Montepio, a Portuguese mutual bank, will join Arise, a company set up by banks supporting the Norfund development fund of Norway and FMO of the Netherlands and by the Rabobank banking cooperative, Portuguese daily financial newspaper Diário Económico reported.
Arise is a holding company (SGPS) that brings together the holdings of each institution in the African market, which according to a source from Montepio will be established this year to launch operations on 1 January 2017.
Montepio will transfer its shares in Finibanco Angola and Banco Terra in Mozambique, in which it holds 51% and 44.537% of the share capital.
Participants in Arise currently hold stakes in financial institutions and financial service providers in sub-Saharan Africa and the holding company will start operating with a presence in 20 countries and assets of US$660 million.
A recently released statement said the aim of founding Arise is to build sound and stable financial institutions geared to the retail market, small and medium enterprises, the rural sector and customers that have not had access to financial services. (macauhub/AO/MZ/PT)