By David Agba
Abuja
The Mauritius Commercial Bank (MCB) has affirmed its growing African ambitions through its participation as one of the four Diamond Sponsors of the on-going Africa CEO Forum.
This event, one of major rendezvous of the financial and corporate African scene, has about 800 participants from 38 countries in Geneva is ending today, 17th of March 2015 with discussions to be held in relation to the strategic priorities of the African private sector.
“The Africa CEO Forum will help boost MCB’s brand visibility and its regional ambitions,” said Antony Withers, MCB’s Chief Executive. “We will be able to showcase our internal capabilities and product offerings to the top African business leaders and the most influential players in African and international finance
. It will also allow MCB to engage in constructive dialogue on Africa’s growth dynamics and how the private sector can contribute towards advancing sustainable economic progress across the continent.”
As such, 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.
These endeavours are underpinned by the group’s presence across 10 countries through its subsidiaries, associated company and representative offices. Reflective of its growing African aspirations, foreign-sourced income accounts for nearly half of the Group’s net profit, principally stemming from the region and the African continent.
Head of MCB’s International division, Raoul Gufflet, said: “We have not waited for Africa to be in the spotlight as ‘the new place to be’ to spread our wings across the continent, 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.
“We are 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,” added Gufflet.