Top Financial and Insurance Companies in Mozambique
Marcopolis.net has ranked the largest financial and insurance companies in Mozambique.
Mozambique’s
Largest Financial and Insurance Companies
Marcopolis.net has ranked the largest financial and insurance companies in Mozambique.
Players include big banks such as Millennium bim, BCI (Banco Comercial e de Investimentos) and Standard Bank, as well as the main insurance companies in Mozambique, such as Emose (Empresa Moçambicana de Seguros) and Global Alliance Insurance.
| Rank | Company | Country | Sector | Description |
|---|---|---|---|---|
| 1 | Mozambique | Finance & Insurance | Millennium bim is the result of a strategic partnership agreement between Banco Comercial Português (Millennium bcp) and the mozambican State in 1995. Resulting from the changes occurred in the shareholder structure of Banco Comercial de Moçambique (BCM) in 2000, the main shareholder of Millennium bim (Banco Comercial Português), also became the major shareholder of BCM. This evolution led to major adjustments at operational and commercial levels, and both institutions finally merged in November 2001. After the merger, Banco Internacional de Moçambique (Millennium bim) became the biggest bank operating in Mozambique. | |
| 2 | Mozambique | Finance & Insurance | BCI is one of the leading financial institutions in Mozambique and one of the best banking brands in the country. The bank has pioneered several banking areas and is responsible for building the biggest network of ATMs in Mozambique. In 2013, it experienced a 38% growth in its customer base. | |
| 3 | Mozambique | Finance & Insurance | The Standard Bank Group (“SBG”) is Africa’s largest banking and financial services institution. The holding company is based in Johannesburg. South Africa, and is listed on the Johannesburg Stock Exchange as Standard Bank Group Limited. It has been operating in Mozambique for over 121 years. Its network is one of the widest in the country and covers every major city and town, through 34 branches. | |
| 4 | Mozambique | Finance & Insurance | Emose (Empresa Moçambicana de Seguros) was the first post-independence national insurer. It has been operating in the domestic market for more than 32 years and has a wide portfolio of insurance services, providing about 35 different products. | |
| 5 | Mozambique | Finance & Insurance | Global Alliance Seguros/Insurance is a company specialized in asset insurance (including motor, mining, aviation, marine, etc.) and life insurance (including credit, individual and employee benefits). | |
| 6 |
Millennium seguros / SIM (Seguradora Internacional de Moçambique) |
Mozambique | Finance & Insurance | Millennium bim holds the majority of share capital of Millennium seguros (trading name of SIM – Seguradora Internacional de Moçambique). The company provides insurance in the professional (accidents that may occurre during the working period and transportation to and from the work place), personal, business (specially designed for companies) and car/fleet areas. |
| 7 | Mozambique | Finance & Insurance | In 2008, Moza Banco started its activity as a corporate and private bank. KPMG’s 2010 Report of the “Top 100 Companies in Mozambique” stated that Moza Bank was the fastest growing financial institution with regard to the company’s turnover. In 2014, the bank was awarded the title of the “Fastest Growing Commercial Mozambican Bank”. Currently, Moza Banco ranks fourth in the national banking rank, with a market share of 5,4%. | |
| 8 | Mozambique | Finance & Insurance | Barclays Mozambique is a member of the PLC Barclays Group, which in 2005 got possession of the Barclays Africa Group Limited, with 56,6% of the shares. Currently, Barclays Mozambique employs about 900 workers and provides services to approximately 408,419 customers throughout the country, through a network of over 92 ATMs and 43 agencies, as well as POS machines, distributed across the country. Barclays operates in segments such as retail banking (affluent), corporate portfolio and investment banking. | |
| 9 | Mozambique | Finance & Insurance | Hollard Moçambique Companhia de Seguros was formed in 2001 as a subsidiary of Hollard Insurance Company Ltd of South Africa. The company provides solutions and cover for both individual and business customers, focusing primarily on the areas of business insurance, health insurance and travel insurance. | |
| 10 | Mozambique | Finance & Insurance | FNB is a subsidiary of South African FirstRand Group of companies. The group is involved in financial services activities including retail, corporate, investment and merchant banking, short-term insurance, life insurance, employee benefits, health insurance and asset management. Its principal brands include First National Bank, Rand Merchant Bank, WesBank, Ashburton, RMB Private Bank, e-Bucks, Momentum, Outsurance and FirstLink Insurance Brokers. |