Millennium bim bank attracts 180,000 new customers and boosts leadership in Mozambique

5 April 2013

Mozambican bank Millennium bim in 2012 increased its customers to around 1.2 million, or 15 percent more against the previous year, posting growth of 16.3 percent in deposits, the bank said.

In a statement to which Macauhub had access in Maputo, which reports approval of Millennium bim’s accounts for 2012 by its shareholders, the retail bank said it had “boosted (its) leadership position” in Mozambique.

In the same period the bank opened up 13 new branches in Mozambique, and now has 151 branches in 53 districts (of a total of 128) and expanded its ATM (automatic teller machine) and POS (point of sale) networks to 385 and 4088 devices, respectively.

Millennium bim also announced “a significant rise” of 16.3 percent in deposits and 11 percent in credit.

“In terms of quality of the credit portfolio, the rate of past due loans for over 90 days to gross credit was 2 percent,” the statement said.

Mozambique’s retail banking system currently has 18 operators and Banco Comercial de Investimentos (BCI) is the country’s second largest bank, with around 563,000 customers.

With shareholder capital of 4.5 billion meticals, Millennium bim’s shareholders are Portuguese bank Millennium BCP Participações (66.69 percent), the Mozambican State (17.12 percent), the National Social Security Institute (4.95 percent), insurer Empresa de Seguros de Moçambique (4.15 percent), community development foundation, Fundação para o Desenvolvimento da Comunidade (1.08 percent) and the remaining 6.01 percent is in the hands of 1,618 individual investors. (macauhub)