Banco Internacional de Moçambique (Millennium bim)
Encyclopedia
Banco Internacional de Moçambique, SA, is the largest bank in Mozambique
. In mid-2006, the bank engaged in a major rebranding exercise and today trades as Millennium bim, synchronizing its name and brand with that of its major shareholder - Portugal-based Millennium bcp. The bank has a market share of around 40% in all leading bank markets (total assets, loans portfolio and deposits). Its total assets at the end of 2009 were around USD 1.500 million.
The bank's headquarters are in Maputo
, it has a network of 120 branches throughout the country, and about 1900 employees. Millennium bim is active in commercial, retail and investment banking. It holds the majority of share capital of Millennium seguros (trading name of SIM - Seguradora Internacional de Moçambique) which plays also the major role and leads in Mozambique's insurance market. Millennium bim offers the most extensive ATM and POS networks on Mozambique and can deliver its products through ATMs, POS terminals, internet, phone banking and sms banking.
Mário Machungo has led the bank since its foundation. In late 2006, the bank adopted a new governance model in which it split the Board of Directors from the Executive Committee. Executive Committee includes Teotónio Comiche, Paulo Tomás, António Gomes Ferreira, Ricardo David and Rogério Ferreira.
In 2006, The Banker named the bank the best Mozambican bank of the year. In 2008, African Banker Magazine named it one of the seven best banks in Africa. Several other similar awards have been collected by this bank in recent years.
(known in the market as Millennium bcp), together with some Mozambican state agencies. In November 2001, Millennium bim merged with Banco Comercial de Moçambique, which made the merged bank the largest bank in the country. Banco Comercial de Moçambique was created in 1995 out of the commercial operations of the Bank of Mozambique
.
Mozambique
Mozambique, officially the Republic of Mozambique , is a country in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west and Swaziland and South Africa to the southwest...
. In mid-2006, the bank engaged in a major rebranding exercise and today trades as Millennium bim, synchronizing its name and brand with that of its major shareholder - Portugal-based Millennium bcp. The bank has a market share of around 40% in all leading bank markets (total assets, loans portfolio and deposits). Its total assets at the end of 2009 were around USD 1.500 million.
The bank's headquarters are in Maputo
Maputo
Maputo, also known as Lourenço Marques, is the capital and largest city of Mozambique. It is known as the City of Acacias in reference to acacia trees commonly found along its avenues and the Pearl of the Indian Ocean. It was famous for the inscription "This is Portugal" on the walkway of its...
, it has a network of 120 branches throughout the country, and about 1900 employees. Millennium bim is active in commercial, retail and investment banking. It holds the majority of share capital of Millennium seguros (trading name of SIM - Seguradora Internacional de Moçambique) which plays also the major role and leads in Mozambique's insurance market. Millennium bim offers the most extensive ATM and POS networks on Mozambique and can deliver its products through ATMs, POS terminals, internet, phone banking and sms banking.
Mário Machungo has led the bank since its foundation. In late 2006, the bank adopted a new governance model in which it split the Board of Directors from the Executive Committee. Executive Committee includes Teotónio Comiche, Paulo Tomás, António Gomes Ferreira, Ricardo David and Rogério Ferreira.
In 2006, The Banker named the bank the best Mozambican bank of the year. In 2008, African Banker Magazine named it one of the seven best banks in Africa. Several other similar awards have been collected by this bank in recent years.
History
Banco Internacional de Moçambique (Millennium bim) was founded in 30 November 1995 by its major shareholder Banco Comercial PortuguêsBanco Comercial Português
Banco Comercial Português , is a Portuguese bank that was founded in 1985 and is the largest private bank in the country. BCP is a member of the Euronext 100 stock index and its current chief executive officer is Carlos Santos Ferreira. BCP is based in Porto, but its operations are headquartered...
(known in the market as Millennium bcp), together with some Mozambican state agencies. In November 2001, Millennium bim merged with Banco Comercial de Moçambique, which made the merged bank the largest bank in the country. Banco Comercial de Moçambique was created in 1995 out of the commercial operations of the Bank of Mozambique
Bank of Mozambique
The Bank of Mozambique is the central bank of Mozambique. The bank does not function as a commercial bank, and has the responsibility of governing the monetary policies of the country. The president of the Republic appoints the governor...
.