The single bank will be renamed, as of June 28, "Nedbank Moçambique", the decision follows Nedbank's strengthening of its control of the Single Bank's capital.

In 2014 Nedbank entered the capital of the Single Bank having assumed a reference shareholder position and two years later, increased its stake to a majority position with the acquisition of 50%+1 share, and this was reinforced in 2020 to the current 87.5%.

"This continued commitment of the Nedbank Group to Banco Único, in a period of challenging economic cycles, demonstrates the total confidence not only in Mozambique, but also, in the value creation capacity of the management team and the more than 600 employees of Banco Único," said NedBank in a press release.

The source adds that "the name change and brand alignment will add new values and attributes to the values that make us unique, allowing us to serve you even better."

"We have assumed the commitment to reinforce our proximity, agility, speed, and simplicity in our relationship with you and, simultaneously, to continue to invest in the introduction of innovative products and services, which have always characterized us," he stresses.

The statement adds that "we will present new solutions that facilitate your interaction and relationship with the bank, and we will work daily to affirm ourselves even more as a financial institution of reference and relevance in the social promotion and/or sustainable development of the country.