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Montepio bank says that the sale of the 45.78% stake in BTM (Banco Terra) takes place "within the framework of the strategic redefinition of its international holdings". File photo: Lusa
Caixa Económica Montepio Geral (CEMG) said in a statement Friday that it has agreed to sell its stake in Mozambican Banco Terra to Arise, though without disclosing the value of the deal.
Montepio Bank says that the sale of its 45.78% stake in BTM was taking place “within the framework of the strategic redefinition of its international holdings”.
The deal “includes an option for an eventual entry of Montepio into Arise” and reinforces the “partnership established between the two institutions, which are committed to jointly studying future investment opportunities in the African continent,” the statement added.
Arise is a holding company belonging to the Norwegian sovereign trust fund Norfund, Dutch development bank FMO and the Dutch bank, Rabobank. It invests in African financial institutions.Source: Lusa
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