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Best bank: Millennium BIM |
Millennium BIM was born from a strategic partnership between the Mozambican government and Banco Commercial Português. It is part of the Millennium BCP group, which has branches in Portugal, Angola, China, Macau, Poland, Turkey and the US. It has the lion’s share of the Mozambique banking market, with more than 500,000 clients and a market share of 40%. Net income in 2007 reached MT1.4 billion ($60 million), up nearly 37% from 2006. Millennium BIM has nearly 100 branches throughout the country. A private institution, it has equity investors salivating at the thought of when it might launch an IPO.