“This new entity will be favorably positioned to serve Mozambicans and increase access to finance ”, says CEO of Arise Deepak Malik. Arise is an investment company initiated by Norfund for bank investments in Africa
In line with Arise’s mandate of advancing financial inclusion in Africa, Arise acquired recently a 29,8 % stake in Moza Banco, a locally owned bank in Mozambique.
According to Arise CEO, Deepak Malik the rationale behind the acquisition was to merge Moza Banco 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.
Increasing the the local population's access to modern financial services
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).
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.