South Africa’s Nedbank to take over Banco Único this year

South African bank Nedbank said today it plans to spend ZAR178 million (US$11.4m) increasing its 38.3% stake in Mozambique’s Banco Único so that it holds a controlling share in the bank.

In a statement accompanying Nedbank’s 2015 financial results release today, the bank said it would “increase our stake in Banco Único to 50% plus one share at an estimated cost of ZAR 178.4m in the first half of 2016.”

Nedbank’s predicted outlay values the Mozambican bank at $97 million, almost 45% more than it was worth when the South African lender took its initial stake in 2013. Nebank’s 38.3% stake already made it the joint largest shareholder in the bank along with Gevisar, a 70:30 joint venture between Grupo Américo Amorím and Portuguese conglomerate Visabeira.

The next biggest shareholder is Banco Único’s former CEO, João Filipe Figueiredo Júnior, with 10.69%. Almost 7% is owned by SF Holdings, part of the Intelec group president Armando Guebuza, a holding company widely thought to represent former Mozambican president Armando Guebuza’s business interests. Mozambique’s state social security fund, INSS, owns 2.14% in Banco Único.

Nedbank paid $24.4m for its 36.4% stake in Banco Único in 2013, valuing the whole bank at $67 million. Nedbank’s stake has since grown to 38.3%, meaning it needs to buy 11.7% for a 50% share, which it says will cost it $11.4 million.

Banco Único has 16 branches in Mozambique, according to the Nedbank website. Nedbank also has an alliance with, and a 20% stake in, pan-African bank Ecobank, which has 14 branches in Mozambique.

Banco Único, which was founded by Portuguese cork magnate Américo Amorím in 2011, is chaired by Magid Osman, a former Mozambique finance minister and before that, minister of natural resources. The current CEO is António Manuel Pereira Correia.

source: zitamar news

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