Portuguese bank sells the stake in Mozambican bank

3 September 2018

Montepio Holding, a subsidiary of Portugal’s Caixa Económica Montepio Geral (CEMG), has agreed to sell the stake in Banco Terra de Moçambique to financial firm Arise, under a plan for the strategic redefinition of its international holdings, the company said.

The statement issued on Friday said that with the sale of 45.78% of the share capital of Banco Terra, the Caixa Económica Montepio Geral group ceases to hold any interest in the Mozambican financial institution.

The sale to Arise – SGPS jointly created by Norwegian sovereign fund Norfund, Dutch development bank FMO and by Rabobank, to support growth in Africa through investments in African financial institutions – is part of the consolidation of the Mozambican financial sector.

The deal – which includes an option for Montepio to take a stake in Arise – reinforces and deepens the partnership between the two institutions, which are committed to jointly studying future investment opportunities in Africa. (macauhub)