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Moza Banco to open in Mozambique




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clubofmozambique (2008-06-16) Mozambican bank Moza Banco, a financial institution with capital from Macau, is due to be launched on 16 June, at a ceremony attended by the president of Mozambique, according to a report in Savana newspaper last week.

The new bank is a Mozambican-based project, whose main shareholders are Moçambique Capitais, a local company, and Geocapital, a Macau-based company, whose founding shareholders are Macau business magnate Stanley Ho and Portuguese businessman Jorge Ferro Ribeiro, respectively.

Mozambican economist Prakesh Ratilal, former governor of the Bank of Mozambique, is the chairman of the board of Moza Banco, while businessman Carlos Simbine will head the general meeting committee.

Moçambique Capitais has a 51 percent stake in Moza Banco and brings together over 150 private investors, almost all of which are individuals and companies in Mozambique, and Geocapital has the remaining 49 percent.

Moza Banco has initial capital of US$15 million but, according to Savana, within a year shareholders are likely to raise capital to US$20 million.

Moza Banco will work in investment, corporate and private banking (asset management), and will start operating by opening branches.

The governor of the bank of Mozambique, Ernesto Gove said in May that there was interest in having a bank of this kind in Mozambique saying that there was a lack of resources for funding manufacturing activities and those that exist use short term funding resources, which prevents them from becoming involved in long term projects. - (macaudailytimesnews)


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