By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)- Pan-Africa lender, Ecobank Transnational Incorporated (ETI) Monday said its willing to acquire a 96 percent (96%) stake in Mozambique bank, Banco Procredit Mozambique (PCM).
This is contained in a joint statement by ETI and ProCredit Holding Germany (PCH).
Banco ProCredit Mozambique is a subsidiary of ProCredit Holding and DOEN Foundation, and the 96% stake ETI is willing to acquire represents Banco ProCredit’s total capital.
However, the transaction according to both companies is subject to the approval of the regulatory authorities in Mozambique.
Banco ProCredit Mozambique is a development-oriented financial institution and part of the international ProCredit group. Operating in Mozambique since 2000, it has extensive experience in supporting very small, small and medium-sized enterprises, and finances a wide range of business activities, including agriculture and fishing.
It also provides banking services to non-business clients. The bank prides itself on its excellent customer service, and on providing products and services tailored to its clients’ needs. Today, Banco ProCredit serves over 67,000 clients via its 14 business outlets. Its total loan portfolio amounts to just under MZN 695m and it has a deposit base of about MZN 930m.
On its part, ProCredit Holding is headquartered in Frankfurt am Main, is the parent company of the ProCredit group, comprising 22 ProCredit banks and financial service providers in developing countries and emerging economies as well as the ProCredit Bank in Germany.
According to the statement as of year-end 2013, the group’s total assets came to €5.8 billion. The total outstanding loan volume was €4.2 billion, against customer deposits totalling €3.8 billion. The group’s equity base amounted to €503 million.
ProCredit Holding is a “public-private partnership” whose core shareholders are the strategic investors IPC and IPC Invest (an investment vehicle for ProCredit staff members), the Dutch DOEN Foundation, KfW and the IFC (World Bank Group).
