Millennium, BCI, Standard still the only ‘systemically important’ banks in Mozambique

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Millennium, BCI, Standard still the only ‘systemically important’ banks in Mozambique

1:59 CAT | 21 Apr 2022

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FILE - Aerial view of Banco de Moçambique in Maputo. [File photo: Teixeira Duarte Construções]

Banco Internacional de Moçambique (Millennium bim), Banco Comercial e de Investimentos (BCI) and Standard Bank remain the only three systemically important financial institutions in Mozambique, the country’s banking regulator has announced.

These are the same three banks as last year, except with BCI and Millennium bim – the local branch of Portugal’s Millennium BCP – swapping positions in terms of sector importance.

In the report, which ranks the Domestic Systemically Important Banks (D-SIBs), Millennium bim tops the list with 251 points, followed by BCI with 228 points and Standard Bank with 139.

Absa Moçambique bank maintains its position of near-systemic importance, with 80 points.

The list includes 19 other domestic credit institutions that the Bank of Mozambique, the central bank, considers are not of systemic importance.

The country’s central bank must, by law, publish, by 30 April of each year, a list of credit institutions classified as ‘D-SIB’ or ‘near D-SIB’, based on data reported by 31 December of the previous year.

Source: Lusa