10 December 2007
Maputo — The London-based Barclays Bank, which has recently acquired Mozambique's Austral Bank, has so far invested 30 million rands (about 4.3 million US dollars) in changing the identity of the bank to Barclays Mocambique.
The Marketing and Communications Director of Barclays Mozambique, Alfredo Mucavel, explained that this includes replacing forms, cheque books, investment in marketing and the refurbishment of the various branches across the country, where all the old signs reading "Banco Austral" are being taken down and replaced with ones saying "Barclays".
He added that this is just the beginning of the investments, because much more money will be put into this work, and into opening branches in other areas, that had been ignored by Banco Austral.
He did not give any figures about the planned investments, but he said that Barclays Mocambique is prepared to invest whatever amounts become necessary.
"30 million rands is what we have invested in this first phase, but we will invest more", he said. "The size of the future investments for the expansion of our services will depend on the physical space where we will install our branches. The truth is that we are prepared to invest whatever money is necessary".
He said that his institution is currently working with the Mozambican central bank to identify places to build new branches, particularly in the rural areas.
Mucavel said that the change of identity has already been completed in Maputo, and is due to end by April next year across the country. The replacement of all credit cards and cheque books must be completed by the end of 2008.
The changes arise from Barclays purchase of 56 per cent of the shares of the South African group ABSA which in turn held 80 per cent of the shares in Austral.
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