MCB restructuring exercise goes on with appointment of three top management executives
MCB, which embarked on an organisational restructuring in 2013 with the division of its activities into three segments, continues itsrestructuring exercise with three new top management executives to assume the post of the Chief Executive Officer of MCB Investment Holding Ltd and the twin posts of Deputy Chief Executive Officers at MCB Ltd.(Image:Company)
Mauritian financial services major, the MCB Group Limited, has appointed three new executives within the framework of its restructuring exercise.
One post is that of the Chief Executive Officer of MCB Investment Holding Ltd, which Jean Michel Ng Tseung will assume, assuring him a place in the top-tier of the management hierarchy of the MCB Group.
Moreover, upon the departure of Jean-François Desvaux de Marigny, erstwhile Deputy Chief Executive of MCB Ltd, Alain Law Min and Raoul Gufflet will jointly assume this role.
Since the restructuring exercise began in 2013, the MCB Group continues its transformation involving the separation of its activities into three segments— banking, non-banking and other investments —resulting in the creation of MCB Group Ltd, MCB Investment Ltd and MCB Ltd.
Jean-Michel Ng Tseung, who was previously the Corporate Head of SBU, becomes the CEO of MCB Investment Holding Ltd. His main function will centre on the financial managementof banking activities, while assuring coordination with the other entities of the Group. He will also ensure a smooth relationship with MCB investors.
Further, Corporate SBU and International SBU are set to merge to become the Corporate and Institutional Banking SBU. This new structure will have Raoul Gufflet as the executive in charge, who becomes, in effect, a Deputy Chief Executive Officer of MCB Ltd.
The head of the Retail Banking SBU, Alain Law Min, for his part, also becomes a Deputy Chief
Executive of MCB Ltd.
For his part, Jean-François Desvaux de Marigny will retire from the 1st of July 2015,marking the completion of 29 years of service within the MCB Group. Since 1986, he has played a leading role in the development of MCB and its regional expansion and, in the process, he has notched a noteworthy contribution to the development of the financial sector of the island economy as a whole.