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Societe Generale becomes shareholder in MCB Mozambique.

Mauritius Commercial Bank (MCB) Group and Societe Generale signed an agreement on 18 March for Societe Generale to become a shareholder in the Group's Mozambique branch, subject to the approval of the central bank of Mozambique.

The banks did not disclose the size of Societe Generale's share, but the two partnered in 2003 on the joint-venture management of Banque Francaise Commerciale Ocean-Indien (BFCOI), now operating 21 branches in Reunion, seven in Mayotte and one in Paris.

"This association with Societe Generale, our longstanding partner in BFCOI, will provide important resources to MCB Mozambique. It will enable the bank to boost its operations and widen its network of branches while consolidating MCB Group's footprint in Africa," Pierre Guy Noel, MCB Group CEO, said.

MCB Mozambique started operating in Maputo in August 1999 in order to better serve Mauritian entrepreneurs venturing into Africa. Over the years, it has widened its client base and now serves all the sectors of the Mozambican economy through two branches located in Maputo and Matola.

MCB Group noted that Mozambique has posted one of the strongest growth rates recorded globally over the past decade. The country has strong development potential, particularly in infrastructure further to the recent discovery of vast gas reserves. According to the International Monetary Fund, the Mozambican economy should grow by 7.5 per cent in 2015. As Mozambique becomes one of the world's biggest exporters of liquefied natural gas, the size of its economy is expected to increase tenfold by 2035.

MCB Group is present in ten countries through the MCB and BFCOI brands as well as representative offices: Mauritius, Seychelles, Madagascar, Maldives, Mozambique, South Africa, Kenya, Reunion, Mayotte and France. It is the largest bank in East Africa and is firmly focused on securing new business across the continent and engaging in organic growth by increasing cross-border financing and entering into regional ventures, strategic partnerships or alliances. Reflective of its growing African aspirations, foreign-sourced income accounts for nearly half of the Group's net profit, principally stemming from the Indian Ocean region and the African continent. Over the past years, MCB Group has served over 100 businesses and financial institutions in 28 African countries.

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Publication:CPI Financial
Geographic Code:6MOZA
Date:Mar 19, 2015
Words:374
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