Jean Michel Ng Tseung: “Leadership is not just about size, profit or market share”
Five-year vision sees MCB lead in its home markets, become a top-tier Corporate and Investment Bank and Private Banking Institution in Africa and win in the marketplace.
MCB Seychelles, Madagascar and Maldives join Mauritius in the MCB’s definition of Home Markets.
MCB’s goal in Africa is to serve clients in all their diverse needs by offering the complete suite of its expertise, from Global Markets, Transaction Banking, Investment Banking, Alternative Finance, and Wealth Management.
Jean Michel Ng Tseung, CEO of MCB Group, shares his perspectives on the recently launched Vision 2030, a five-year plan that clarifies the bank’s ambitions in both its home markets and on the African continent.
For the first time in 187 years, MCB has released a time-framed vision statement. Why was it important to put this vision on paper and give it a timeline? You're right—this is the first time that we've articulated a formal, time-bound vision statement. This doesn’t mean we lacked direction before. On the contrary, we had a shared strategic orientation that has served us well and guided us towards becoming more diversified, more digital, and more sustainable. But while these strategic orientations provided a strong sense of direction, they lacked clarity regarding our final destination.
With Vision 2030, we have clarified where we want to be in 5 years which will no doubt facilitate strategic choices as well as help us align our teams around a shared objective.
So, what is the final destination?
This vision will take us to 2030, by which time we aim to lead in our home markets, namely Mauritius, Seychelles, Madagascar, and the Maldives. We want to become a top-tier Corporate and Investment Bank and Private Banking institution in Africa. Last but certainly not least, we want to be recognised for excellence and innovation and a workplace of choice.
Achieving this will allow us to confidently shape the next chapter of our journey beyond 2030.
Why is the vision only for five years?
In today’s fast-changing world, long-term planning has become increasingly complex. A five-year horizon strikes the right balance between what is feasible in the context of today’s realities and what our ambitions call for.
This five-year vision helps us define not only what we aspire to become, but also what we deliberately choose not to pursue, which is essential for staying focused. It gives us the flexibility to adapt our strategy over time, recognising that what makes sense today may not hold in a few years. For example, while we’ve currently ruled out becoming a retail bank in Africa, our capabilities and ambitions may well evolve by 2029.
"Outside of our home markets, Africa is where we feel we are relevant, meaningful and impactful"
I’m curious to know if it was a hard exercise, considering that MCB has grown organically for most of its existence. Surprisingly, it wasn’t. Once we’d agreed on our shared convictions, the rest was fairly straightforward. We set up a Group Executive Strategic Committee that agreed on three fundamental things.
First, MCB is everybody’s bank in Mauritius and will remain so. This means that even if some of our segments are not very profitable, we will continue serving our communities with purpose and care.
We also want to continue to grow in Mauritius and beyond. However, we recognise that, by virtue of our size and geographical location, we cannot be everywhere, and that’s why we need to remain focused on what we do well.
Lastly, outside of our home markets, Africa is where we feel we are relevant, meaningful and impactful; it’s where we have a competitive edge and where we can scale over time.
We reached alignment after just three or four sessions, largely because we already had clear strategic orientations in place. The exercise confirmed that we were on the right track.
I’m particularly intrigued by the meaning given to home markets. What’s the reasoning behind integrating Seychelles, Madagascar and the Maldives in the definition?
Our domestic operations in Mauritius, Seychelles, the Maldives, and Madagascar share a common business model and a similar typology of clients, management philosophies, products and services, and processes. While the local contexts may differ, our approach to managing these markets remains remarkably consistent.
This also means that we share similar challenges and must invest similar levels of effort to lead effectively in these markets, as we prepare to take our local presence in these jurisdictions to a new level.
“As the leading bank in Mauritius, we are dedicated to the development of the country and fostering a more diversified, digitally enabled and sustainable future for our economy”
How do you explain that there’s still room for improvement in MCB’s original home market, Mauritius, despite being the oldest bank in the country?
In Mauritius, on the domestic market, we have a 50% market share on the deposit side and a 40% market share on the lending side. Similarly, in terms of operating income and profitability, we are also the market leader. However, leadership is not just about size, profits or market share. It’s also about delivering excellence, driving innovation, and creating value for our customers.
In recent years, our strategic focus has shifted towards our international expansion, particularly in Africa. While this has been essential for our diversification and long-term growth, it has also meant that our domestic business hasn’t received the same attention. Now is the time to correct that, reinforce our focus on our home markets, and ensure we have a balanced vision between our domestic and international businesses.
It goes without saying that as the leading bank in Mauritius, we remain dedicated to working closely with all our stakeholders to drive the development of our country and foster a more diversified, digitally enabled and sustainable future for our economy.
What exactly do you mean when you say “our domestic business hasn’t received the same attention”? By spending more energy and being more focused on the international side than on the domestic front, there are some areas where we have been lagging a little bit behind. For example, when we talk about customer experience, while it's true that we have introduced digital solutions like Juice as part of our strategy, there remains a lot to be done both at the in-branch and on the digital front.
