Mozambique’s Moza Banco opens a retail branch and a business branch Wednesday

7 December 2011

Maputo, Mozambique, 7 Dec – Mozambican bank Moza Banco is due Wednesday to open two new branches, one a retail branch and another for businesses, in the city of Matola, where the largest industrial park in Mozambique is located, the bank said in a statement issued Monday in Maputo.

In the document, the board of the bank said that the move was part of the process of expanding the bank that was strategically laid out after BES África – the African stake-holding company for Portuguese banking group Espírito Santos – took a stake in it last January.

Last June, Moza Banco’s shareholders, specifically Geocapital, BES Africa and Moçambique Capital, the latter being the majority shareholder, carried out a capital increase in order to boost the bank using its own funds.

The bank thus plans to create a network of branches by 2013 and ensure coverage of Mozambique in the main areas with large economic indicators. (macauhub)