Mauritius Commercial Bank on track with strategic development plan
Antony Withers went on to note that major challenges would arise from the sluggish global economic environment – Europe and some Asian countries, including China and India – which are experiencing a decline in growth rates. (Image: MCB)
Mauritius-based banking major, Mauritius Commercial Bank (MCB), announced in the November 2014 edition of its magazine The Source7 that a strategic development plan covering a period of three to five years is being prepared.
Following the financial restructuring of the banking group, Antony Withers, the Chief Executive of the Bank, has set a goal to adopt a strategic plan for the above period with the assistance of consulting firm Oliver Wyman and the plan itself should be completed by the end of November 2014.
Commenting on the fiscal year ended June 30, 2014, Antony Withers stated that the business and revenues of the bank continued to see growth in a challenging business environment, with all departments making solid contributions.
The latter highlighted the fact that the bank had to provide for a substantial amount of bad debts attributable to operations in India.
Besides, the bank had to deal with excess liquidity and decline in interest rate on the market.
Additionally, it had to undergo an effective tax rate of 25% on local activities, and in the wake of the implementation of an additional bank levy of 10%.
Antony Withers went on to note that major challenges would arise from the sluggish global economic environment – Europe and some Asian countries, including China and India – which are experiencing a decline in growth rates.
Managing risk appropriately while providing quality service to customers are important elements leading to the path of progress as well.
Moreover, Raoul Gufflet, Head of International SBU at the MCB, said that the banking group is now turning to foreign countries as the international department contributed nearly Rs 1.5 billion to the global revenue of the bank in 2013-2014.
This has been achieved through a series of activities such as import financing, financing of petroleum operations in Africa, structured funding of projects in Indian Ocean islands, and participation in projects in Africa, among others.
The group has the technical skills as well as human and financial resources to consider a rapid and sustainable development of its franchise abroad, according to Raoul Gufflet, who is confident of the expansion of MCB in Africa.
Finally, the latter noted that Africa is the continent where MCB will focus its efforts and it would be great for the MCB group to have a presence in the financial center of Dubai.