BCI bank opens first branch in town of Dondo, Mozambique

16 July 2009

Dondo, Mozambique, 16 July – Mozambican bank, Banco Comercial e de Investimentos (BCI) Wednesday opened its first branch in the town of Dondo, Sofala province, in central Mozambique, 30 kilometres from the provincial capital, Beira.

A statement from the bank said that the new branch was part of the bank’s retail network in rural areas with few or no banks, “thus supporting national efforts to expand banking in the economy.”

The strategic district of Dondo has direct road and rail links with neighbouring provinces and with Zimbabwe.

The district, which covers an area of over 2,300 square kilometres and an estimated population of over 157,000, mainly young, people, is now the second-largest industrial centre in Sofala province, with industrial units such as Lusalite de Moçambique, Cimentos de Moçambique, Moçambique Florestal (Moflor), Açucareira de Moçambique, Caminhos de Ferro de Moçambique and a factory manufacturing concrete railway sleepers.

BCI is the second-largest bank in Mozambique with a market share of 32 percent, whilst Millennium BIM, which is also partly Portuguese-owned, has the biggest share of the market.

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