Maputo, Mozambique — The Mozambican financial landscape is set to change with the opening on Friday of a new rivate bank, the BDC (Development and Commerce Bank) in Maputo.

Portugal's oldest bank, the Montepio Geral financial group, olds 42 percent shares in the BDC which took off with an equity f three million US dollars.

Mozambican companies and institutions have 34 percent shares n the new bank. Among the local shareholders are the National ocial Security Institute (INSS), former defence minister, eneral Alberto Chipande, and W & W Consultores, a company owned y Teodoro Waty, chairman of the Maputo Municipal Assembly.

Three other Portuguese companies hold a 15 percent stake, nd the remaining 9 percent of the shares are owned by three ortuguese citizens.

Finance Minister Luisa Diogo, who cut the ribbon to mark the pening of BDC, expressed hope that the bank would boost savings nd increase the country's wealth.

Diogo said the consortium's decision to open the bank meant hat it trusted Mozambique's current business environment.

The chairman of the BDC board, Hermenegildo Gamito, is one f the most experienced Mozambican business figures. He is former hairman of the People's Development Bank (BPD), when it was nder state ownership, and also a parliamentary deputy for the uling Frelimo party.

On Friday the BDC simultaneously opened two branches in aputo. It envisages, by the end of 2001, to have five branches n the capital.

Within the next three years, the bank management intends to ave a total of 15 branches, covering all provincial capitals.

A representative of the Montepio Group, Miguel Sales, told IM: "We admit that it won't be easy to open three more branches uring 2001 and 15 within three years, but our perception is that e have to work hard".

Services provided by the bank include mortgages, and onstruction and agricultural credits.