africa Banking Economy Finance M&A Mozambique

Mozabanco bank acquires the entire capital of Banco Terra Mozambique

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Mozambican bank Moza, owned by the Bank of Moçambique Pension Fund (Kuhanha), has acquired the entire capital stock of Banco Terra, the bank said in a statement released on Monday in Maputo.

The statement noted that the institution made an offer on 24 August to acquire the entire capital stock of Banco Terra, under a structured transaction that includes, in addition to the acquisition, the subsequent merger of Moza Banco and Banco Terra.

“This operation aims to strengthen the institution resulting from an increased capacity to serve the market in general,” and the “different economic sectors” of the country, Moza said, explaining that shareholders are carrying out the legal procedures that will make the deal official.

Moza’s management announced last February that financial firm Arise, consisting of two Dutch banks and the Norwegian sovereign fund, would become a shareholder of the bank in an operation that required Moza to acquire Banco Terra, an institution owned by the Arise Fund in Mozambique.

Last week, Caixa Económica Montepio Geral (CEMG) of Portugal reported that its subsidiary Montepio Holding agreed to sell a stake in Banco Terra de Moçambique to Arise, under the process of strategic redefinition of its international holdings.

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.

Source: Macauhub

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