Portugal’s Caixa Económica Montepio Geral acquires 45 pct of Mozambican bank Banco Terra

31 July 2013

Caixa Económica Montepio Geral is set to buy a 45 percent stake in Mozambican bank Banco Terra, according to the authorisation given at the extraordinary general meeting of Portuguese mutual association Montepio Geral.

According to António Tomás Correia, chairman of Montepio Geral, the proposal made to the extraordinary general meeting was approved by a majority of participating members, with just one abstention and one vote against.

The body responsible for the banking business of the Portuguese mutual association, Caixa Económica Montepio Geral will thus increase its presence in the Mozambican banking sector, where it has a majority stake in insurance company Moçambique Companhia de Seguros, of the Lusitânia group.

The Portuguese financial institution will join Norfund (Norwegian development fund), Gapi, a Mozambican financial institution, and Rabobank, one of the Netherland’s largest financial institutions, the current shareholders of Banco Terra. (macauhub)