Mozambique President seeks local investors for BPI stake in BCI

Mozambican President Daniel Chapo has expressed the government's intention to facilitate the acquisition of BPI's 36% stake in Banco Comercial e de Investimentos (BCI) by national investors. Speaking at the 28th anniversary of the Mozambique Stock Exchange, Chapo stated that the exit of the Portuguese bank BPI should serve as an opportunity to expand the participation of Mozambican citizens, companies, and institutional investors in the country's financial sector.

The move aligns with a broader executive vision to democratize the capital market and increase local ownership of productive assets. Chapo encouraged commercial banks, insurance companies, and pension funds to mobilize national savings to finance productive investments.

BPI, which is owned by Spain's CaixaBank, has historically relied on its African operations for significant profits, but the bank is now shifting its strategy. Recent financial pressures, including the deterioration of Mozambique's sovereign rating and potential losses related to debt restructuring, have impacted BCI's contribution to BPI's results. Consequently, BPI has changed how it accounts for its stake in the institution.