* Regulators analysing Nedbank entry into Mozambique bank
* Seeks initial stake of 36.4 pct for $24 mln
* CEO says Mozambique banks need international ties
LISBON, June 11 Nedbank Group's
purchase of an initial 36.4 percent stake in Mozambique's Banco
Unico is expected to be approved by regulators in two to three
months, the chief executive of the Mozambican lender said on
South African Nedbank said last month it would acquire the
stake in Mozambique's sixth-largest lender for $24.4 million and
aimed to increase the stake to between 50 and 70 percent within
three to five years.
Banco Unico CEO Joao Figueiredo told Reuters the stake
purchase was being analysed by regulators in both countries. He
said approval would allow the Mozambique lender to compete with
bigger players by giving it international resources and more
"In Mozambique, you need to have international partners,"
Figueiredo said. "Project finance operations, for example, have
to be set up in the international market so we need to have good
"The negotiations between the partners have been concluded,
the process has been submitted to the two countries' regulators
and we estimate it will be done in around two to three months,"
Nedbank, which is South Africa's fourth-largest bank, wants
to double its African footprint from five countries and sees an
opportunity in Mozambique, where multinationals are heading to
take advantage of booms in coal and natural gas.
Founded in 2011 by Portugal's cork-to-oil magnate Americo
Amorim, Unico has captured a 3-percent share of the market, of
which 82 percent is controlled by four players including
Nedbank's domestic rival, Standard Bank.
(Reporting by Filipe Alves; writing by Shrikesh Laxmidas;
editing by Tom Pfeiffer)