Mauritius Commercial Bank
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| Private Subsidiary | |
| Industry | Financial Institution |
| Founded | 1 September 1838 |
| Founder | Mr. James Blyth |
| Headquarters | 9-15, Sir William Newton Street, Port Louis, Mauritius |
| Products | Banking |
|
Number of employees
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2,950 (2013) |
| Parent | MCB Group |
| Website | Mauritius Commercial Bank |
Mauritius Commercial Bank (MCB) is a commercial bank in Mauritius. It was one of the commercial banks licensed by the Bank of Mauritius, the country's central bank and the nation's banking regulator. The bank's headquarters are located in Port Louis, Mauritius.
Mauritius Commercial Bank, founded in 1838, is the oldest and largest banking institution of Mauritius. It is also the oldest banking institution south of the Sahara and one of the oldest banks of the Commonwealth to have preserved its original name. MCB has a local network of 40 modern branches and 150 ATMs
The holding structure of the MCB Group translates its two-fold strategy namely diversification into financial services through local subsidiaries and associated companies and regional expansion through its foreign subsidiaries. MCB operates in Madagascar, Maldives, Mozambique and Seychelles. The Group has also consolidated its presence in Réunion, Mayotte and Paris through BFCOI, its associate. The MCB opened a representative office in Johannesburg, South Africa in 2008. Moreover, the Group is actively involved in project and trade financing in various countries of the sub-Saharan region, while being engaged in other markets such as India.
The Mauritius Commercial Bank’s history started on September 1, 1838 when Governor Sir William Nicolay proclaimed the establishment of 'La Banque Commerciale de l'îsle Maurice' in Port Louis. The bank was an initiative by a group of traders of the capital, headed by Mr. James Blyth and Mr. William Hollier Griffiths, who wanted to establish an alternative to the Bank of Mauritius, which they felt favoured the planters on the island. The bank started business with an authorised capital of 100,000 pounds sterling, around 500,000 piastres, in premises situated at rue de Paris, subsequently rue Desforges, now Sir Seewoosagur Street.
In 1839, Her Majesty Queen Victoria granted a Royal Charter to the newly established bank under the name of 'The Mauritius Commercial Bank' (MCB). The British government renewed the charter every twenty years until 18 August 1955 when the Bank became a limited liability company.
MCB encountered numerous difficulties in its first hundred years. MCB opened its first branch in Curepipe, in the centre of the island, in 1920. It did not open another branch until after World War II.
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Wikipedia