Mauritius bank gets $150 mln loan from AfDB
PORT LOUIS, Sept 12
PORT LOUIS, Sept 12 (Reuters) - Mauritius Commercial Bank (MCB) said it had received a $150 million loan from the African Development Bank (AfDB) to bolster its expansion in Africa and help with its restructuring.
"This financing package will allow MCB to increase its foreign currency lending to clients operating in the region and mainland Africa," said MCB, the biggest bank by assets in east Africa and the Indian Ocean region.
It said the loan comprised a $120 million line of credit and $30 million in subordinated debt, adding that the debt portion would increase the bank's capital and add to the 4.5 billion Mauritius rupees ($145 million) raised in July through the issue of subordinated notes.
The funds would help finance its restructuring plan which aims to separate the bank's banking and non-banking activities.
Under the plan, a new listed holding company, MCB Holdings, would be incorporated for subsidiaries and associates covering banking, non-banking financial and other investments. ($1=31.0000 Mauritius rupees) (Reporting by Jean Paul Arouff; Editing by Edmund Blair; Editing by Greg Mahlich)
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