Ecobank has entered into discussion with ProCredit Holding Germany (PCH) with the intention of acquiring a majority stake in PCH’s Mozambican subsidiary – Banco ProCredit Mozambique (PCM).
The Nigeria based bank has formally expressed an interest in purchasing Banco ProCredit in Mozambique by acquiring the shares currently held by ProCredit Holding and DOEN Foundation, representing 96% of Banco ProCredit’s total capital.
The transaction according Ecobank 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. It is operating in Mozambique since 2000 and 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 through its 14 business outlets. Its total loan portfolio amounts to just under MZN695 million and it has a deposit base of about MZN930 million.
ProCredit Holding, 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.
As at 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 totaled to €3.8 billion. The group’s equity base amounted to €503 million.
