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Mozambique: New Structure for Second Largest Bank
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Agencia de Informacao de Mocambique (Maputo)
25 November 2007
Posted to the web 25 November 2007
Maputo
Mozambique's second largest bank, the BCI- Fomento, after lengthy negotiations, has a new ownership structure, as of last Thursday, when the long-awaited sale of shares to the Mozambican group INSITEC was finalised.
The BCI remains dominated by Portuguese capital. The largest shareholder is the Portuguese state bank, the Caixa Geral de Depositos (CGD), whose holding rises from 42 to 51 per cent. A second Portuguese financial institution, the BPI (Portuguese Investment Bank) holds 30 per cent, while INSITEC holds the remaining 19 per cent.
This is the result of the sale of the shares held by the company SCI, led by former Finance Minister Abdul Magid Osman. Part of the deal is that INSITEC chairperson Celso Correia, at the age of just 29, will take over from Magid Osman as non-executive chairperson of the BCI board. Day-to-day running of the bank will be in the hands of an Executive Commission led by the jurist Ibraimo Ibraimo.
The final phase of negotiations lasted for about a fortnight, and produced 78 legal documents that had to be agreed and signed.
"The deal is completed", Magid Osman announced on Thursday night.
"The INSITEC group is now part of the BCI. This is the first time there has been a public sale of this kind in Mozambique. We have guaranteed the presence of a Mozambican group in the BCI".
Magid Osman thought it an "enormous advantage" that the deal left two Mozambicans, Correia and Ibraimo, at the head of the bank, since both were "very sensitive" to the key questions of the Mozambican economy.
"For INSITEC, this was a major investment. We are satisfied", said Correia, but without revealing how much the shares had cost.
He added that one of INSITEC's key values was "national awareness", and so he intended to take seriously the government's call that banks should set up branches in rural areas.
Magid Osman founded the BCI ten years ago, and although most of the shares are held by Portuguese institutions, over 80 per cent of the Bank's staff are Mozambicans.
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Further changes could be on the way, since negotiations are under way in Lisbon for a merger between the BPI and the largest Portuguese bank, the BCP (Portuguese Commercial Bank). The BCP is the majority shareholder in the largest Mozambican bank, the Millennium-BIM (International Bank of Mozambique).
I was looking through the news and I was so happy. First Cabora Bassa is finally 'ours' and now the BCI-Fomento. I live in Canada and every evening look at african news. Tonight although it is snowing and cold I will feel warm inside to see that A Luta Continua. I was born in Lisbon in 1941 but in 1975 after attending the Independence cerimony in the Machava Stadium I felt I have to become a mozambican citizen which I did when the Lei da Nacionalidade came out. We have great people and like the late Samora Machel used... [Read Full Text]
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| Copyright © 2007 Agencia de Informacao de Mocambique. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections -- or for permission to republish or make other authorized use of this material, click here. | |||||||||||||||||||||||||||||
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