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Investment fund Arise to acquire minority stake in Moza Banco

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Investment fund Arise to acquire minority stake in Moza Banco

Netherlands-based investment company Arise BV signed a memorandum of understanding with Kuhanha, the company that manages the Bank of Mozambique's pension fund, to buy a minority stake in Moza Banco SA, Macauhub reported Feb. 28, citing the bank.

Moza Banco is also eyeing the acquisition of fellow Mozambican lender Banco Terra SA, in which Arise already has a stake. Arise was created by Norfund, Rabobank and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, or FMO, in August 2016.

Kuhanha became Moza Banco's majority shareholder in 2017 after being selected to recapitalize it with 8.17 billion Mozambican meticals, giving it an 80% stake, the report noted. The remainder of the bank is owned by Portugal-based Novo Banco SA and Moçambique Capitais, with the exception of a 0.01% stake held by a private investor.

Moza Banco was placed into central bank administration in September 2016 after running into difficulty.

As of Feb. 28, US$1 was equivalent to 62.20 Mozambican meticals.