In 1984, the Banque Française Commerciale (BFC; the former Franco-Chinese Bank) restructured itself as a holding company.
This followed the takeover of Banque Indosuez by the Crédit Agricole Group, which itself had operations in both Reunion and Mayotte in direct competition with BFCOI.
BFCOI became the representative of Banque française mutualiste [fr] in the Indian Ocean region.
In early 2003, the Bank finalized an agreement with Société Générale, establishing joint (50:50) ownership of BFCOI.
Instead, MCB incorporated a new fully owned subsidiary, The Mauritius Commercial Bank (Seychelles), trading under the name of MCB Seychelles, to take over the assets and liabilities of the Seychelles-based banking network of BFCOI.