Mozambique’s Moza Banco posts profits of US$2.2 million in 2009

26 March 2010

Maputo, Mozambique, 26 March – Mozambican bank Moza Banco, a financial institution with Mozambican capital and part-owned by Macau casino magnate Stanley Ho, posted profit of US$2.2 million in 2009, the bank’s chief executive said Thursday in Maputo.

In a statement, Inaete Merali said that the result “proves the financial solidity of Moza Banco as a result of the trust shown by its customers,” and added that, “this translated into a sovency ratio of 32.53 percent, above the 8 percent recommended by the Bank of Mozambique.”

Shareholders of Moza Banco are this year expected to carry out a capital increase in order to allow the bank to carry out its expansion plans for its network of branches and cover potential customers located outside the province of Maputo, such as those in Nampula, Nacala, Matola, Tete and others.

Moza Banco was set up on 16 June, 2008 and its shareholders are Moçambique Capitais, led by Prakash Ratilal, the former governor of the Bank of Mozambique with 51 percent and Geocapital with 49 percent which is owned by Portuguese and Macau businesspeople led by António Almeida Santos, chairman of the Portuguese Socialist Party and former president of the Portuguese parliament and Macau impresario, Stanley Ho.

Even before it had operating for a year, Moza Banco posted a profit of US$700,000 (between December 2008 and February 2009).

Moza Banco is focused on providing services in the areas of agriculture, biofuel and energy and projects aimed at developing the Zambezi valley. (macauhub)