Mozambique: ‘Resident inspectors’ appointed for two more banks

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Mozambique: ‘Resident inspectors’ appointed for two more banks

4:05 CAT | 14 Oct 2024

File photo: Banco de Moçambique

The Bank of Mozambique today appointed resident inspectors for the banks BCI and Standard Bank, to ensure their monitoring, thus making the three largest financial institutions in the country subject to this type of inspection.

“The Bank of Mozambique reaffirms that, despite this supervisory action, Banco Comercial e de Investimentos, S.A. and Standard Bank, S.A. remain solid and stable”, the central bank’s statement emphasizes.

In the same communique, the central bank states that the decision is part of the need to “guarantee 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”.

Effective today, Adelina José Chilaúle, a senior member of the Bank of Mozambique, has been appointed to the role of resident inspector at Banco Comercial e de Investimentos (BCI), part of the Portuguese group Caixa Geral de Depósitos (CGD), and Cláudio Júlio Mangue, also a senior member of the central bank, has been appointed to the role of resident inspector at Standard Bank.

“The new resident inspectors will continue the risk-based supervisory approach and will participate in relevant meetings of the collegiate bodies of the aforementioned banks”, the statement added.

With this decision, all three of the country’s largest banks now have resident inspectors from the Bank of Mozambique, following the appointment, on May 3, of Hélder Manuel Chachuaio Muianga as resident inspector at Millennium – Banco Internacional de Moçambique (BIM), part of the Portuguese group BCP.

BCI, Millennium BIM and Standard Bank are the three banks considered systemic in 2024 by the central bank, similar to the 2023 classification.

Mozambican banks made a profit of 30.8 billion meticais (445.3 million euros) in 2023, up 8.1% compared to the previous year, of which 73.9% was concentrated in the three largest institutions, according to previous data from the Bank of Mozambique.

“This change is mainly justified by the increase in other operating results of around 6 billion meticais [86.3 million euros] and in the financial margin of 2.3 billion meticais [33 million euros]”, states the 2023 financial stability report from the Bank of Mozambique, previously published by Lusa.

Source: Lusa