Mozambique: Central bank removes resident inspector from Standard Bank

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Mozambique: Central bank removes resident inspector from Standard Bank

12:23 CAT | 14 Feb 2025

File photo: O País

The Bank of Mozambique announced yesterday that it has removed its resident inspector from Standard Bank, considering that the banking institution has made significant progress in its risk culture, governance and internal control.

“This decision is the result of the effective collaboration of Standard Bank, SA, and its shareholder, as well as the significant progress made in the institution’s risk culture, governance and internal controls,” reads the Bank of Mozambique press release.

The central bank indicates, however, that Standard Bank remains subject to supervision in accordance with the procedures applied to other banking institutions in Mozambique.

On October 14, 2024, the Bank of Mozambique appointed Cláudio Júlio Mangue, a senior member of the central bank, to the post of resident inspector at Standard Bank with the aim of guaranteeing monitoring.

At the time, the central bank justified the appointment with the need to “ensure continuous, objective and impartial monitoring of the activities of credit institutions and financial companies, preserving the interests of customers and ensuring the stability of the financial system”.

The Bank of Mozambique had previously appointed resident inspectors for Banco Comercial e de Investimentos, S.A (BCI), Millennium – Banco Internacional de Moçambique (BIM) and Absa Bank Mozambique, SA.

BCI, Millennium BIM and Standard Bank are the three banks considered “systemic” in 2024 by the central bank, similar to the 2023 classification. Together with Moza, Absa is one of two Mozambican banks considered quasi-systemic in the country’s financial system.

The profits of the five largest Mozambican banks grew by 9.5% in the first half of 2024, to more than 12,433 million meticais (€179 million), with Standard Bank leading, according to data compiled by Lusa on August 13, 2024.

According to the interim financial reports from Mozambique’s five largest banks for the first half of the year, this performance contrasts with the net profits of 11.36 billion meticais (€162.8 million) in the first half of 2023.

In addition to Standard Bank, the profits calculated include those of the banks BCI, Millennium BIM, Moza Banco and Absa.

Source: Lusa