Nedbank, the fourth largest bank in South Africa by assets, has acquired a 36.4% shareholding in Banco Unico the sixth largest bank in Mozambique.

The deal, which cost the bank $24.4m, was made in partnership with Gevisar, a share-holding company that previously held the controlling shares in the bank.

In a joint statement, Nedbank and Gevisar said the partnership was intended to create value and contribute to the Mozambican economy.

Paula Amorim, chair of Gevisar said of the partnership: "The entry of Nedbank into Banco Unico is part of Gevisar’s initial objectives and its long term strategy."

Banco Unico controls 14 branches and 259 employees across Maputo, Matola, Beira, Tete and Nampula.

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