Mozambique news: Moza Banco acquires total capital of Banco Terra Moçambique

Banco Terra SA operates as a commercial bank and provides banking products and services to rural and peri-urban population of Mozambique. Recent reports state that Moza Banco has acquired the entire capital of Banco Terra Moçambique (Mozambique).

According to João Figueiredo, the Chairman of the Board of Directors, this purchase will consolidate the financial and equity structure of the banking institution.

The bank statement issued claims that Bank of Mozambique has approved the capital increase operations of Moza Banco and the acquisition of Banco Terra Moçambique, as announced to the market, Macauhub reported.

Moza Banco also augmented its share capital that was totally subscribed by Arise. It will hold 29.5 percent interest in the shareholder of the bank.

Arise currently handles over USD 660 million in assets and runs in over 10 countries. The new deal will give the company to inflate its investments in Mozambique.