Mozambique: Banco BCI-Fomento invests in new projects in 2008

10 December 2007

Maputo, Mozambique, 10 Dec – Mozambican bank, BCI-Fomento said Friday in Maputo that it would invest 250 million meticais in new projects in 2008, including the expansion of its services into rural Mozambican areas.

The amount to be invested by the second largest bank in Mozambique, which now has a new structure as Portuguese bank Caixa Geral de Depósitos (CGD) increased its stake, will also serve to open 45 new branches in some of Mozambique’s 128 districts.

Speaking Monday about the challenges facing the bank after its restructuring, the chairman of the BCI-Fomento executive commission, Ibraimo Ibraimo noted the new focuses of the financial group: Diversifying its essential services, which is the equivalent of developing an automatic teller machine (ATM) network and a POS service.

Speaking to journalists in Maputo, Ibraimo noted that opening more BCO branches in the districts was aimed responding to the Mozambican government’s call for providing more financial services in rural areas, where over half the population lives.

CGD became the majority shareholder of BCI-Fomento, with 51 percent of its capital, after the shareholder restructuring carried out in November.

CGD now has 51 percent of the bank’s capital while Portugal’s BPI has 30 percent and Mozambique’s Incite group has taken on 19 percent.

The restructuring was the result of Mozambique’s SCI group selling its 28 percent stake in BCI-Fomento to Insitec and CGD.

BCI-Fomento was set up at the end of 2004, with the merger of BCI (CGD group) and Banco Fomento (BPI group) and thus became the second largest retail bank in the country, with a market share of around 30 percent. (macauhub)