Montepio Holding Group Portugal has become one of the main shareholders of Banco Terra in Mozambique, and its investment was followed by a capital increase to 1.5 billion meticais (US$48 million), the bank said.
The bank also said that the first instalment of the capital increase in the amount of 900 million meticais, has already been subscribed and fully paid.
The shareholders agreement on Montepio Holding taking a stake in the group and on the capital increase of Banco Terra, outlines that the two major shareholders of the bank – Rabo Development and Montepio Holding – will have equal stakes in the shareholder structure.
The Norwegian Investment Fund for Developing Countries (Norfund) and Gapi, a financial institution for development based on a Mozambican public-private partnership, complete the Land Bank’s shareholder structure.
Shareholders agreed to update and adapt the business plan of Banco Terra and to increase the physical presence of the bank by opening new business centres (branches and other customer services), expanding the supply of products and services at competitive prices.
The Rabobank Group is comprised of a central bank, Rabobank Netherlands and over 139 local cooperative banks, as well as an international banking subgroup, Rabobank International.
Montepio Geral is a mutual benefit association in which banking profits in banking are used for the health protection and retirement of its members.
So far, Montepio group had only had a presence in Mozambique through insurance company Moçambique Companhia de Seguros, after, in 2007, it sold the majority stake it held in Mozambican trade and development bank, Banco de Desenvolvimento e Comércio de Moçambique. (macauhub/MZ/PT)