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Moza Banco placed under central bank administration

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Moza Banco placed under central bank administration

The on Sept. 30 placedMoza Banco SA underemergency administration, saying the lender's financial and prudential situationhas become unsustainable.

The Mozambican central bank madethe decision in order to protect the interests of depositors and othercreditors, as well as to safeguard the normal functioning of the bankingsystem. The central bank decided to suspend the members of Moza Banco's board andexecutive committee, and to designate an interim board chaired by João FilipeFigueiredo.

The central bank said Moza Bancowill continue to operate as normal.