Mozambique: Sumol-Compal Boane plant up there with the world's best
The Mozambican central bank yesterday announced that the recapitalisation process of Moza Banco had been completed and that the bank would from now on “function normally with its own bodies”.
In a statement sent to newsrooms, the Bank of Mozambique “announces the conclusion of the recapitalisation process of Moza Banco, SA” and adds that this process was only “possible through the increase of capital by the entry of a new shareholder in the credit institution in reference”.
“With the recapitalisation and consequent normalisation of the financial and prudential situation of Moza Banco, the reasons that dictated the intervention of the regulator, in this case the Bank of Mozambique, cease to exist,” the statement says.
Thus, the regulator determines “the termination of the extraordinary reorganisation measures imposed on Moza Banco, SA and on the exoneration of the provisional Board of Directors, with the credit institution operating normally with its own bodies”.
The Bank of Mozambique announced at the end of May the sale of Moza Bank to Kuhanha, a company which manages the pension fund of the central bank workers, after having intervened in September of last year, suspending Moza’s board of directors and executive commission to protect the interests of depositors.
“The financial and prudential situation of Moza Banco has been deteriorating in an unsustainable way”, which made it necessary to “reinforce the extraordinary reorganisation measures” provided for by law to “protect the interests of depositors and other creditors”, safeguarding “the normal operating conditions of the banking system,” the central bank said at the time.
Following the intervention, the regulator injected around 8 billion meticais (EUR 105 million) into Moza Bank to forestall its collapse and prevent “an earthquake” in the Mozambican financial system.Source: Lusa / TVM