Download Tag: Mozambique

Global Alliance Seguros S.A. (Feb 2023)

The company was founded in 1993, trading as General Insurance Company of Mozambique (“CGSM”). In 2001, Robert Lewis bought 100% of the shareholding through Global Alliance Holdings, a group that was based in Isle of Man. The entity was subsequently renamed to Global Alliance CGSM, SARL in 2005, and to Global Alliance Seguros S.A in 2008. Barclays Africa Group Limited (now Absa Group Limited also referred herein as “the Group”) bought the business in 2011 through Absa Financial Services Africa Holdings (“the parent”). Absa Financial Services Africa Holdings maintained a 98% stake in GA Seguros, with the balance equally split between Absa Insurance Company Limited and Absa Life Limited. The shareholding structure of the insurer remained unchanged as at 31 December 2021, with the parent company ensuring that the entity is compliant with the regulatory minimum capital requirement of MZN295m.

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Mozambique Banking Industry Overview (Jul 2022)

Mozambique is located in Southeastern Africa with a population of 33.1m. The country is endowed with ample arable land, water, energy, as well as mineral resources and newly discovered natural gas offshore; three deep seaports; and a relatively large potential pool of labour. Its long Indian Ocean coastline of 2,500km faces east to Madagascar, and means that it is also strategically located, with four of the six countries it borders landlocked, and thus dependent on Mozambique as a conduit to global markets. Notwithstanding this, about two-thirds of the population live and work in rural areas. The country’s main challenges include maintaining macroeconomic stability considering exposure to commodity price fluctuations and making further efforts to re-establish confidence (following external debt scandals in 2015 that led to donor withdrawal) through improved economic governance and increased transparency. Mozambique remains vulnerable to weather shocks (including cyclones) and is also currently grappling with an Islamic terrorist insurgency in parts of the gas-rich province of Cabo-Delgado.

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