Mozambique: Banco Comercial de Investimento opens branch in Songo

22 May 2009

Maputo, Mozambique, 22 May – Mozambican bank Banco Comercial de Investimentos (BCI) is due Friday to open a branch in the town of Songo, in Mozambique’s Tete province, the bank told Macauhub.

The inauguration of the branch follows another opened last week in Manhiça district, Maputo province, as part of the bank’s expansion into rural areas, in response to a call from the government and Central Bank.

The opening of the Songo branch is in line with the new de-centralisation strategy implemented by BCI’s board of directors with a view to reaching all Mozambicans in all regions of the country.

Songo is a town in Tete province that has developed due to its proximity to the Cahora Bassa dam, which is the biggest facility in Tete province and one of the biggest in both Mozambique and Africa.

BCI is the second-largest bank in Mozambique with a market share of over 30 percent.

Portugal’s Caixa Geral de Depósitos (CGD) owns 51 percent of the bank, Portuguese private bank BPI owns 30 percent, Mozambican group Insitec owns 18 percent, and the remaining capital is owned by individual shareholders.

BCI plans to open 45 new branches in rural areas at an estimated cost of US$10 million, and is due Saturday to open a branch in Moatize.

Moatize, which has a population of 145,000, has the largest reserves of coal, iron ore and titanium in Mozambique. (macauhub)