South Africa’s Nedbank has announced plans to invest ZAR178m ($11.4m) to increase its stake to 50% plus one share in Mozambican lender Banco Unico.

The South African lender, which currently owns a 38.3% stake in the bank, is now the joint largest shareholder in the bank with Gevisar, which is a joint venture between Grupo Américo Amorím and Portuguese conglomerate Visabeira.

Other shareholders include Banco Único’s former CEO, João Filipe Figueiredo Júnior with a 10.69% stake, SF Holdings with a stake of about 7%, and Mozambique’s state social security fund INSS with a 2.14% stake.

Nedbank said that the increase in stake would offer Nedbank a controlling share in the Mozambican bank.

In 2013, Nedbank took a 36.4% stake in Banco Único for $24.4m which has now grown to 38.3%. Banco Único operates with 16 branches in Mozambique, according to the Nedbank website.