Banco de Formento
Banco de Formento’s high degree of profitability as well as continued success in improving technology and customer service make it the judges’ choice as the winner again this year.
2002 was a banner year for the bank, as it increased net profit 89% and raised its ROE to an impressive 39.3%. Just three years ago, its ROE stood at 6.75%.
Banco de Formento’s financial performance in 2003 will be boosted further by an impending merger with another well-positioned bank in Mozambique.
Last year marked several key improvements in the bank’s technology and customer service, most notably an upgrade of its cash machine network and the roll-out of new debit cards. Banco de Formento also made great progress in automating its front- and back-office activities.
“What sets us apart from other banks are our decision-making policies and our excellent relationship with customers, as we put their satisfaction above all,” said Paulo Camal, director at Banco de Formento.
