Portugal’s Millennium bcp negotiating sale of 28.6% of Mozambique bank

5 December 2005

Lisbon, Portugal, 05 Dec – Millennium bcp, Portugal’s largest private bank, is negotiating the sale of 28.6% of Mozambican bank, Banco Internacional de Moçambique (BIM) to a partner, without giving up its controlling position in the bank, and wants to operate in the Angolan market, the bank’s president said Friday in Lisbon.

Speaking to Portuguese daily newspaper, Público, Paulo Teixeira Pinto, also said that the Mozambican government had mandated Millennium bcp to sell the 12% stake the government still held in Banco Internacional de Moçambique.

At the same time, Millennium bcp is negotiating the sale of a further 16.6% of its own stake in the bank, leaving it with 50% plus one share in order to keep its controlling position of Mozambique’s largest bank.

“BIM is to remain under the control of Millennium bcp. Our operation in Mozambique is not merely a financial one, which is why we are involved in other areas such as education and health,” said Teixeira Pinto.

He added that the sale was being negotiated with, “international investors that are present in Southern African markets,” without specifying any names, and that the operation should be concluded by June, 2006.

The Mozambican state will maintain an indirect 4,0 per cent stake in BIM, via insurance company, Empresa Moçambicana de Seguros.

BIM posted net profit for the first three quarters of 2005 of 7.9 million euros, a 46% increase year-on-year.

Angola is also in Millenium bcp’s sights and the bank plans to enter the market by creating a new bank, said Teixeira Pinto.

In August 2005 Millenium bcp sold its stake in Macau bank, Banco Comercial de Macau to Hong Kong’s Dah Sing Bank.(macauhub)