MCB Group, one of East Africa’s largest financial services provider, has opened a new Representative Office in Dubai’s International Financial Centre (DIFC) in July 2019, with a view to develop its regional footprint and expanding its international activities. This office represents the tenth presence market for MCB, which includes subsidiaries in Maldives, Seychelles and Madagascar, as well as associates in Mozambique, Reunion Island and Mayotte, amongst others.
Sebastian Graewert has been appointed as the Chief Representative for the Dubai office, covering the Middle East, North Africa and Asia region. Sebastian, a seasoned banker with over 20 years of experience in the financial services industry has been working in the Middle East since 2006 with a rich career path in client coverage, business development and tailored client solutions.
Marc Harel, Head of Institutional Banking at MCB Ltd, intends for the Group to leverage the strong network and commercial clout of Dubai as a business hub to develop MCB’s international footprint.
“Dubai has successfully positioned itself as a major trading hub connecting Africa, Europe and Asia. With a Baa2 rating by Moody’s Credit Rating, MCB Ltd is now the highest rated bank and an ideal banking and financial services provider for the continent. Our presence in DIFC strengthens our existing network of Representative Offices in Paris, Johannesburg and Nairobi. These locations also enable us to consolidate our position as a banking and financial services partner to regional counterparts, with whom we collaborate extensively as part of our “Bank of Banks” strategy, which consists of providing a palette of adapted solutions to financial institution counterparts, notably those operating in Africa.”
In that respect, MCB positions itself as a regional hub in handling trade finance, payments outsourcing services amongst others, while also providing business solutions to financial service providers. Of note, the Group partnered with and assisted some 91 financial institutions worldwide, including over 60 in Africa and spanning 24 countries in its 2019 financial year.