Mozambique: Moza Banco and Bank of China sign agreement for exchange of banking transactions between clients

27 March 2009

Maputo, Mozambique, 27 March – Mozambican bank, Moza Banco, a partnership between Geocapital, owned by Macau businessman Stanley Ho, and 216 Mozambican shareholders, Thursday signed a cooperation protocol with the Bank of China, with a view to exchanging the banking transactions of its clients.

The agreement signed in the Mozambican capital, Maputo, by the chief executive of Moza Banco, Inaete Merali, and Director General Assistant of Bank of China in Macau, Lao Chak Kuong, will make it possible for the customers of the Mozambican bank to carry out transactions within Asian and Middle Eastern markets.

Customers of the Bank of China, one of the world’s largest financial institutions, will carry out transactions in Mozambique, via Moza Bank, which is 51 percent owned by Moçambique Capitais, which brings together Mozambican individuals and companies.

Moza Banco is focusing on having access to “one of the biggest financial and economic markets in the world,” which will make it possible to, “identify business new opportunities with this partner and carry out transactions with Chinese companies that have increasing interest in investing in Mozambique,” said Merali.

Moza Bank, whose customer portfolio is focused on the corporate and private banking segments, bases its activities on agriculture, biofuels and energy, areas of “great significance for the economic future of Mozambique.” (macauhub)