Montepio of Portugal confirms purchase of 44.5 pct of bank in Mozambique

18 December 2014

Montepio of Portugal confirmed Wednesday in Lisbon it had acquired 44.537 percent of Banco Terra, a Mozambican financial institution, in a statement sent to the Portuguese Securities Market Commission (CMVM).

Besides Montepio, Rabo Development Bank of the Netherlands holds an equal share of 44.537 percent, the remaining capital being split between the Norwegian Investment Fund for Developing Countries (8.409 percent) and GAPI (2.517 percent), the Portuguese bank said.

Banco Terra was founded in 2008 with the goal of being one of the leading institutions for funding in the areas of food and agriculture and to provide financial services to rural and suburban populations, with a network of branches in the provinces of Maputo, Inhambane, Manica, Sofala, Tete and Nampula. (macauhub/MZ)