Downtown Africa
The Mauritius Commercial Bank Limited (MCB) has announced that it will adopt MITECH’s system TRAC (Trade Risk Active Control) to support a continuous and significant growth in its Commodity Trade Finance (CTF) business. TRAC is a Trade Risk and Collateral Management system supporting Structured Trade Commodity Finance. The TRAC solution handles not only Transactional Commodity Finance but Borrowing Base structures as well. The Bank says that the TRAC software will be implemented on a Cloud infrastructure, with the aim of going-live with the system before the end of 2021.
Rajeshwar Pertab, Head of Middle-Office, MCB stated that the Bank is “delighted to be partnering with MITECH and further bolster risk and collateral management within our Commodity Trade Finance business.” He remarked that the company chose to partner with MITECH due to MITECH’s expertise and TRAC’s extensive functionalities.
Commenting on the development, Michael Cohen Dumani, MITECH’s CEO, stated that “this contract is a major milestone for MITECH” because it is part of the company’s geographical footprint expansion to support Africa’s intense Trade Finance growth as well as implementing TRAC seamlessly on a Cloud setup. He added that “MITECH is proud to welcome yet another prestigious reference in its community of users”.
The Mauritius Commercial Bank Ltd., with its 182-year history, is one of Africa’s oldest banks. The Bank has evolved to an integrated bank and financial services institution, which offers tailored and innovative solutions to a diversified client base, ranging from retail to corporate and institutions. It boosts a rich history, commitment to customer service and excellence, innovative culture and high-quality employees have underpinned its solid franchise and long track record of sustainable profitability and financial soundness.
This article was adapted from a press release distributed by APO Group. You can start earning money by becoming our Independent Reporter or Contributor. Contact us at IR@downtownafrica.com
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