Societe Generale group intends to expand banking business in central and northern Mozambique

3 March 2017

French banking group Societe Generale plans to expand its business in Mozambique, particularly in the centre and north of the country, said on Thursday in Maputo the deputy director of international banking and head of the group for Africa, during the inauguration of the new headquarters of the bank in Maputo.

Alexandre Maymat said the group wants to invest in the cities of Beira, in the centre of the country, and Nampula and Pemba, in the north, and mentioned mobile banking as the solution adopted to bring banking services to the remotest parts of Mozambique.

The managing director of Societe Generale Mozambique, Laurent Thong Vanh, said that the aim of the group is to focus its activity in Mozambique on company banking and investment banking, areas where it considers it has a competitive advantage because of the worldwide reputation and stability of the group.

In a statement sent to Macauhub, the banking group said that with the inauguration of the new headquarters, it confirms its commitment to Mozambique, the first Portuguese-speaking country in Africa where it has invested.

The French group entered Mozambique in 2015 when it concluded the acquisition of a 65% stake of the capital of Mauritius Commercial Bank Mozambique (MCBM), an institution that changed its name to Societe Generale Mozambique.

Societe Generale Mozambique is one of the banks in the country that offers ts business customers the ability to pay orders to Chinese companies directly in Renminbi, the Chinese national currency. (macauhub)