Just in: Bank of Mozambique appoints resident inspector for BCI, to reinforce monitoring

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Just in: Bank of Mozambique appoints resident inspector for BCI, to reinforce monitoring

1:01 CAT | 27 Apr 2023

File photo: Lusa

The Bank of Mozambique announced today the appointment of a resident inspector for the Banco Comercial e de Investimentos (BCI) to reinforce monitoring at the institution, majority owned by two Portuguese banks, Caixa Geral de Depósitos and BPI.

“Following the need to strengthen monitoring at Banco Comercial e de Investimentos,” the central bank “appointed Cláudio Júlio Mangue, a member of the institution’s staff, to perform the duties of resident inspector” at BCI, a statement from the central bank reads.

The resident inspector will monitor “the bank’s business model and strategy, monitor and analyse developments in the internal control system, and participate in relevant meetings of collegiate bodies”, the Mozambican banking regulator explains.

“Despite this supervisory action, the Bank of Mozambique reports that Banco Comercial e de Investimentos remains solid and stable,” the statement concludes.

BCI bank has the greatest systemic importance of any in Mozambique, followed by Millennium Bim (BCP group) and Standard Bank.

READ: Mozambique: BCI, BIM, Standard designated Systemically Important Banks

Mozambican central bank appoints a new ‘resident inspector’ for Standard Bank Mozambique

Source: Lusa