World Bank: secret debt devastating Moz economy - By Joseph Hanlon
The Société Générale bank today announced a capital increase of 944 million meticais (13.5 million euros) to meet the minimum capital standards required by the regulator and to increase its lending capacity.
“This capital increase reiterates once again the Société Générale Group’s total commitment to Mozambique, and reinforces the Bank’s ambition to assist in the development of the national economy by financing local SMEs (Small Medium Enterprises) and attracting large investors and foreign national market,” a statement sent to Lusa today reads.
The French bank entered Mozambique in 2015 with an investment of US$18 million (about EUR 15 million), and has already this year announced the doubling of its number of employees, which now stands at 110.
“In 2018, the bank will strengthen its physical presence in Maputo, Nampula and Pemba provinces,” the statement adds.
The bank, which has been active in Africa for more than 100 years, is present in 18 African countries and has around 110,000 employees on the continent.
Société Générale Moçambique accounts for a tenth of the country’s total commercial banking assets, according to a banking industry survey prepared by KPMG for the Mozambican Association of Banks, based on data from 2016.Source: Lusa
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