Millennium Bim and Bank of China assign protocol to simplify bank transfers

12 April 2010

Maputo, Mozambique, 12 April – The Millennium BIM bank, the largest bank in Mozambique, which is majority owned by Portugal’s Millenium BCP, has set up a protocol with the bank of China for a simpler and cheaper transfer of funds between the two countries.

Millennium Bim, as part of the agreement, has set up a special price list, which allows the Chinese community in Mozambique to “benefit from a very competitive price in the t of funds,” said a statement from the Bank.

The agreement also implies that the Bank of China provide a special tariff for remittances sent from China by Mozambicans, via Millennium Bim.
As of now, all transfers to and from China, will be faster, safer and low cost, said Millenium Bim.

Millennium Bim is majority-owned (66.7 percent) by Portugal’s Millennium Bcp.

The remaining capital is in the hands of the Mozambican state (17.4 pct), the National Social Security Institute (4.9 percent), by Mozambican insurer Empresa de Seguros de Moçambique (4.2 percent), community development foundation, Fundação para o Desenvolvimento da Comunidade (1.1 percent) and 5.7 percent is owned by the banks managers, technicians and staff.

The Bank of China is a state bank, and is the third largest bank in China. (macauhub)