Mozambique: Barclays invests 30 million rand in former Banco Austral

11 December 2007

Maputo, Mozambique, 11 Dec – Barclays bank has already invested 30 million rand in changing the identity of Mozambique’s Banco Austral to Barclays Bank Mozambique, the bank’s Marketing and Communications director, Alfredo Mucavel said.

According to Mucavel, the investment made includes replacing forms, check books as well as changes to each branch, such as old Banco Austral lettering being changed for new ones with the Barclays name.

Although he gave no figures for planned investments, Mucavel said that 30 million rand was just the initial investment and that Barclays was prepared to invest whatever was necessary in Mozambique.

The change of identity has already been completed in Maputo and should be concluded in the rest of the country by April 2008.

In 2005, Barclays acquired a 56 percent stake in South Africa’s ABSA Group, which, in its turn owned 80 percent of Banco Austral. (macauhub)