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Mauritius’ largest banking group, MCB Group Limited, has announced the retirement of Pierre-Guy Noel as CEO.
According to a group communique, Noel will be exiting his position at the end of August after reaching retirement age of 65.
Noel was appointed to the board in 2005. He was a member of the board until March 2014 when he was appointed CEO of the group.
The board of directors has also approved the appointment of Jean Michel Ng Tseung as the CEO-designate, effective as of Sept. 1.
Tseung has been with the group since January 2004. Before his appointment as CEO-designate, he was CEO of MCB Investment Holding Limited, the investment arm of the group.
MCB Group is a financial services holding headquartered in Port Louis, the capital city of Mauritius.
It is the holding company of several subsidiaries and associates, operating in three business clusters: banking, non-banking financial and other investments.
Aside from its operations in Mauritius, the group has an operational footprint in Madagascar, Mozambique, Reunion, Mayotte, Paris, Seychelles and Maldives, with a wide network of correspondent banks across the world.
Under Noel, the group’s profit grew from MUR4.453 billion ($104.4 million) in 2014 to MUR7.993 billion ($187.10 million) at the end of 2020. At the same time, its assets base more than doubled from MUR240.89 billion ($5.65 billion) in 2014 to MUR532.11 billion ($12.46 billion) in 2020.
MCB’s share valuation on the Stock Exchange of Mauritius has improved from MUR198 ($4.637) per share at the end of 2014 to MUR290 ($6.791) per share as of press time, 1:00 PM (UTC), Aug. 5.
The group’s market capitalization has increased from MUR47.13 billion ($1.10 billion) in 2014 to MUR69.38 billion ($1.62 billion) as of the drafting of this report.
