17 May 2014

Mozambique: Guebuza Inaugurates New Head Office of Largest Bank

Maputo — Mozambican President Armando Guebuza on Friday night inaugurated the new headquarters of the country's largest commercial bank, the Millennium-BIM, an imposing 16 storey building in downtown Maputo.

Speaking at the ceremony, Guebuza stressed the importance of the financial system at a time when the economy “is growing, quantitatively and qualitatively”, and is continuing to draw in foreign investment, attracted by the country's natural resources.

“The government is banking on foreign investment and in the injection of more financial resources to catapult the Mozambican economy forward”, he declared.

But Guebuza added the banks must pay attention, not only to the mega-projects, financed by foreign investment, but also to the small and medium companies, who should be able to take advantage of the opportunities offered by the large scale projects.

The discovery of vast mineral resources, he said, opened up broad spaces for establishing partnerships “which will complement the role played by the public sector in creating an environment favourable to investment”, said the President.

Guebuza declared that the “imposing and modern” headquarters enriches the built environment, creates confidence in the institution, and symbolizes the country's financial growth.

The chairperson of the Millennium-BIM Board of Directors, former prime minister Mario Machungo, said there are now 950 workers in the central services of the bank. It has a total workforce of 2430, in 159 branches, throughout the country.

BIM has about 1.3 million clients, making it by far the largest of the country's commercial banks.

BIM is the only Mozambican bank in the list of the 100 largest African banks, where it occupies 62nd position.

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