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) was the name chosen and the institution became the biggest bank operating in Mozambique.
At the insurance sector level, similar adjustments took place with the merger of both existing insurance companies from both banks, Millennium seguros and Impar. This merger also resulted in the biggest insurance company existing in the market, under the name of Millennium seguros.