The Mozambican central bank yesterday
announced that the recapitalisation process of Moza Banco had been completed
and that the bank would from now on “function normally with its own bodies”.In a statement sent to newsrooms, the Bank of
Mozambique “announces the conclusion of the recapitalisation process of Moza
Banco, SA” and adds that this process was only “possible through the increase
of capital by the entry of a new shareholder in the credit institution in
reference”.
“With the recapitalisation and consequent
normalisation of the financial and prudential situation of Moza Banco, the
reasons that dictated the intervention of the regulator, in this case the Bank
of Mozambique, cease to exist,” the statement says. Thus, the regulator determines “the
termination of the extraordinary reorganisation measures imposed on Moza Banco,
SA and on the exoneration of the provisional Board of Directors, with the
credit institution operating normally with its own bodies”.
The Bank of Mozambique announced at the end
of May the sale of Moza Bank to Kuhanha, a company which manages the pension
fund of the central bank workers, after having intervened in September of last
year, suspending Moza’s board of directors and executive commission to protect
the interests of depositors.“The financial and prudential situation of
Moza Banco has been deteriorating in an unsustainable way”, which made it
necessary to “reinforce the extraordinary reorganisation measures” provided for
by law to “protect the interests of depositors and other creditors”,
safeguarding “the normal operating conditions of the banking system,” the
central bank said at the time. Following the intervention, the regulator
injected around 8 billion meticais (EUR 105 million) into Moza Bank to
forestall its collapse and prevent “an earthquake” in the Mozambican financial
system.
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