The Mauritius Commercial Bank (MCB) is focused on securing new business across the African continent and engaging in organic growth by increasing cross-border financing and entering into regional ventures, strategic partnerships or alliances, according to Raoul Gufflet, Head of MCB’s International division.

“We have not waited for Africa to be in the spotlight as ‘the new place to be’ to spread our wings across the continent,” said Gufflet.

“Today, our ambition to widen and deepen our footprint in sub-Saharan Africa and beyond can be explained by the generally appreciable macroeconomic performance and prospects posted by a number of African countries,” he added.

MCB has gradually increased its involvement in Africa.

MCB bundles its industry capabilities to service some 100 financial institutions covering around 30 African countries.

The Bank is also active through classic short-term finance with more than 50 African banks and participates on the syndicated loan market through deals in African countries, as much as in the secondary market for the purchase and sale of risks, backed by its signing of 18 Master Risk Participation Agreements with top-tier African banks.

The Bank has made major strides in terms of structured finance across the commodity trade value chain, with activities revolving around the provision of self-liquidating finance facilities to regional oil traders and importers, as well as to some of the world’s top commodity traders.

MCB has grown into a privileged partner for asset-based structured project finance in sectors spanning energy and power generation, infrastructure, telecommunications and hospitality across sub-Saharan Africa and the region.

These endeavours are underpinned by the Group’s presence across ten countries through its subsidiaries, associated company and representative offices.

MCB accounts for a quarter of the market capitalisation on the Stock Exchange of Mauritius.

Antony Withers, MCB CEO, said: “Mauritius has made appreciable headway in refocusing on the African continent as part of its market and geographical diversification strategy in light of the new ‘Africa rising’ narrative.”

“The country is strategically positioned between Africa and Asia and benefits from a wide network of bilateral agreements, with 19 Double Taxation Avoidance Treaties and 20 Investment Promotion and Protection Agreements currently in force with African countries. It is well integrated in major regional economic and trading blocs, such as the Southern African Development Community, the Common Market for Eastern and Southern Africa and the Indian Ocean Rim Association for Regional Cooperation,” he said.