive officer.[9]

See also

References

  1. 1 2 "MCB Group at a glance". MCB Group. Retrieved 2015-06-26.
  2. "SEM Top 10 Companies" (PDF). Stock Exchange of Mauritius. 2015-06-30. Retrieved 2015-07-01.
  3. Arouff, Jean Paul (May 14, 2015). "Mauritius Commercial Bank Group profit up, optimistic for full year". Reuters. Thomson Reuters. Retrieved July 1, 2015.
  4. "The TOP 100 Companies of Mauritius". Business Magazine. Business Publications Limited. Retrieved 2015-07-01.
  5. "Mauritius Commercial Bank - Statement to Shareholders" (PDF). http://www.mcbgroup.com/. MCB Group. 15 November 2013. Retrieved 26 June 2015. External link in |website= (help)
  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". April 4, 2014. Retrieved July 1, 2015.
  8. "MCB Group 2014 Annual Report" (PDF). http://www.mcbgroup.com. MCB Group. 2014-06-30. Retrieved 2015-06-26. External link in |website= (help)
  9. "MCB Group - Directorate". MCB Group. Retrieved 2015-07-01.
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