Mozambique: BCI-Fomento bank opens 5th branch in Gaza province

23 January 2009

Chibuto, Mozambique, 23 Jan – The BCI-Fomento bank has opened a branch in the Chibuto district of Gaza province, its fifth branch in the southern Mozambican province. BCI now operates 51 branches nationwide.

BCI CEO Ibraimo Ibraimo said the bank plans to open two more branches in the districts of Bilene and Massingir to increase the number of its Gaza outlets to seven.

The new Gaza branches will serve farmers, business people and firms involved in mining, said Ibraimo.

BCI-Fomento began operating in the Boane district of Maputo province in 2008 with an ambitious plan to invest US$ 10 million in opening 45 branches across Mozambique, particularly in rural areas where 75 percent of the population live.

At the end of last year the bank expanded its services to Nacala and the city of Nampula. BCI-Fomento has a market share of 32 percent through Millennium BIM, a bank with Portuguese capital. (macauhub)