Bank of Mozambique concludes intervention at Moza bank

2 August 2017

The Bank of Mozambique concluded its intervention at Moza bank, saying in a statement issued in Maputo that after the capitalisation and normalisation of the bank’s financial situation the reasons that dictated the intervention were no longer an issue.

The central bank’s statement added that completion of the intervention was only “possible through a capital increase involving the entry of a new shareholder in the credit institution concerned.”

The regulator thus determined “the termination of the extraordinary reorganisation measures imposed on the Moza bank and the discharge of the provisional Board of Directors, with the credit institution operating normally with its own governing bodies.”

At the end of May the Bank of Mozambique announced the sale of Moza to Kuhanha, which manages the pension fund of central bank workers, after having intervened in September of last year to suspend the Moza’s board of directors and executive committee to “protect the interests of depositors.”

Moza (formerly known as Moza Banco), which started operations in 2008, was formerly controlled 51% by Mozambique Capital, with the remaining 49% owned by Portugal’s Novo Banco, an institution that kept the quality assets of bankrupt bank Banco Espírito Santo (BES). (macauhub)