Bank of Mozambique nominates committee for Moza bank

7 December 2016

The Bank of Mozambique will appoint a committee to lead the process of capitalisation or sale of troubled bank Moza as soon as the report that was commissioned from KPMG is delivered, the central bank said in a statement issued on Tuesday in Maputo.

The committee will be responsible for analysing the diagnostic report and independent review of the financial statements of Moza, as at 30 September, 2016, prepared by KPMG in collaboration with the Financial Department of the bank, which will then be sent to shareholders.

This analysis is intended to help shareholders to decide on a possible procedure for the capitalisation or sale of Moza, during a general meeting which will be accompanied by the evaluation committee for later implementation of the decision.

The committee will consist of a chairman, who is the current chairman of the interim board of Moza, João Figueiredo, and two members, including a director of the Bank of Mozambique and a representative of the International Finance Corporation, of the World Bank group.

Moza, formerly known as Moza Banco, was intervened upon at the beginning of October by the Bank of Mozambique to secure the interests of depositors, as the bank’s 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)