Mozambican President wants BPI participation in the largest bank in the country

O Mozambican president wants to sell 11% of the capital of Banco Comercial e de Investimentos (BCI), led by Caixa Geral de Depósitos, to the public, and 25% to national investors, as part of the expected withdrawal of BPI from the shareholder structure.

“The government has sought to create conditions for the participation of the 36% currently held by BPI to be an opportunity to extend the presence of Mozambican investors, including citizens, companies and institutional investors, respecting the legally required evaluation, negotiation and authorisation procedures,” Daniel Chapo said.

At the ceremony of the 28th anniversary of the Mozambican Stock Exchange in Maputo, the head of state stated that the executive is working to transform the alienation of the participation of the Portuguese bank into an opportunity to extend the presence of Mozambican investors in the largest bank in the country.

The BCI has a share capital of 10 billion meticais (138 million euros) and a shareholder structure led by Caixa Participações, the Caixa Geral de Depósitos group (CGD), with 51%, followed by Portuguese BPI, with 35.67% – which publicly announced the intention to leave – and CGD itself, directly, with 10.51%, among other shareholders.

The Mozambicans must be able to say that the BCI “is now truly from here”, in an allusion to the bank’s ‘slogan’.

The proposal “in consideration” foresees the “ 11 percentage points affect to the Mozambican public”, while the government continues to “work to raise, in coordination with the management, including bank workers, and 25 percentage points to institutional and business investors, through the legally required evaluation, negotiation and authorisation procedures,” he detailed.

In practice, Chapo's proposal provides for the dispersion of the entire stake currently held by BPI, dividing it between small Mozambican investors and institutional and business investors.

The President framed the operation in a broader strategy for the development of the national financial market, advocating the need for “a deeper, more liquid capital market capable of offering instruments suitable for the needs of companies and investors”.

The executive is still “working to improve the legislative framework applicable to banking institutions, insurers and other companies of economic relevance, in order to promote greater national participation in its capital, respecting prudential and regulatory requirements,” he added.

For Chapo, this operation would serve as an example for future similar initiatives: “We want this experience, if it is carried out in accordance with the envisaged terms, to demonstrate that the capital market can play an important role in the economic nationalisation of business ownership, without compromising investor confidence, financial stability and the competitiveness of the institutions.”.

In May, CGD's executive president, Paulo Macedo, reaffirmed the interest of the Portuguese group in remaining a shareholder of the Mozambican bank, despite the intention announced by BPI to sell its position.

After a meeting with Daniel Chapo, Paulo Macedo stated that CGD intended to remain present at BCI: “As long as the authorities find it convenient and as long as we are welcome,” he said, stressing the group’s commitment to Mozambique, also admitting the possibility of the bank being quoted on the Mozambique Stock Exchange.

According to the latest report and accounts, the BCI maintained in 2025 the leadership of the Mozambican banking system, serving about 2.5 million customers. Profits, however, fell by 40.3% to 3,604 million meticals (EUR 48.6 million), an impact the institution attributed to the strengthening of impairments for public debt exposures due to the worsening of sovereign risk and extraordinary costs associated with the return of commissions.