Further to the restructuring exercise initiated in 2013, the Group has separated its banking and non-banking operations. The reorganisation led to MCB Group Ltd acting as the ultimate holding company of the Group. The subsidiaries and associates thereof operate under three business clusters, i.e. ‘Banking’, ‘Non-banking financial’, and ‘Other investments’. MCB Investment Holding Ltd, a wholly-owned subsidiary of MCB Group Ltd, is the holding company of all the banking investments of the Group, namely MCB Ltd and the foreign banking subsidiaries and associates.
During FY 2015/16, investments in MCB Seychelles and MCB Maldives have been transferred from MCB Ltd to MCB Investment Holding Ltd. MCB Madagascar will follow the same course once regulatory approvals are obtained. On another note, Société Générale Moçambique has become an associate of MCB Group Ltd. This follows the acquisition, by Société Générale, of a stake in the former subsidiary, i.e. MCB Moçambique, in October 2015, towards boosting the entity’s operations and market expansion. Regarding the ‘Non-banking financial’ cluster, MCB Microfinance Ltd, whose aim is to help the smaller entrepreneurs get easier access to loans, has lately been launched as a wholly-owned subsidiary of MCB Group Ltd.