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Mauritian businessman and leading business executive, Pierre Guy Noel, the visionary mind behind the transformation of Port Louis-based financial services group, MCB Group, into one of Africa’s top lenders, passed away on Dec. 27 at the age of 67, leaving an indelible mark on the industry.
Over a three-decade journey, Guy Noel diversified and internationalized the MCB Group, now boasting a total asset worth of MUR837.38 billion ($19 billion), positioning it for a robust future. His leadership expanded the group to 60 branches nationwide, solidifying its status as a financial powerhouse in Africa.
Not just a business magnate, Guy Noel, one of Mauritius’ wealthiest individuals, was also a significant investor on the Stock Exchange of Mauritius. Upon his shocking passing this week, he left a significant stake in MCB Group, demonstrating his enduring connection to the institution.
His impact extended beyond business, with notable philanthropic efforts in healthcare, education, and entrepreneurship, benefiting more than 10,000 individuals and supporting over 50 businesses through a women’s entrepreneurship incubator.
The legacy of his 27-year tenure at MCB Group will shape its path for years to come. Guy Noel’s role as a guiding force for growth in both banking and non-banking units will serve as an inspiration for future leaders in the financial services industry.
Billionaires.Africa recognizes Pierre Guy Noel’s influential connections to the following companies during his lifetime:
- MCB Group Limited
MCB Group is a leading financial services group headquartered in Port Louis, Mauritius. With a vast network spanning Mauritius, France, India, Madagascar, Maldives, Mayotte, Mozambique, Reunion, Seychelles, and South Africa, MCB Group operates as the most extensive financial services group on the island. The late Mauritian tycoon, Pierre Guy Noel, served as the immediate past CEO and owned shares in the group. His retirement from the position occurred on Sept.1 upon reaching the age of 65.
- MCB Capital Markets
As a wholly owned subsidiary of MCB Group, MCB Capital Markets is the largest investment bank in Mauritius. Offering a range of services, including advisory, capital raisings, and strategic transactions, MCBCM has a diverse portfolio catering to various risk appetites. With a significant presence in SEM equity trading, MCBCM holds a 30-percent market share and extends its influence globally with banks in Indian Ocean islands and representative offices in key financial hubs.
- MCB Equity Fund
MCB Equity Fund, a private equity arm of MCB Group, specializes in providing expansion and buy-out capital to small and medium-sized businesses across Eastern and Sub-Saharan Africa. Managed by MCB Capital Partners, the fund, with a committed capital of $100 million, supports established and fast-growing businesses across the continent.
- Credit Guarantee Insurance Company
A joint venture with La Prudence Holding, Credit Guarantee Insurance Company, in which MCB Group owns a 40-percent stake, operates in the field of domestic and international credit insurance. The company ensures protection for trade receivables and holds licenses as a Financial Service Provider (FSP) and Non-Life Insurer.
- Fincorp Investment Limited
Fincorp Investment Limited, a holding company owned by MCB Group, is listed on the Mauritius Stock Exchange. Engaging in funds management, property investment, mortgaging, and development, Fincorp Investment Limited is a diversified investment company with subsidiaries, including MCB Leasing and Fincorp Investment Promotion and Development. MCB Group owns 57.56 percent of the company.
- MCB Properties
MCB Properties, a privately-held investment management firm, focuses on transformative development and value-add investments. With a portfolio of over 14.5 million square feet, MCB emphasizes urban revitalization and owns properties, some of which house banking premises of MCB Limited.
- Blue Penny Museum
Situated in the Caudan Waterfront in Port Louis, the Blue Penny Museum is an esteemed art and history museum with a 97.88-percent shareholding by The Mauritius Commercial Bank. Inaugurated in November 2001, the museum showcases prized possessions, including the rare 1847 Blue Penny and Red Penny stamps.
- MCB Consulting Services
MCB Consulting, based in Mauritius, is a wholly-owned dedicated arm of Mauritius Commercial Bank Group. It offers strategic business solutions for African markets, including advisory, risk management, process optimization, change management, and training across various sectors.
- Compagnie des Villages de Vacances de l’Isle de France Limitée (COVIFRA) COVIFRA, a leading developer and operator of holiday villages and resorts in Mauritius, boasts over 55 years of experience. MCB Group maintains an 84.4-percent shareholding in this hotel property holding company.
- MCB Forward Foundation
MCB Forward Foundation, the philanthropic arm of Mauritius Commercial Bank, focuses on education, entrepreneurship, and social well-being in Mauritius. Founded in 2014, the foundation has invested over MUR150 million ($3.4 million) in impactful initiatives, aligning with MCB’s commitment to sustainable development and social responsibility.
