Portuguese groups create company to control Banco Único, authorised to operate in Mozambique

24 September 2010

Lisbon, Portugal, 24 Sept – Portuguese groups Amorim and Visabeira have set up Gevisar, a stake holding company, which will have a controlling stake in Banco Único, which has received authorisation to operate in Mozambique, banker João Figueiredo said.

Speaking to Portuguese news agency Lusa, Figueiredo, who is both chairman of the board and executive commission and also a shareholder of Banco Único, said that at the beginning Mozambican shareholders would “have a stake of between 20 percent and 30 percent.”

Gevisar, which is 70 percent owned by the Amorim group and 30 percent by Visabeira, “in the phase of setting up the company owns 86.5 percent of the bank,” but “the agreement that exists and the defined principles are to be able to reduce down to 51 percent,” Figueiredo said.

The bank’s shareholder equity is expected to total “around 70 million euros in the first three to four years,” he said.

the Agro Alfa and Intelec groups, via subsidiary companies, are amongst the Mozambican shareholders that are part of the initial group of investors.

Banco Único was officially set up on 16 June, “a symbolic date of the introduction of the metical,” as the country’s currency, is already licensed to operate by the Bank of Mozambique and will be “a universal bank with a strong vocation and focus on the retail market,” Figueiredo said.

The primary objective is to serve the Mozambican market, but Banco Único also sees the Mozambican economy as being “integrated in the SADC” (Southern African Development community), “where we have many hundreds of millions of consumers and potential market,” the chairman and chief executive of the bank said. (macauhub)