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Portuguese Companies to Open Mozambican Commercial Bank in 2011

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Oct. 20 (Bloomberg) -- Corticeira Amorim SA and Grupo Visabeira SGPS SA will be the majority shareholders in a new commercial bank that will be started in Mozambique next year, Joao Figueiredo, the chairman-designate of the bank, said.

The two Portuguese companies will hold 51 percent of Banco Unico, with the remainder owned by Mozambican institutional and individual investors, Figueiredo said yesterday in an interview in the capital, Maputo.

“The new bank will open branches throughout the country and will look at embracing all sectors of the economy,” he said.

Banco Unico has been licensed by the southern African country’s central bank, Banco de Mocambique. State-run energy company, Empresa Nacional de Hidrocarbonetos, is one of its investors, Figueiredo said. The bank will be the 16th operating in Mozambique, according to central bank data.

To contact the reporter on this story: Fred Katerere in Maputo at pmrichardson@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

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