Mozambique: BCI Fomento bank wants to double its number of branches in three years

3 July 2008

Maputo, Mozambique, 3 July – Mozambican bank, Banco de Comércio e Investimento (BCI–Fomento) controlled by Portuguese group Caixa Geral de Depósitos (CGD), said Wednesday in Boane, Maputo province, that it plans to open 45 new branches over the next three years.

The bank currently has 45 branches across the many towns and cities in the country, and the new expansion plan represents an investment of just over US$10 million.

The announcement was made during the laying of the first stone of the Boane branch, which was attended by the Mozambican and Portuguese finance ministers, Manuel Chang and José Teixeira dos Santos.

BCI Fomento is the second largest bank in the Mozambican financial system, with a 30 percent share of the market behind Millenium BIM with a 40 percent share.

The bank is owned by Portugal’s CGD (51 percent) and BPI bank (30 percent) and the remaining 19 percent is owned by Mozambican group Insitec. (macauhub)