EU Banks’ Africa Retreat Is a Boon for Local Lenders, MCB Says

Mauritius Commercial Bank Ltd. said the withdrawal of global lenders from the continent is providing the Indian Ocean island nation’s biggest financial institution growth momentum in niche markets.

Several European banks including Societe Generale SA, Standard Chartered Plc, BNP Paribas SA, Barclays Plc and BPCE SA largely pulled out of the continent. Some have cited African markets as being higher risk, with returns from local units insufficient to justify a presence there.