Mozambique: BCP looks to enter new African markets via Millennium bim

23 February 2009

Maputo, Mozambique, 23 Feb – Millenium bim bank, controlled by Portuguese banking group Banco Comercial Português (BCP), is looking at entering new neighbouring African markets to take advantage of the inter-relation between the economies of these countries, the bank’s chief executive said Saturday in Maputo.

Malawi and Zambia, which are a corridor to Angola, are markets that the Millennium bim team is already looking at, by approaching companies that operate both in those countries and in Mozambique, but the internationalisation process may also include Botswana and Tanzania, João Figueiredo said.

A capital increase to almost double carried out by incorporating reserves, that the Board of Directors plans to propose to shareholders at the 25 March general meeting, would also “strengthen the bank” to “launch itself in other areas,” as noted by Armando Vara, the deputy chairman of BCP and chairman of Millennium bim.

Geographical location is also considered to “strategic to interlink the economies of these countries,” and the main “players” in those markets, Figueiredo said, v«citing examples of many companies including large agricultural producers and distribution networks and retail chains, as well as construction companies, which simultaneously operate in Mozambique and several of these other countries.

In 2008, Millennium bim boosted its revenues by 20 percent and its profit by 25 percent, to 51 million euros.

The bank is majority-owned by BCP, which has 66.69 percent of its capital, and its second-biggest shareholder is the Mozambican state, which has a 17.16 percent share and other stakes via state bodies. (macauhub)