MCB expands in Africa; Société Générale to be shareholder of Mozambique Branch
MCB has announced a partnership with Société Générale today under which the Mauritius-based financial services major is teaming up with French-based Société Générale to speed up the development of its branch in Mozambique. (Image: sbd2050)
Mauritius Commercial Bank (MCB), the largest financial services provider in Mauritius, is teaming up with French-based Société Générale to speed up the development of its branch in Mozambique.
MCB has announced a partnership with Société Générale on Thursday 19th of March 2015. The French-based financial major will join the shareholding of MCB to beef up the services of the Mauritian bank particularly in terms of funding of local and international businesses and the extension of its network of branches in the fast developing economy of Mozambique.
The partnership – which is yet to be approved by the central bank of Mozambique – will strengthen the ties between the two banks, which are incidentally not in a first collaboration. Back in 2003, MCB and Société Générale embarked on a fruitful joint-venture to manage the Banque Française Commerciale Océan Indien (BFCOI). The institution has now 21 agencies in Reunion, 7 in Mayotte and 1 in Paris.
Commenting on the partnership, Pierre Guy Noël, the Chief Executive of MCB Group explained that the collaboration with Société Générale will strengthen the presence of the Mauritian bank in Africa.
Africa`s weight in the global economy is growing and Mozambique illustrates the continent`s success story. Since the past ten years, the South Eastern country is considered among the fastest-rising economies on the world stage. Further, with the discovery of gas reserves, the country is just embarking on a journey to explore its full development potential.
The way the International Monetary Fund sees it, Mozambique will achieve an economic growth of 7.5 % this year itself. But sights are already set on the future where the size of the Mozambican economy is expected to grow ten-fold in 2035, given that the country is well positioned to become one the world’s most important liquefied gas exporter.
As for MCB, the bank had started its operations in Mozambique in August 1999 to serve Mauritian firms which were expanding in the country. Over the years MCB has diversified its customer-base. Today, the Mauritius bank assist all sectors of the Mozambican economy with its two branches in Maputo and Matola.