[2019-05-16] Insurance companies take a stake in BIG Moçambique bank

Source: Macauhub

Mozambican bank BIG Moçambique carried out a capital increase by taking on three new shareholders, insurance companies Hollard and Global Alliance of South Africa and Empresa Moçambicana de Seguros from Mozambique, the bank’s executive director Mário Bolota said.

The executive director of Portuguese group BIG responsible for business in Africa also told Portuguese newspaper Público that the three insurance companies jointly hold 16% of BiG Moçambique, leaving the group with a share of 83.99 %.

The increase of 599.4 million meticais increased the bank’s share capital to 1.1 billion meticais (US$17.1 million).

The director said the investment by Global Alliance Seguros been made on behalf of institutional investors, such as the Mozal Workers’ Pension Fund and the Global Alliance Pension Fund.

Inaugurated about two years ago, BIG Moçambique holds a license for all banking segments, focusing on capital markets, financial and corporate advisory services and support to high-end institutional and private investors.