Browsing: Nosso Banco
Failed Mozambican bank Nosso Banco never paid a single dividend to its majority shareholder, the public social security fund INSS, which invested half a billion meticais in the bank and deposited almost 3 billion meticais.
The Bank of Mozambique said on Friday, 18 November, that all remaining banks in the country are healthy, in a press conference aimed at dampening speculation that more banks will fail. Such speculation, the Bank said, has led to widespread withdrawals of [...]
First Moza, now Nosso Banco – with two failed banks in less than two months in a distressed economy, there is a broad expectation in the market that other banks could be in danger. A look at what the two failed banks have in common provides some clues [...]
A commercial bank majority-owned by Mozambique’s public social security fund is to be liquidated by the Bank of Mozambique, with individual depositors set to lose any deposits over 20,000 meticais and business accounts to be left with no apparent recourse. [...]