Pierre Guy Noel, former CEO of Mauritius' biggest bank, dies at 67

Pierre Guy Noel, the former CEO of Mauritius’ biggest banking group, MCB Group Limited, passed away on the evening of Wed., Dec. 27, at the age of 67.

The prominent Mauritian businessman, widely regarded as one of the country’s wealthiest individuals and a leading investor on the Stock Exchange of Mauritius, left behind a remarkable legacy in the financial industry.

The legacy of his visionary leadership will continue to shape the trajectory of MCB Group for years to come. His contributions will be remembered as a beacon of inspiration for future leaders in the financial services industry.

Legacy of vision and transformation: Noel’s 27-year leadership journey at MCB Group

Noel’s passing comes over two years after his retirement as the CEO of MCB Group — marking the end of a transformative tenure between March 2014 and August 2021.

During this period, he transformed the Port Louis-based financial services group into one of Africa’s leading lenders. MCB Group now boasts a total asset worth of $18 billion, with 60 branches/kiosks nationwide.

Announcing his passing in a press release, Jean Michel Ng Tseung, the CEO of MCB Group, expressed deep sadness: “It is with immense sadness that we learned of the death of Pierre Guy Noel yesterday evening. Pierre Guy was a visionary leader, and during his 27 years as the head of the MCB Group, he successfully led the transformation of our group.”

MCB Group mourns loss of a visionary: From banking transformation to market growth

As an exceptional and iconic leader in the banking industry, Noel’s vision guided the group towards new sources of growth, solidifying its position for future generations.

Under his leadership, MCB Group’s profit surged from MUR4.453 billion ($104.4 million) in 2014 to MUR7.993 billion ($187.10 million) at the end of 2020. The group’s asset base more than doubled from MUR240.89 billion ($5.65 billion) to MUR532.11 billion ($12.46 billion).

During his tenure from 2014 to 2021, MCB shares on the Stock Exchange of Mauritius experienced a significant boost, rising from MUR198 ($4.637) at the end of 2014 to MUR290 ($6.791) on August 5, 2021 — the day Noel’s retirement from the group was announced.

The group’s market capitalization also increased from MUR47.13 billion ($1.1 billion) to MUR69.38 billion ($1.62 billion) during the period under review.