10 May 2013
South African financial services provider Nedbank is entering the Mozambique banking market through its acquisition of an initial 36% stake in Banco Unico worth US$24.4-million.
“Expansion into the rest of Africa is one of Nedbank Group’s four key strategic areas,” managing executive of Nedbank’s Rest of Africa Investments division, Smit Crouse, said in a statement last week.
“Our Rest of Africa strategy is to provide a one bank client experience through our strategic alliance with Ecobank in central and west Africa, and building Nedbank’s presence through our own operations in southern and east Africa.
“This acquisition positions Nedbank well to service the increasing number of South African businesses operating in Mozambique,” he said.
Banco Unico was established in 2011 by Portuguese investment company Group Americo Amorim Holdings and Group Visabeira through Gevisar. It is the sixth-largest full service bank in Mozambique.
Investment in a branch expansion project is expected to propel the bank’s growth and will see the number of branches around the country doubling in the next few years.
“The entrance of Nedbank into Banco Unico’s capital is part of the initial Gevisar long-term strategy and ambition,” said Group Americo Amorim’s vice-president and Gevisar board member, Paula Amorim.
“Nedbank’s dimension, reputation and expertise combined with Gevisar’s entrepreneurship and international successful investment experience will enable a faster expansion and larger offer to better serve the Mozambican society and economy.”