Banco Espirito Santo SA, Portugal’s largest publicly traded bank by market value, has signed a memorandum of understanding to acquire a 25% stake in Mozambique‘s Moza Banco SA.

Bloomberg Businessweek reports Moza Banco currently has around US$54 million in assets, with two branches in Maputo and 53 employees.

According to a regulatory filing by Espirito Santo, Moza Banco’s principal business is corporate banking.