South African banking group Nedbank Ltd. is seeking to increase stakes in Mozambican commercial bank Banco Unico to 87.5% form 50% for R140 million. The operation should first be approved by the two countries’ regulatory authorities and is expected to be finalized in the first half of 2020.

In its annual report issued last year, the South African company said it plans to acquire and hold shares in banks belonging to the Southern African Development Community (SADC). Nedbank explained that GDP growth in most of the SADC countries in which it operates has exceeded 1.0%.

Chamberline MOKO