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MAURITIUS BANK PLANS TO OPEN OFFICE IN NIGERIA

Mauritius Commercial Bank (MCB) plans to open a representative office in Nigeria as it aims to diversify its business beyond oil and gas to include renewables and mining.

This was disclosed by Thierry Hebraud, Head of Corporate and Institutional Banking of Mauritius Commercial Bank (MCB).

On the sidelines of the Africa CEO Forum in Abidjan, Thierry Hebraud, head of corporate and institutional banking, told Reuters that the pandemic had stalled plans for the Nigeria branch, but that it was now in the final stages of central bank approval.

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Hebraud said the bank is now focused on structured finance in the upstream and downstream oil and gas industry and the oil trade, and was looking to expand into renewables and mining.

The Nigeria office would eventually cover Ghana, a neighbouring West African oil producer which also exports cocoa and mines gold, Hebraud said.

In addition to its operations in Dubai and Paris, MCB has representative offices in Nairobi and Johannesburg as part of its push into Africa, with a total exposure of $850 million in Nigeria.

In Ghana, MCB has around $300 million in exposure, with another $200 million in Senegal and Ivory Coast. Karadeniz, a Turkish company that runs floating powerships in numerous West African countries, is one of its clients.

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