Nedbank Takes Over Banco Unico Mozambique, Targets East Africa

Nedbank Taves Over Banco Unico Mozambique,Targets East Africa

 South Africa-based financial firm Nedbank on Monday completed its acquisition of one of Mozambique’s smaller commercial banks, Banco Unico.

The chairperson of the bank’s Executive Commission, Joel Rodrigues declared that the renamed bank hopes to become “a partner of reference” for large businesses in Mozambique. It also hoped that stakeholders will choose it to finance projects in agribusiness, energy, infrastructures, and industry.

Nedbank has owned 87 per cent of the shares of Banco Unico since 2020. At a Maputo ceremony, the bank changed its name to Nedbank-Mozambique.

“For the companies, we promise to be a partner of reference in their day-to-day life, financing their activities and their investment projects”, said Rodrigues. “We shall have a special focus on large and medium companies, and we shall present sector solutions for natural resources: for natural gas, and heavy mineral sands, among others; for the development of infrastructures, be they energy, transport, port or industrial infrastructures; as well as continuing to bank on manufacturing industry, and not forgetting agriculture”.

“The change of name recognises the importance of business in Mozambique”, said the managing executive of Nedbank for Africa, Terence Sibiya. “For us, as a group, it demonstrates our commitment to becoming leaders in the Mozambican financial sector. Mozambique is one of the markets that are growing rapidly in Africa, with the development of liquefied natural gas”.

Nedbank through its alliance with the Ecobank group, is represented in 39 countries.

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