> Portuguese-Mozambican bank, Banco Nacional de Investimentos to start operating only in 2011
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Date: 1/04/2015
Source: Banco Moçambique
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Portuguese-Mozambican bank, Banco Nacional de Investimentos to start operating only in 2011

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clubofmozambique (2010-11-30) Portuguese-Mozambican bank, Banco Nacional de Investimentos, which has already been set up, will start operating in the first half of 2011 and not this year as had been initially scheduled, Mozambique’s Finance Minister, Manuel Chang said.

Cited by the Mozambican press, the minister also said that the bank's shareholders - the Mozambican and Portuguese states - had already asked the Bank of Mozambique for "starting capital to be applied gradually, according to investment needs."

“Both we, and Caixa Geral de Depósitos (CGD), are at a stage that gives us time to do that. There are initial amounts being invested for the purpose of initial work,” he added.

Portugal’s share of BNI is being managed by CGD, and the National Treasury Directorate is responsible for the Mozambican side.

The Finance Minister declined to say the initial amounts invested in starting capital, saying that "there is no need" and "there are technical teams that are working on setting up the bank."

BNI’s official starting capital is US$500 million.

Portugal and Mozambique have an equal share of 49.5 percent each in the bank, and the third shareholder is Banco Comercial de Investimento, which is majority-owned by Portuguese banking group CGD, with 1 percent, or the equivalent of US$5 million.

The bank was officially set up in Maputo last June with shareholders announcing that US$500 million would be invested by December and that the bank would start operating this year.

source: macauhub

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