Portugal-based Caixa Geral de Depósitos SA will reduce its presence in Cape Verde and Mozambique by the end of 2020 under a revised strategy for 2017 to 2020, Macauhub reported July 27.
The bank operates in Mozambique through a 61.5% majority stake in Banco Comercial e de Investimento SA, while in Cape Verde, it operates through a 52.5% stake in Banco Comercial do Atlântico SA and a 70% stake in Banco Interatlântico SARL
As part of the conditions for its recapitalization with €3.9 billion of taxpayer money, CGD had been slated to be required by the European Commission to exit four markets — France, Spain, South Africa and Brazil. A spokesman for the bank said in an email that the bank will now remain in France, but be required to sell one of the Cape Verde units and reduce its stake in its Mozambique unit to 51%.
The change was attributable to the bank's beginning to generate profit a year earlier than expected, Macauhub said.