Mauritius Commercial Bank gets central bank approval for Kenya foray in 2015
MCB noted that Kenya is an inevitable platform for a company reaching out to East Africa and the African Great Lake region. (Image: GHA)
The Africa strategy adopted by the MCB Group, the biggest bank by market value in East Africa and the Indian Ocean region, has hit a new milestone with the expansion of their activities on the African continent.
Next year, the banking group will start its operations in Kenya with a representative office in Nairobi.
The MCB Group has received the approval of the Central Bank of Kenya and it will be the second office under the representative office category on the African continent after that of Johannesburg in South Africa, which was opened in 2008.
The choice of Kenya is very strategic, as the economy is one of the most dynamic on the African continent.
An official communiqué from MCB outlined that “Kenya is an inevitable platform for a company reaching out to East Africa and the African Great Lake region. It is indeed a country that boasts a dynamic banking sector and a young population, with an economy that is open to the African continent and the world.”
Jan Morren, who was appointed the Chief Representative Officer (CRO) in Nairobi, has worked in Africa for many years.
He earlier served as the CRO of the representative office at MCB Johannesburg which is now managed by Jean Rey.
The office at Nairobi will offer specialised skills in structured financing, asset management and Corporate Finance.
Raoul Gufflet, Head of International Division, MCB, highlighted that South Africa and Kenya are two important observation posts which should allow the Bank to appreciate the tectonic movements of the banking sector in Africa and to position itself favourably to take advantage of future developments.