Mozambique’s Banco BCI Fomento to open 15 new branches over next two years

13 March 2007

Maputo, Mozambique, 13 March – Mozambican bank BCI Fomento said Monday in Maputo it planned to open 15 new branches in the interior of the country over the next two years.

The move, which aims to answer the call by Mozambique’s central bank to “ruralize banking” was announced by the bank’s chairman, Abdul Magid Osman, in a press conference to present the commemorative program of the bank’s 10th anniversary.

BCI Fomento, which began operating in 1997, currently has 38 branches all over Mozambique and is the second-largest Mozambican financial institution in terms of assets and market share.

The chairman of the bank also said that in the next five ears the bank aimed to triple its capital, which is currently valued at 321.43 million meticals.

BCI Fomento is majority-owned by Portuguese state bank Caixa Geral de Depósitos and private bank Banco Português de Investimento (BPI). (macauhub)