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.
In 1960, MCB bank moved to the current location of its headquarters at Sir William Newton Street (at the time, Rue de l'Eglise).
(In 1998 Crédit Lyonnais confirmed the transfer to Caisse d'Épargne Provence-Alpes-Corse (CEPAC) of its remaining shares (25.5%) in Banque internationale des Mascareignes.)
In 1999 MCB established União Comercial De Bancos (Moçambique) in Maputo, Mozambique in partnership with BFCOI and Proparco.
This followed the takeover of Banque Indosuez by the Crédit Agricole Group, which itself had operations in both Réunion and Mayotte in direct competition with BFCOI.
This followed the takeover of Banque Indosuez by the Crédit Agricole Group, which itself had operations in both Réunion and Mayotte in direct competition with BFCOI.
In 2013, MCB embarked on a reorganization that sought to separate the banking and non-banking operations and raise capital in order to position itself for future growth.
On 14 February 2003, known afterwards as MCB's "Black Friday," the Mauritius Commercial Bank announced in a press communiqué that it had discovered a large scale fraud which had resulted in the misappropriation of over Rs.
The most important ones involved were: The Independent Commission Against Corruption (ICAC) accused NPF accountant Rojoa of conspiracy with Lesage.
They are Dev Manraj, his companies’ director; economist Donald Ha Yeung, his agent; and his brother, Tamby Appasamy.
The latter was charged of having “willfully and criminally conspired with Robert Lesage and Teeren Appasamy to engage in several transactions involving a sum of Rs 36 million”.
In October 2008, after reviewing evidence gathered by ICAC, the Director of Public Prosecution Gérard Angoh decided not to retain criminal charges against Lesage.
In September 2009, ICAC initiated criminal action against the Mauritius Commercial Bank, as a corporate entity represented by Pierre-Guy Noël.
MCB was charged to "wilfully, unlawfully and criminally fail to take such measures as are reasonably necessary, to wit : implementation of proper internal control systems and procedures, to ensure that services offered by it, to wit : in relation to the fixed deposit accounts held on behalf of the National Pensions Fund, were not capable of being used by a person to facilitate the commission of a money laundering offence.
The co-defendant and ultimate beneficiary of the fraud, Teeren Appasamy, was ordered by the Court to pay the bank a sum of Rs 305 million.
[9] Judges Paul Lam Shang Leen and Nirmala Devat of the Commercial Division of the Supreme Court, also found out that "those shell companies were nothing more than his conduit pipe and transactions effected without the knowledge of those who on paper were either shareholders or directors.
As can be gleaned from the evidence of Mr. PG Noel, most if not all the monies, which had reached those shell companies, had practically been directed either to the various accounts of Mr. T.Appasamy or for his benefits.