LONDON, Dec 4, 2024 — The Mauritius Commercial Bank Ltd (MCB) has made history by becoming the first Mauritian bank to be named African Bank of the Year by The Banker Magazine, a publication of the Financial Times. The award was presented at the prestigious Bank of The Year Awards 2024 in London.
MCB’s Chief Executive Officer, Thierry Hebraud, accompanied by Dipak Chummun, Chief Finance Officer of MCB Group, and Ashvin Deena, Head of Global and International Corporates, accepted the accolade during the ceremony. In addition, MCB was honored with the Best Bank in Mauritius award for the third time in five years, solidifying its reputation as a financial leader on the continent.
The recognition underscores MCB’s position as a powerhouse in African banking and highlights the strength of the Mauritius International Financial Centre (MIFC). Speaking at the ceremony, Hebraud expressed gratitude for the acknowledgment, emphasizing the years of dedication that led to the achievement.
“This award is the result of years of hard work by all our teams, both in Mauritius and across our international operations. It is truly an honor to receive such a prestigious recognition, which not only acknowledges our efforts but also serves as a testament to our unwavering commitment to contributing to the socio-economic progress of the continent. This achievement reflects the positive impact we aim to make through our strong business model and dedication to our clients,” said Hebraud.
The Banker Magazine highlighted MCB’s sustained success and growth, particularly in its core trade finance business. Significant digital upgrades and international expansions within the award review period contributed to the bank’s strong performance. Notably, MCB’s foray into sustainable finance further cemented its leadership in the African banking sector.
The publication noted, “MCB continues to post success and growth within its core trade finance business, which has seen both digital upgrades and international expansion during the award review period. Such achievements, especially within the sustainable finance field, make MCB this year’s Bank of the Year for Africa.”
MCB’s trade finance initiatives have been a key driver of its 11.3 per cent revenue growth for the fiscal year ending June 2024. Among the standout innovations is the Global Trade Portal, launched in collaboration with French fintech Expand. The platform offers clients market intelligence, networking opportunities, and insights into international trade, covering over one million importers, 10,000 trade shows, and 25,000 market reports.
Furthering its international ambitions, MCB established a new entity in Luxembourg in November 2023 to support its trade finance activities, focusing on credit protection services. The initiative aligns with European Union regulations and deepens collaborations with long-standing EU partners.
The awards affirm MCB’s leadership on the African continent and its role in positioning Mauritius as a significant financial hub. By embracing innovation, expanding globally, and focusing on sustainable finance, MCB has set a benchmark for excellence in the banking sector.
This historic achievement not only honors MCB’s accomplishments but also paves the way for continued growth and influence in Africa’s financial landscape.
