Moza Bank marks first anniversary and announces growth and expansion in Mozambique

22 June 2009

Maputo, Mozambique, 22 Jun – Moza Banco marked its first anniversary in the Mozambican market on 16 June, its CEO Inaete Merali telling macauhub on Friday in Maputo that the aim “is to continue to grow in a sustainable way.”

Counting among its shareholders gaming entrepreneur Stanley Ho’s Geocapital, with 49 percent and Mozambique Capitais, a group of Mozambican investors with 52 percent, and capital stock of US$15million, Moza Banco managed profits of US$700,000 between December 2008 and March 2009.

Moza Banco has developed a three-dimensional business model – corporate banking which is a business unit aimed at supporting the needs of medium- and large-scale companies, private banking designed to meet the needs of medium- and high-income private clients and investment banking which specializes in supplying financial services boosting investment projects.

“We want to maintain sustainable growth, offering our clients the best financial solutions, in a secure and profitable way,” said Merali.

As part of its expansion plan, Moza Banco intends to open new branches in Maputo, Nampula and Nacala with a view to getting closer to its clients and thus boosting its business.

The bank’s administration also has plans to set up in Tete, where large-scale coal mining projects are underway, such as the one from Brazilian company Vale.

At the end of the first quarter, Moza Banco had 720 clients, with the opening of a private banking branch in Maputo scheduled for the near future and, by the end of the first quarter of 2010, of branches in Nacala and Nampula. (macauhub)