The Mauritius Commercial Bank (MCB) has made history by being named The Banker’s African Bank of the Year at the annual Bank of the Year Awards in London, marking the first time a Mauritian bank has won this prestigious title.
The award, presented to MCB’s CEO, Thierry Hebraud, and senior executives at a ceremony held on December 4, underscores the bank’s prominence as a leading financial institution in Africa and highlights the strength of the Mauritius International Financial Centre (MIFC).
The accolade also comes with a third consecutive win for MCB as Best Bank in Mauritius, further cementing its leadership position in the region. “This award is the culmination of years of hard work by our teams, both in Mauritius and across our international operations,” said Thierry Hebraud. “It reflects our commitment to supporting the socio-economic progress of Africa and to delivering value for our clients. This recognition is both an honour and a testament to the strength of our business model and our strategy.”
The Banker magazine praised MCB for its robust growth and digital transformation, particularly in the trade finance sector. The bank’s 11.3% revenue growth for the year ending June 2024 was driven in part by the launch of its Global Trade Portal in collaboration with French fintech Eexpand. The platform, designed to enhance trade connectivity and provide valuable market intelligence, supports over 1 million importers and offers access to 25,000 trade reports.
MCB’s expansion in the African market was also highlighted, with the bank opening a new office in Lagos, Nigeria, in August 2023. This move is seen as a strategic effort to strengthen its presence and better understand the dynamics of African markets. The Banker also noted significant upgrades to MCB’s IT infrastructure, which have streamlined operations and reduced system update times by 50%, improving efficiency across the bank.
In addition to its success in trade finance and digital innovation, MCB’s financial performance has been exceptional. The bank’s assets grew by 13.6% year-over-year to reach USD 18.8 billion, surpassing Mauritius’ GDP of USD 14.9 billion. Total deposits rose by nearly 20% to USD 14.7 billion, while net interest income surged by 21.3% to USD 488 million. Profit after tax grew by 19.2%, reaching USD 336 million, with international activities contributing to 66% of this figure.
MCB’s success can also be attributed to its focused strategy of excelling in niche markets, supported by strong local partnerships. “Our business model does not require us to have branches across the continent,” explained Hebraud. “We focus on specialized markets where we can deliver superior results, leveraging proximity to clients and deep local knowledge.”
This prestigious award not only recognises MCB’s remarkable growth and achievements but also serves as a significant milestone for Mauritius and the MIFC. “Winning The Banker’s African Bank of the Year is a proud moment for Mauritius, and it highlights the growing international reputation of the MIFC,” Hebraud concluded.
With this latest accolade, MCB has firmly established itself as a major player in Africa’s financial sector, demonstrating its commitment to sustainable growth, innovation, and regional economic development.
