Portugal’s Montepio to take on management of Mozambique’s Banco Terra

26 December 2013

Montepio of Portugal will pay US$20 million to enter the capital of Mozambique’s Banco Terra, thereby becoming one of the main shareholders, said the group’s chairman, Tomás Correia.

Correia told Lusa news agency that the institution he heads only awaits authorisation from regulators to enter that bank’s share capital, where its partners will include Rabobank, one of the Netherlands’ biggest banks, the Norway Investment Fund (Norfund) and Gapi, a Mozambican financial institution.

The Portuguese bank will take on “a position equal to that of Rabobank” with about 45 percent of the capital, “but with management responsibility”, Montepio’s chairman added.

Montepio is currently only present in Mozambique via the insurer Moçambique Companhia de Seguros. In 2007 it sold its majority stake in the Banco de Desenvolvimento e Comércio de Moçambique

Correia indicated that Montepio is also reinforcing its activities in Angola, where it operates under the Finibanco Angola name, following its takeover purchase of Portugal’s Finibanco in 2010.

“Finibanco brought us an operation in Angola, which is now very profitable and should close the year with results on the order of a net 17 million dollars,” he said.

The Montepio group is also present in Cape Verde via Banco Montepio Geral Cabo Verde (IFI). (macauhub)