Mozambican bank Banco Terra increases capital to US$31 million

14 September 2012

Mozambican bank Banco Terra has increased its capital to 900 million meticals (US$31 million) by issuing shares worth 500 million meticals, which were totally subscribed by shareholders, the bank said in a statement issued in Maputo.

According to the statement, cited by Mozambican newspaper O País, the value of the new shares accounts for the second and third tranche of funding required to carry out the bank’s new business plan, and the first tranche of 400 million meticals was carried out in mid 2011.

The operation is intended to finance the production sector, particularly agriculture and the entire food chain, thus contributing to sustainable economic growth in the country.

In 2012 Banco Terra plans to boost its physical presence in Maputo province by opening more branches, along with adding to its methods of payment for bank operations, namely Internet banking, to help improve the quality of its customer services.

Banco Terra’s main aim is to offer a complete range of financial products and services to the rural, urban, and suburban segments of the Mozambican market.

The bank is particularly focused on the agri-livestock sector, by funding the entire value chain including suppliers of production equipment, farmers, cattle breeders, associations and the processing industry. (macauhub)