In line with Arise’s mandate of advancing financial inclusion in Africa, Arise acquired a 29,8 % stake in Moza Banco, a locally owned bank in Mozambique in December 2018. According to Arise CEO, Deepak Malik the rationale behind the acquisition was to merge the bank with another local bank BTM, of which Arise is a minority shareholder, to create a larger combined entity with the potential to become one of the leading top tier banks in the country.
“This new entity will be favourably positioned to serve Mozambicans and increase access to finance and will represent a majority locally owned universal bank, with the infrastructure to serve the local population, including Small Medium Enterprises (SME’s)”, he said. In addition, clients will now have access to a comprehensive array of modern banking services supported by the experience and international credibility of Arise and its international shareholders.
Headway has been made with regards to the integration of both banks’ operations and procedures. The respective management teams will ensure that all required regulatory and governance processes will be adhered to, to ensure that the integration is seamless with minimal disruption to clients. The merger has been well received by all stakeholders and according to João Figueiredo, Moza Banco Chairman, the entrance of Arise in the shareholder structure of the bank represents an important milestone in terms of advancing Moza Banco’s service offerings.
For Manuel Aranda da Silva, BTM Chairman, this transaction represents an opportunity to better fulfil the bank’s objectives of contributing to the economic and social development of Mozambique. “It opens the possibility of being closer to the clients and providing a more comprehensive set of banking services”, he said.
“Mozambique is a key market for Arise and we are excited to partner with Moza Banco and BTM on this collaboration, which is set to stimulate economic growth, job creation and socio-economic empowerment concluded Mr Malik.
