Mozambique’s BCI bank and Germany’s Development Bank sign agreement

22 July 2009

Maputo, Mozambique, 22 July – Mozambican bank, Banco Comercial de Investimentos (BCI), and the German Development Bank have signed a co-financing contract for the expansion of the bank owned by Portugal’s Caixa Geral de Depósitos into rural areas. the deal is valued at 98 million euros.

The co-funding agreement, which is part of the cooperation strategy between the German and Mozambican governments, “will make it possible to support the expansion strategy of the retail network of BCI to mainly rural areas, specifically to districts where banking is non-existent or manifestly lacking,” said a statement published in Maputo.

“this co-financing will make it possible for BCI to reach more quickly all Mozambicans without accessing to banks and appropriate financial products for their needs, as well as supporting the investment in new automatic teller machines (ATM) specifically for rural areas,” said the statement.

BCI, the second-largest bank in Mozambique, with a market share of 30 percent, is 51 percent owned by Caixa Geral de Depósitos (CGD), Banco Português de Investimentos (BPI) owns 30 percent, Mozambican group Insitec owns 18 percent, and the remaining capital is owned by individual shareholders. (macauhub)