Portuguese-Mozambican state bank launches in first half of 2010

10 November 2009

Maputo, Mozambique, 10 Nov – The investment bank projected by the Mozambican and Portuguese governments is due to start operating in the first half of 2010, the vice president of Portuguese state bank Caixa Geral de Depósitos (CGD), Francisco Bandeira.

Bandeira told newspaper O País that the technical team preparing the launch of the financial institution would “in the first two months of 2010 be able to send the project to the Bank of Mozambique for analysis.”

He also noted that “starting capital will be US$500 million, that may be raised to US$1 billion,” an amount that will be provided equally by CGD and the Mozambican treasury.

The Portuguese-Mozambican bank, according to Bandeira, will be focused on “priority infrastructures for Mozambique’s development,” and its headquarters will be in the city of Maputo, with a branch in the Portuguese capital, Lisbon.

The Mozambican and Portuguese governments last September signed a memorandum of understanding in Maputo with a view to setting up the bank.

The vice president of CGD travelled to Mozambique to attend the opening of a branch of BCI, which is 51 percent owned by CGD.
The chairman of BCI, Ibraimo Ibraimo, said that the new branch focused on customers with significant capital and specialised services, was part of the strategy of expanding the bank’s retail network, which is expected to see growth of 50 percent over a year. (macauhub)