Bank of Mozambique cancels authorisation to open 51 banking branches

20 February 2012

Maputo, Mozambique, 20 Feb – The Bank of Mozambique has cancelled its authorisation to open 51 bank branches as the deadline for opening them has passed, Mozambican radio station Rádio Moçambique said citing a source from the central bank.

The radio station said that two branches of Barclays Bank operating in the districts of Sussundenga, in Manica province, and the Mueda district of Cabo Delgado province had been closed without reasons being given for that decision.

Barclays Bank in Mozambique currently has no chief executive following the exit, at the end of 2011, of South African Paul Nice, because the Bank of Mozambique has yet to authorise Faizal Mkhize, a member of the board of the ABSA Group, the main shareholder of Barclays Bank in Mozambique to replace his compatriot.

Of the 51 units covered by the Bank of Mozambique’s decision, 27 were intended to operate in the city of Maputo, six in Sofala, four in Inhambane, Tete and Zambézia, three in Manica, two in Nampula and one each in Cabo Delgado and Maputo province.

Meanwhile, another eight branches have started operating in the country increasing the total to 461 units across the country according to the update from the central bank. (macauhub)