First National Bank plans to operate in all Mozambique’s provinces by 2010

13 July 2009

Maputo, Mozambique, 13 July – The FNB (Firs National Bank) Moçambique, a South African owned bank, plans to operate in all of Mozambique’s main cities, including its 11 provincial capitals, by 2010, the bank’s chief executive said.

FNB Moçambique was set up in 2007, following the acquisition by South Africa’s First Rand Bank Holdings of 80 percent of shares in Banco de Desenvolvimento e Comércio owned by portugal’s Montepio group.

Hermenegildo Gamito, cited by Mozambican newspaper Notícias, said that since 2007 his bank had doubled the number of branches in the country, and now had eight.

Gamito also said that this month the bank would open a branch in the port city of Nacala, in the northern province of Nampula, and, in the next quarter, another branch in Tete, central Mozambique.

“By 2010, we will have a branch in every provincial capital and the main cities in the country,” said Gamito, speaking moments after the ceremony to present his bank’s new services.

The bank’s challenge, said Gamito, was to “attack” the rural districts and areas of the country and then “fill in” all the main cities in Mozambique (as of 2010). (macauhub)