The two shareholders of Mozambican bank Moza Banco are expected to increase the bank’s capital by US$5 million to US$50 million, said chairman Prakash Ratilal, according to Mozambican daily newspaper, Notícias.
The chairman also said that the bank would open a unit to finance development projects as well as setting up an associated insurance company.
These decisions were made following shareholder restructuring of the bank, with investment company Geocapital selling its remaining stake in the bank to Moçambique Capitais with 51 percent and BES África, of Portuguese banking group Banco Espírito Santo, with the remaining 49 percent.
Ratital said that Moza Banco is currently the fifth biggest of Mozambique’s 19 banks, and has plans to become one of Mozambique’s top banks. (macauhub)