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 (http://www.mcb.mu), 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)

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