The share capital of Moza Banco will be increased from US$40 million to 45 million this coming October, the bank’s chairman Prakash Ratilal stated in Maputo when inaugurating its 12th branch, which contains business units for companies and private individuals.
This is the second time in the course of a year that the shareholders, specifically Moçambique Capitais, BES Africa and Geocapital, have been called to contribute financially. The first time was last June, when the bank’s share capital was upped from US$10 million to 40 million.
Ratilal said on that occasion that the increases were due to the bank’s rapid expansion in Mozambique and were also meant to ensure that the institution can accompany the growth the country has experienced in recent times, driven mainly by the discovery of mineral resources and the start of coal exploitation.
Moza Banco is a project with roots in Mozambique. Its reference shareholders are Moçambique Capitais, a local company, and Geocapital, a Macau-based company whose founding shareholders are the entrepreneurs Stanley Ho from Macau and Jorge Ferro Ribeiro from Portugal.
Moçambique Capitais is a holding company which now counts 376 shareholders, with its capital open to Mozambicans. It holds a majority stake (50.4 percent) in the capital of Moza Banco, which has been operating since June 2008.
The newly inaugurated branch is notable for being the first Moza Banco branch school, a pioneering project based on an innovative concept of job-site training.
The new branch’s two business units raise to 22 the number of the bank’s business units operating in the cities of Maputo, Matola, Tete, Beira, Nacala and Nampula. The bank’s management expects to count 21 branches and 33 business units by the end of the year. (macauhub)