Portugal’s Caixa Económica Montepio Geral interested in acquiring stake in Mozambican bank

17 July 2013

Caixa Económica Montepio Geral, the entity responsible for banking activity of the Portuguese mutual association Montepio Geral, plans to acquire a stake in the share capital of Banco Terra de Moçambique, the association announced.

In a statement released via the Portuguese Securities Market Commission, the association indicated that the acquisition proposal will be subject to approval by members of the mutual association at an extraordinary general assembly scheduled for this coming 30 July.

Banco Terra counts as shareholders the Dutch bank Rabobank, Mozambique’s Gapi – Sociedade de Investimentos and the Norwegian Investment Fund for Developing Countries (Norfund). It focuses activity on supplying a full range of financial products and services to the rural, urban and suburban segments of the Mozambican market.

The bank is especially centred on the agro-livestock sector, financing the entire value chain, as well as on small and medium enterprises, besides backing a number of micro-finance institutions.

Montepio Geral is already present on the African continent via Finibanco Angola, established in 2007, with a 60 percent stake in the share capital of Finibanco Holding, SGPS. (macauhub)