The Mozambican state now owns the entire US$70 million share capital of Banco Nacional de Investimento (BNI), a development bank set up in 2010 by the Portuguese and Mozambican governments, under the terms on an agreement signed Monday in Maputo.
The Mozambican state acquired the shares thus far owned in the bank by Portuguese state banking group Caixa Geral de Depósitos (CGD) and Banco Comercial de Investimentos (BCI) for an unspecified sum.
Until Monday the Mozambican state owned 49.5 percent of the bank via the National Treasury Directorate, and CGD owned a further 49.5 percent, whilst the remaining 1 percent belonged to Banco Comercial e de Investimento (BCI), a Mozambican financial institution in which CGD has a majority share and whose partners in the venture are Portuguese banking group Banco BPI and Mozambique’s Insitec.
BNI, which started operating in 2011, was due to play a central role in two important projects in Mozambique – the Centre-South power transmission line and the northern power plant of the Cahora Bassa hydroelectric facility.
According to Portuguese news agency Lusa, in the first half of 2012 the bank posted a profit of 25 million meticals (US$845,000). (macauhub)