Mozambique: Portuguese bank takes controlling stake in BCI-Fomento

26 November 2007

Maputo, Mozambique, 26 Nov – Portugal’s state Caixa Geral de Depositos (CGD) bank has taken a 51 percent majority shareholding in BCI-Fomento, Mozambique’s second biggest bank, in a restructuring concluded Friday.

Under the restructuring of BCI-Fomento, CGD raises its shareholding from 42 percent to 51 percent. Portugal’s BPI bank has a 30 percent stake and the Inistec group holds the remaining 19 percent of shares.

The restructuring results from the withdrawal of Mozambique’s SCI from the bank and the sale of its 28 percent shareholding to Inistec and CGD.

The chairman of Inistec, Celso Correia, has been appointed as non-executive chairman of BCI. Ibraimo Ibraimo, takes over as head of an executive commission to run the bank.

BCI-Fomento was created in 2004 through the merger of BCI (part of the CGD group) and Banco Fomento (part of the BPI group), by incorporation of the latter into BCI, making the new bank Mozambique’s second largest bank with a market share of 30 percent. Millennium BIM, owned by Portugal’s BCP, leads the sector. (macauhub)