Shareholders of Mozambican bank Moza have failed on the commitment made at the general meeting held on 23 January to capitalise the institution to return to financial stability and comply with current prudential ratios, the Bank of Mozambique said in a statement on Thursday.
Moza (formerly known as Moza Banco), which started operations in 2008, is controlled 51% by Moçambique Capitais and the remaining 49% held by Portugal’s Novo Banco, a bank that inherited the healthy assets of bankrupt bank Banco Espírito Santo.
The Mozambican central bank said in a statement that, given the inability of shareholders to proceed with the replacement of capital, it was decided that the provisional board of directors, in consultation with the Evaluation Committee will continue with the Moza capitalisation process.
The Bank of Mozambique pointed out that the stability of the financial system and strengthening confidence in the future of Moza are the main objectives of the ongoing capitalisation process and gave assurances that the bank was operating normally.
The central bank decided in September 2016 to suspend the members of the Board of Directors and Executive Committee of Moza due to deterioration in the financial condition of the bank, after the bank’s solvency ratio fell below the required minimum.
At the same time an interim board, chaired by João Figueiredo, was appointed to lead the bank until the situation returned to normal. (macauhub)