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The Mauritian International Financial Centre (MIFC) is central to Mauritius Commercial Bank’s (MCB’s) growth strategy

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Thierry Hebraud

As MCB begins the latest phase of its international transformation, its new CEO, Thierry Hebraud, opens up about the challenges of heading a bank with a dual footprint and talks about how the financial institution has managed to make the most of Mauritius’s International Financial Centre, an important source of the bank’s financial performance

PORT LOUIS, Mauritius, June 10, 2024/APO Group/ — 

In a video interview released in June 2024, MCB’s new CEO, Thierry Hebraud, speaks of his biggest challenge for the bank he heads. MCB’s (https://www.MCB.mu) foray into Africa and the rest of the world, which dates back over a decade, took a new turn these past couple of years, with more than two-thirds of its turnover—and profits—generated outside its home country, Mauritius.

Mr Hebraud’s appointment as the bank’s CEO earlier this year and that of MCB Group’s CEO, Jean Michel Ng Tseung, herald a new turn for the 185-year-old bank, which is rapidly intensifying its operations abroad. The bank’s CEO spoke of his conviction that MCB’s very Mauritian identity is not in question, declaring that “for me, it’s easy to reconcile because we wouldn’t be able to do what we do abroad if we weren’t who we are here in Mauritius”. The fact is, he adds, that “I now have two banks to manage. I have a local bank and an international one, and my challenge is to ensure that they can both serve their respective clients in an optimal way locally and internationally, and this is a work in progress”.

Thierry Hebraud went to lengths to stress that the importance given to MCB’s local operations isn’t commensurate with its share of profits generated; “it’s the Mauritian bank that has given the means to the international one to develop, and we can only continue to shine abroad if we continue to lead here in Mauritius. One cannot exist without the other.”

When asked about the source of the bank’s profits abroad, its CEO said it owes a lot to the Mauritian International Financial Centre (MIFC), which positions Mauritius as the hub for financial and commercial flows linking Asia, Europe, the Middle East, and the USA with Africa.

The MIFC gives us exceptional visibility and positioning, and we use it in our growth strategy in Africa and beyond

“The MIFC gives us exceptional visibility and positioning, and we use it in our growth strategy in Africa and beyond”, he explains, adding that Mauritius’ decision to create an IFC has been the source of much of the country’s economic transformation. “I think Mauritius is the only real IFC in Africa. It has created many opportunities for the country, and there’s still potential to develop that business further”, he concludes on the subject.

Thierry Hebraud also discusses MCB’s positioning in Africa, saying it is a niche market bank very well-known in specific markets such as Oil and Gas and investments by Private Equity Funds. On the former, he says, “MCB is the leading African bank in the sector, and we are not ashamed of this because we acknowledge that Africa needs an energy mix, including fossil fuels. If all the banks were to stop financing fossil fuels, it would severely jeopardise the development capacity of Africa.”

Private Equity is also an area of great potential for MCB in Africa, where the bank is gaining visibility, says its CEO. “We have started to be well recognised in that segment in Africa, taking advantage of the exit of major international banks from the continent. We have become known thanks to our competence and the quality and uniqueness of our offers in that sector”, Mr Hebraud says.

On the home front, Thierry Hebraud says MCB’s commitment to Mauritius’s development remains unwavering.  However, he cautions against focusing solely on short-term returns. He recalls the challenges faced by the textile industry, which initially went through difficult times but ultimately led to the emergence of a middle class in the country. “MCB stood steadfastly by its clients in that sector, and today, the country continues to benefit from it. That’s a good example of how MCB has impacted the overall development of the country.”

He says that COVID-19 was another good example of how intricately linked MCB and Mauritius are. MCB and other banks worked closely with the government, and a potentially catastrophic situation was turned around. Today, Mauritius’s economy is thriving.

The CEO adds that MCB has also taken the lead in its commitment to assist the country’s transition to a low-carbon economy by offering lines of credit at preferential rates to help the country adapt to climate change. Mr Hebraud says adaptation is urgent, with beach erosion threatening the tourism industry, currently contributing about 25%, both directly and indirectly, to the country’s GDP. He adds that refocusing on the development of the local economy and reducing Mauritius’ dependency on imports is also an important aspect of MCB’s support to the economy.

This support also takes the form of assistance to what Thierry Hebraud calls “the irrigators” of the economy—Small and Medium Enterprises. He explains how the bank’s different partnerships—Made in Moris and Punch in particular—seek to help connect SMEs to strategic partners so that they can optimise their performance.

Distributed by APO Group on behalf of The Mauritius Commercial Bank Ltd (MCB) Group.

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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