Banco Société Générale Moçambique increases capital to expand loan portfolio

21 December 2017

Société Générale Moçambique increased its share capital by 944 million meticais (US$15.7 million) to 1.3 billion meticais (US$21.7 million) to meet the minimum capital required by the regulator and to increase lending capacity, the bank said in a statement.

“This capital increase reiterates once again the Société Générale group’s commitment to Mozambique and reinforces the Bank’s ambition to collaborate in the development of the national economy by financing local SMEs and attracting large investors and foreign companies to the domestic market,” the statement said.

French group Société Générale entered the Mozambican market in October 2015 with the purchase of a 65% stake in Mauritius Commercial Bank Moçambique, which changed its name to Société Générale Moçambique.

The statement added that in 2018 the bank will increase its physical presence in the province of Maputo and in the cities of Nampula and Pemba.

The bank recently launched Chinese platform UnionPay International – a network of electronic channels and international payment methods – of Chinese origin, which will allow cardholders to use UnionPay POSs.

Société Générale Moçambique is the tenth bank in Mozambique by assets to the “Survey on the banking sector” prepared by the KPMG consultancy for the Mozambican Association of Banks, based on data from 2016. (macauhub)

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