Portuguese banking group Crédito Agrícola to open bank in Mozambique in 2014

12 September 2013

Portuguese group Crédito Agrícola plans to start operating in the Mozambican market with a locally-based bank starting in 2014, said the group’s chief executive Licínio Pina.

Cited by Portuguese daily newspaper Diário Económico, Pina also said that investment would be carried out with a Mozambican minority partner and would mainly focus on the agricultural sector.

“We plan to install a cooperative bank in Mozambique and the starting point will be Nacala, the port city of the Mozambican province of Nampula,” said the Crédito Agrícola CEO, according to whom the group needs to move beyond Portugal in order to grow.

The chief executive of Crédito Agrícola also said that the group had been contacted to help create a cooperative bank in Mozambique, but may just provide technical support.

Pina said that his group and the Mozambican Agricultural Development Institute would sign a protocol to set up a system to support the primary sector similar to Portugal’s Institute for Funding Agriculture and Fishing as well as a bank. (macauhub)