Portugal-based Caixa Económica Montepio Geral caixa económica bancária SA said Aug. 31 that subsidiary Montepio Holding SGPS SA agreed to sell its 45.78% stake in Mozambique-based Banco Terra SA to Arise BV.
Arise is a holding company jointly created by Norfund, Rabobank and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV in 2016. It focuses on investing in financial institutions and financial services providers in Africa.
Once the sale is completed, Montepio will no longer hold a stake in Banco Terra, in line with the Portuguese group's redefined strategy toward international investments.
The agreement was signed within the framework of a partnership reinforcement with Arise for the joint exploration of investment opportunities in the region.