Category: Banks. Country: Mauritius.
In 1838, following a move from a group of traders of the capital, headed by Mr. James Blyth, Governor Sir William Nicolay proclaimed the founding of 'La Banque Commerciale de Maurice'. With an authorised capital of 100,000 pound sterling, say 500,000 piastres (colonial dollars worth Rs 2), 3/5 of which was subscribed right from the beginning, it started business on the 1st September 1838 in premises situated rue de Paris subsequently rue Desforges, Port Louis. Later on, in 1860, it shifted its activities into an a office in rue de l'Eglise, now known as Sir William Newton Street, where the registered seat of the institution still lies. In 1839, Her Majesty Queen Victoria granted a Royal Charter to the new bank for a period of twenty years under the name of the 'The Mauritius Commercial Bank'. The charter was renewed every twenty years until the 18th August 1955 when the Bank became a limited liability company. During its first hundred years of existence, the Bank encountered serious financial difficulties on many occasions. In spite of various national financial crises, fierce competition over the years from ten other commercial banks, two world wars and natural catastrophes, 'The Mauritius Commercial Bank Limited' succeeded in expanding its activities, trebled its capital and opened its first branch in Curepipe in 1920. It now plays a key role in the country's economy by extending its unflinching support to trade, agriculture, the textile industry, tourism and other sectors as well as individual customers, not only at its head office but also through its strategically located network of 46 branches and counters all over the island. Between 1991 and 1999, The Mauritius Commercial Bank Limited started business in: Paris, Reunion Island, Mayotte, Seychelles, (via its subsidiary, Banque Francaise Commerciale Ocean Indien) and Malagasy Republic (Union Commercial Bank), Mozambique (Uniao Comercial de Bancos), (locally registered subsidiaries). This successful expansion of its activities has had a meaningful impact on MCB's ranking, as it is now among the top-ten banking institutions of the sub-Saharian region. Internet banking.
Address: P.O. Box 52, 9-15 Sir William Newton Street, Port-Louis
