Mozambique’s Banco Terra merges with Moza Banco

9 July 2019

Banco Terra de Moçambique (BTM) has merged with Moza Banco, following a resolution by the bank’s shareholders, according to a statement released on Monday in Maputo.

The merger will be carried out through the incorporation of BTM in Moza Banco, the statement said, which does not specify the terms of the transaction.

“The merger proposal was submitted unanimously, with the favourable votes of all the shareholders represented, representing the total share capital of BTM,” the statement said.

In September 2018 it was announced that Moza Banco, belonging to the Banco de Moçambique Pension Fund (Kuhanha), had acquired the entire capital stock of Banco Terra.

The statement specifically said that the bank made an offer on 24 August 2018 to acquire the entire capital stock of Banco Terra, under a structured transaction that included, in addition to said acquisition, a subsequent merger between Moza Banco and Banco Terra.

Moza’s management announced in February 2018 that the Arise financial company, consisting of two Dutch banks and the Norwegian sovereign fund, would become a shareholder in the bank in a transaction that required Moza to acquire Banco Terra, which was owned by the Arise Fund in Mozambique. (Macauhub)