Mauritius bank gets $150m AfDB loan

Port Louis (Reuters) - (MCB) said it had received a $150m loan from the African Development Bank (AfDB) to bolster its expansion in 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 ," said MCB, the biggest bank by assets in and the region.

It said the loan comprised a $120m line of credit and $30m in subordinated debt, adding that the debt portion would increase the bank's capital and add to the 4.5bn rupees 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, , would be incorporated for subsidiaries and associates covering banking, non-banking financial and other investments.