The Mauritius Commercial  Bank  (Seychelles), a proposed subsidiary of the Mauritius  Commercial  Bank Limited, will take over and manage the present operations of Banque Française Commerciale Ocean Indien in Seychelles as soon as an ongoing restructuring of the Mauritius bank is completed.

Announcing this Monday, on behalf of Banque Française Commerciale Ocean Indien and the Mauritius Commercial Bank Limited, the managing director of the former financial institution, Mr Jocelyn Ah Yu, said that the move would be subject to the approval of the relevant authorities in Seychelles.

In a press communiqué, released after consultations with staff at his bank Monday, Mr Ah Yu said that the proposed changes were expected to bring greater benefits to and strengthen the banking sector in Seychelles "while further enhancing the already excellent Mauritius-Seychelles relationship."
"The Mauritius Commercial Bank Limited is carrying out a restructuring of its whole  operations of which its 88.88% holding (are) in its subsidiary Banque Française Commerciale Ocean Indien," he said.
"In this connection, the Mauritius Commercial Bank Limited is in the process of  concluding a strategic alliance with  Societé Generale regarding its  subsidiary. Banque  Française Commerciale Ocean Indien.
He said that the Mauritius Commercial Bank Limited was the largest regional bank and the Societé Generale the sixth largest bank in the Eurozone.
"With regard to the Seychelles branch of Banque Française Commerciale Ocean Indien, the Mauritius Commercial Bank Limited will hence operate, subject to the approval of the relevant authorities in Seychelles, which it has already obtained in principle, a wholly-owned subsidiary under the name the  Mauritius  Commercial  Bank  (Seychelles) Limited. This wholly-owned subsidiary will take over and manage the present operations of Banque Française Commerciale Ocean Indien in Seychelles," Mr Ah Yu said.

Automatic transfer of contracts

He explained that by  law, all contracts, appointments and other legal relationships which existed  between the branch of Banque Française Commerciale Ocean Indien in  Seychelles and any person or party would automatically be transferred and vested in the new subsidiary on the take over of the operations of the branch of Banque Française Commerciale Ocean Indien in Seychelles.

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