Mozambique’s Moza Banco situated in assets of Portugal’s Novo Banco

12 August 2014

Portugal’s Novo Banco, comprising the non-problematic assets of Banco Espírito Santo (BES), announced that its participation in Mozambique’s Moza Banco will remain in the institution, indicates information released over the weekend in Lisbon.

The organisation chart made public indicates that Novo Banco’s affiliates are BES Açores, Banco Best, BES Investimentos and the ESAF fund, as well as the insurers BES Seguros and BES Vida.

Abroad, Novo Banco keeps BES’s operations in Moza Banco, Mozambique’s fourth largest banking institution, and in Banco Espírito Santo Cabo Verde, the Portuguese press reports.

Moza Banco is 51 percent controlled by Moçambique Capitais, with the remaining 49 percent held by Banco Espírito Santo (BES).

Novo Banco will also keep Banco Vénétie (France) and operations in Ireland, London, Luxembourg, New York, Spain and Venezuela, along with the Macau-based Banco Espírito Santo do Oriente.

Early this month the Bank of Portugal took control of BES and announced the end of the bank as such. It was split into a ‘bad bank’, concentrating toxic assets and liabilities, and a ‘good bank’, a transition institution called Novo Banco comprising assets and liabilities deemed non-problematic, to be capitalised with 4.9 billion euros from the banking resolution fund.

The Bank of Portugal made its decision after disclosure of a historic loss of 3.5 billion euros and various irregularities detected by the monetary authority. (macauhub/MZ/PT)