“MCB Strengthens Its Mauritian Roots While Expanding Internationally”

MCB Ltd continues its international expansion, particularly in Africa, while remaining firmly rooted in Mauritius. Thierry Hebraud, the CEO of MCB Ltd, explained in an interview that despite the bank intensifying its international expansion, its local roots remain its strength.

From a solely local bank, MCB has become a regional, and then an international player. Despite this expansion beyond Mauritius and the Indian Ocean, the bank remains deeply embedded in the socio-economic fabric of Mauritius.

Mauritian Identity

Thierry Hebraud, CEO of MCB Ltd since the beginning of the year, is convinced that the bank maintains its Mauritian identity while developing its activities in the region and in Africa. In an exclusive interview available on MCB’s YouTube channel, he explains that it is the Mauritian bank that enabled the international bank to develop, and that one can only continue to shine abroad if one continues to be a leader in Mauritius. One cannot exist without the other. He states: “MCB is intimately linked to the economy and culture of Mauritius. It is our roots in Mauritius that have enabled this international expansion.”

With nearly 186 years of existence, the bank has weathered major economic and social changes, and can today boast of being both a local and international institution. Thierry Hebraud highlights the challenge of providing optimal service to each client, whether in Mauritius or abroad: “Today, I lead two banks, one local and one international; and one of my challenges is to ensure we provide optimal service to each client, both locally and internationally.”

Delving deeper into MCB’s Mauritian roots, Thierry Hebraud explains how the local financial centre (Mauritian International Financial Centre) has been an essential springboard for the bank’s international activities. The bank has been able to benefit from Mauritius’ strategic position as a financial hub between Asia, Europe, the Middle East, the United States, and Africa. “The MIFC gave us visibility and allowed for exceptional positioning,” says the CEO of MCB Ltd.

Supporting the Economy

Thierry Hebraud also recalls how the bank was intrinsically linked to the development of the textile sector more than 30 years ago, although he admits it might have had a negative financial impact on the company. “This sector enabled the emergence of a middle class in Mauritius, and as a bank, we benefit from this middle class,” explains Thierry Hebraud. The lesson to be learned, he adds, is “not to settle for the immediacy of what we do.” 

More recently, MCB played a key role in supporting the economy following the Covid-19 pandemic, working with authorities to put the country back on the path to growth.

Aware of current environmental issues, MCB is also at the forefront of Mauritius’ transition to a low-carbon economy, offering preferential loans to support this transition. Thierry Hebraud emphasizes the urgency of addressing beach erosion, a phenomenon having a negative economic impact on tourism, a major pillar of the Mauritian economy.

African Expansion

Regarding the bank’s African expansion, Thierry Hebraud specifies that MCB engages in niche activities, particularly financing the oil and gas sectors, as well as investments in private equity. “MCB is the leading African bank for oil and gas. Africa needs an energy mix that includes fossil fuels for its development,” he states. The CEO adds that the bank sees great potential in the private equity sector in Africa, capitalizing on the withdrawal of large international banks.