Mozambique: Millennium BCP to sell of around 16 pct of Millennium BIM

20 June 2008

Maputo, Mozambique, 20 June – Portuguese bank, Millennium BCP is “soon” expected to sell 15.69 percent of the 66.69 percent it owns in Millennium BIM, the leading Mozambican bank, the Maputo press reported Thursday.

“The operation is expected to be carried out soon,” according to weekly newspaper Savana, published in the Mozambican capital, citing a source close to the process.

Millennium BIM, owned by Millennium BCP, is the main bank in Angola, followed by BCI Fomento, which is part-owned by Portugal’s Caixa Geral de Depósitos.

According to Savana, “Millennium BCP is finishing up its preparation to sell off 15.69 percent of the 66.69 percent it owns of Banco Internacional de Moçambique (BIM), keeping 51 percent, a majority which still allows it to set out rules at the bank that has the biggest market share in Mozambique.”

Millennium BIM also has Mozambican state shareholders, via state holding company, Instituto de Gestão de Participações do Estado, as well as social security institute, Instituto Nacional de Segurança Social, insurer Empresa de Seguros de Moçambique (Emose), community development foundation, Fundação para o Desenvolvimento da Comunidade and another six hundred individual investors.

The sale of shares in the bank with the biggest slice of the banking market in Mozambique is one of the demands of the World Bank and the International Monetary Fund, which recommended that the state move out of companies with private capital and the float those shares on the stock market. (macauhub)