Moza bank’s shareholders to decide in December whether the bank will be sold

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Moza bank’s shareholders to decide in December whether the bank will be sold

8:32 CAT | 22 Nov 2016

File photo / Moza Banco

Shareholders of Moza, a bank in which the Bank of Mozambique intervened in late September, will hold a general meeting in early December to decide whether the bank will be recapitalised or sold, a director of the central bank said on Friday in Maputo.

Joana Matsombe, the director responsible for supervision, said, “there are already interested parties but at the moment what interests us is to assess the real situation of the bank, and we are now awaiting the completion of the audit ordered for this purpose.”

“When we have this evaluation, there will be a general meeting, where shareholders will decide whether to recapitalise, if they are able to do so, or begin the process of sale,” said the director of the central bank, stating that the notice would likely be issued at the beginning of December.

The decision of the Bank of Mozambique to suspend the board of directors and the executive committee of Moza, aimed to “protect the interests of depositors,” according to a statement released at the time.

Founded in 2008, Moza is 50.9% held by Moçambique Capitais and 49% by Portugal’s Novo Banco. When the central bank intervened it had over 93,000 private customers and 8,000 companies and a market share of 7.71%, making it the fourth largest bank in Mozambique, with 48 branches across the country.

Source: Macauhub