BCI in Mozambique to open branch in tourist district of Ponta de Ouro

30 July 2009

Maputo, Mozambique, 30 July – Banco Comercial e de Investimento (BCI) bank is to open a branch in the tourist district of Ponta de Ouro, on the border between Mozambique and South Africa.

BCI and the Elephant Coast Development Agency (ADCE) recently signed a cooperation agreement with a view to setting up the branch.

Currently BCI has 60 working branches in Mozambique.

Emerson Machiana, of the bank’s marketing department, has told Macauhub that the new branch, the construction of which begins in October, should become operational at the start of November.

Orlando Candua, president of the ADCE’s board of directors said that “the agreement represents a very important step in trying to respond to the concerns of the communities in the Zitundo Administrative Area in Matutuíne.”

The agreement aims to define the terms, conditions and actions of the partnership and cooperation between BCI and the Elephant Coast Development Agency, in which the Agency agrees to surrender to BCI the DUAT (the Land Use Rights) for the space, unencumbered and free of people and goods.

BCI launched a plan to establish itself in rural areas, in response to an appeal from the government and Mozambique’s Central Bank for the need for banks to attract savings in those areas.

The Elephant Coast Development Agency is an incorporated public entity with administrative, financial and patrimonial autonomy, protected by the Ministry of Tourism, with the objective of promoting and coordinating the development of tourism in the Matutuíne district, including the Maputo Special Reserve.

Banco Comercial e de Investimentos (BCI), the second-largest bank in Mozambique, with a market share of more than 32 percent, is 51 percent owned by Caixa Geral de Depósitos (CGD), Banco Português de Investimentos (BPI) owns 30 percent and Mozambican group Insitec owns 18 percent. (macauhub)