Like what?
Juice is a great mobile banking platform that we can all be proud of, and it has the potential to go even further. There are still many functionalities we can explore to elevate the platform and deliver an even richer customer experience.
And I also acknowledge that there have been a few shortcomings on the technology front that have impacted our customers. We cannot afford to have such service disruptions, and we are committed to addressing these issues resolutely.
Our goal must be to ensure that every customer interaction with MCB, whether digital or in-person, is reliable, accessible and fulfilling.
“We’ve positioned ourselves as a Partner for Just Transition to address Africa’s specific needs for its energy and infrastructure transition”
Let’s go to Africa. What does a top-tier bank in Africa look like, and what does this mean when we don’t have a network there?
It’s important to clarify what we mean when we say we don’t have a network in Africa. We’re not, at the moment, a universal or retail bank on the continent, but in the specialised ecosystems in which we operate, we do have an effective network.
Take the energy and commodities ecosystem, for instance. When we go to Geneva for the World Conference on Oil and Gas, we feel trusted by international and regional traders, oil majors, and oil marketing companies, among others. We hold a meaningful market share in the oil and gas segment in several African countries, which is a significant achievement given our limited physical operational footprint on the continent.
In the Investment Fund and Private Equity space, our network is anchored in the Mauritius International Financial Centre (MIFC) - a globally recognised platform for investment into Africa. Our presence in Dubai and other leading international financial centres strategically complements this. Mauritius remains the jurisdiction of choice for investors from the US, Europe and Asia seeking exposure to African markets. Many Private Equity funds are domiciled here, and MCB is deeply embedded in this ecosystem, giving us a strategic edge and a scalable platform for future growth.
We are strengthening our hub strategy by expanding our rep offices and recruiting in key locations such as Dubai, Johannesburg, Nairobi, and Lagos. We are also considering London and Abidjan for future growth, as both align with our ambitions in major financial and economic centres.
This approach allows us to remain agile and client-centric while leveraging our strengths in specialised financial services and unlocking new opportunities across Africa.
How does one become top tier in Africa? To become a top-tier African bank, we must go beyond traditional lending. It’s about bringing our differentiated expertise, specialised approach, and the full strength of the Group together to serve our clients in a more holistic and meaningful way.
This means bringing to the marketplace a more comprehensive and integrated suite of solutions across our Global Markets, Transaction Banking, Investment Banking, Alternative Finance, and Wealth Management divisions—enabling us to better serve diverse client needs, capture emerging opportunities, and strengthen our competitive positioning in an increasingly dynamic financial landscape.
We’ve also positioned ourselves as a Partner for Just Transition to address Africa’s specific needs for its energy and infrastructure transition.
While many of these products and services are already in place, we aim to expand them to better address our clients' needs. To achieve this, we need to have a holistic view of those needs. This is how we will create more impact and meaning in our relationship.
When our clients succeed, we succeed. That’s the heart of MCB’s vision for Africa - and the path to becoming a truly top-tier institution.
“With a competitive edge, built on a strong brand, solid financials, and an investment-grade rating, MCB can attract and inspire the right candidates for employment”
Does MCB have the human resources to do all of this?
We do have great people at MCB—talented and committed people who align with our values. However, as we pursue our Vision 2030, we realise that we’ll need more specialised expertise to match the scale of our ambitions.
That’s why we’ll continue investing in talent — by nurturing our existing teams and bringing in new capabilities where needed. I believe MCB has a real competitive edge, built on a strong brand, solid financials, and an investment-grade rating. These strengths, underpinned by our people and culture, create the kind of foundation that both attracts and inspires.
Listening to you, it’s clear why the distinction is made between the home markets, a universal bank model and the niche market model in Africa. Is there an attempt to separate them?
We do indeed operate two distinct business models, which are managed differently because they serve different needs and operate in different contexts. But they are both part of one Group, bound by shared values, a common culture, and a unified vision. That’s why equal focus and drive must be given to both domestic and international operations. They are not separate ambitions—they are complementary pillars of our growth strategy.
Now that the Vision is clear, I’d like to discuss the Group’s purpose statement – using finance for good. How do you ensure this happens?
Our Corporate Sustainability Programme, Success Beyond Numbers, was unveiled in 2018 and subsequently elevated to become our Group Purpose. Now, we’ve articulated this purpose clearly, giving it visibility and resonance across the Group by saying that, “We use finance as a force for good in creating a sustainable and inclusive future for the customers and communities we serve.”
This reflects a commitment that goes back over a century. Long before sustainability became a buzzword, MCB was already dedicated to building a more inclusive and resilient future for its customers and communities.
What does this mean in practice?
It means that every interaction—whether it’s a loan application, a trade finance transaction, or a simple payment—is an opportunity to contribute to someone’s success. When our people come to work, they’re not just processing transactions. They’re helping a business grow, a family build a home, or a community thrive.
If we all embrace the mindset that “I am here to help our customers and community succeed”, then our work will become more meaningful. And when that happens, we can achieve extraordinary things.
