For the third year running and for the seventh time in nine years, MCB scooped the prestigious “Bank of the Year” Award issued by The Banker, a major entity of the Financial Times.
Mr. Alain Law Min, Chief Executive and Vicky Hurrynag, Head, Strategy and Research, MCB Ltd received the award on Wednesday 30th November, during the gala night held at Hilton Bankside Hotel, London. The award ceremony was hosted by famous journalist and T.V anchor, Michael Buerk.
In its December edition, The Banker analyses and probes into MCB’s performance for the year 2016 and substantiates why it won the award.
“As an open and globally integrated country, Mauritius’s economy has been buffeted by regional and international headwinds in recent years. But the sophistication and strength of its banking sector has meant that many of the country’s lenders have nevertheless been able to post stellar growth numbers. Mauritius Commercial Bank (MCB), this year’s country winner, is no exception. By year-end 2016, net profits had increased by 14.9%, while total assets and Tier 1 capital grew by 12% and 10%, respectively. These strong numbers were achieved despite an array of challenges at home and abroad.”
The Banker quotes Alain Law Min as follows: “The bank pursued its business growth [strategy] in spite of challenging operating conditions that prevailed on both the domestic and regional fronts. In Mauritius, sluggish investment levels and growing recourse to non-bank financing by corporates continued to impact the demand for credit”.
The Banker also lays emphasis on MCB’s sound strategy and its cautions growth across the African continent. “With a strategic outlook that focuses on an expansion of the bank’s offerings and frontiers, and the completion of its transformation into a digital lender with a human touch, MCB is not short of ambition. Indeed, its cautious growth across the African continent is granting the bank a strong footprint in fast-growing markets in southern and eastern Africa. In tandem, MCB’s project finance business is branching out to new and swiftly developing markets including Kenya, Tanzania, Rwanda, Côte d’Ivoire and Ghana, among others. In doing so it is also widening its participation to new industries, including shipping, telecommunications, aviation and solar energy”.
Mr. Law Min also added: “MCB has sharpened its focus on growth pillars and pursued its regional market diversification agenda. Towards those ends, it has judiciously leveraged its human and physical resources, while furthering technological innovation”.