Bank of Mozambique extends deadline for liquidation of Nosso Banco for 90 days

28 April 2020

The Bank of Mozambique decided to extend, on an exceptional basis, the period of liquidation of the Nosso Banco bank, for a period of 90 days from the date of the end of the state of emergency (30 April), according to a statement issued by the Central Bank on Monday in Maputo.

The measure, according to the central bank, took into consideration that the process of liquidation of the bank is in its final phase, that the measures resulting from the state of emergency will affect the normal working processes of public and private institutions, and is recommended to preserve the interests of creditors.

Nosso Banco was dissolved by an order of the governor of the Bank of Mozambique dated 11 November 2016, due to the deterioration in the bank’s financial situation, affecting its main prudential indicators and profitability.

Nosso Banco was founded in 1999 as Banco Mercantil e de Investimentos (BMI), and changed its name in 2015.

Although it is a private bank, the majority of its capital belongs to the National Institute of Social Security (77.2%), publicly-owned power company Electricidade de Moçambique (16.13%) and SPI – Gestão de Investimentos, a company linked to leaders of ruling political party Frelimo, with 4.09%. (macauhub)