Crisis at Mozambican bank Moza expected to be resolved soon

30 November 2016

The board of directors appointed by the Bank of Mozambique to Moza Banco intends to replace the bank’s capital as soon as possible, said its chairman João Figueiredo, cited by Mozambican daily newspaper Notícias.

Figueiredo was speaking in Maputo at the opening of four new business units in the capital and in the city of Matola, which according to Figueiredo, “is a clear sign and a reaffirmation of Moza’s commitment to get increasingly closer to customers and the general public.”

“Moza remains a relevant bank in the domestic financial sector, with a well-defined organisational structure, with consolidated internal processes, sophisticated technological systems, and a vast network of well-established infrastructure,” said the chairman of the board.

The Bank of Mozambique intervened in the bank in early October to “secure the interests of depositors, given that the solvency ratio was below zero.”

The central bank also said it had decided to suspend the members of the board of directors and the executive committee of the bank and appointed a provisional board, led by João Figueiredo, whose term will last until the situation is normalised.

Moza, which started operations in 2008, is 51% controlled by Moçambique Capitais and the remaining 49% is held by Novo Banco, the bank that kept the healthy assets of the bankrupt Banco Espírito Santo (BES). (macauhub)