The Largest Bank in Mauritius is Expanding to Nigeria
Mauritius Commercial Bank (MCB) has disclosed plans to expand its operations to Africa’s largest economy, Nigeria.
This was revealed by MCB’s Head of Corporate & Institutional Banking, Thierry Hebraud during the ongoing Africa CEO Forum in Abidjan, Côte d’Ivoire.
According to Hebraud, the COVID-19 pandemic delayed the expansion plan. He, however, added that the company is now moving forward with the process and is expected to obtain an approval from the Central Bank of Nigeria in a few months.
“Today, more than 50% of our balance sheet is outside Mauritius, and the major part is in Africa. I believe within the next couple of months, we will be operating the new representative office in Nigeria… We believe we’ll continue to grow in the oil and gas sector, but at a slower pace. We’ll definitely grow in the energy and infrastructure,” Mr Hebraud was quoted to have said.
