Société Générale buys stake in Bank of Mozambique

20 March 2015

French bank Société Générale has acquired a stake in The Mauritius Commercial Bank Mozambique, as part of its strategy for growth in Africa, the bank said in a statement issued Thursday in Paris.

The acquisition, whose financial details were not disclosed, will be carried out through a capital increase reserved for Société Générale, which will take a controlling stake, and still requires approval from the Bank of Mozambique.

In the statement, the French bank notes that Mozambique has a strong potential for growth, particularly of infrastructure to support the recent discoveries of natural gas.

MCB Moçambique, so far controlled by the Mauritius Commercial Bank (, started operating in August 1999 to support Mauritius entrepreneurs with their businesses in Mozambique.

Société Générale is present in 18 African countries, where it has more than 3 million customers, including 150,000 businesses. (macauhub/MZ)