‘O Nosso Banco’ took in 3.4 billion meticais in client deposits in 2015 alone

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‘O Nosso Banco’ took in 3.4 billion meticais in client deposits in 2015 alone

4:53 CAT | 17 Nov 2016

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‘O Nosso Banco’, liquidated a few days ago by the Bank of Mozambique, received 3.4 billion meticais in client deposits in 2015 alone, 90 percent more than in 2014.

The bank was the ninth-largest deposit taker in Mozambique in 2015, according to a KPMG national banking sector survey published in October.

The bank’s liquidation renders the central bank’s Deposit Guarantee Fund liable to reimburse individual depositors a maximum of 20,000 meticais each.

In 2015, ‘O Nosso Banco’ , a bank 77 percent controlled by the INSS, lent clients more than 1.4 billion meticals, down from 2.3 billion in 2014, according to the KPMG survey.

‘O Nosso Banco’ is one of the only three banks operating in the country that have Mozambican majority shareholders. The group includes the also problematic Moza Banco, which is being restructured.

The KPMG banking research also indicates that, in 2015, ‘O Nosso Banco’ made a profit of 35.7 million meticais, up from 26.8 million in 2014 and was one of the fastest growing banks in 2015, with 3.8 billion meticais in total assets, up from 2.7 billion in the previous year.

Source: O País