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Report: Pension fund to acquire majority of Moza Banco through $138M injection

A fund that manages Mozambican central bank employee pensions will pump $138 million into local lender Moza Banco SA in return for an 80% stake, Reuters reported May 31, citing the central bank.

Moza Banco was placed into central bank administration in September 2016 amid liquidity troubles. The Kunanha fund will become majority shareholder alongside Portugal-based Novo Banco SA and a grouping of about 400 Mozambicans, which control about 10% apiece of the lender, Reuters noted.

A report earlier in May had suggested that Barclays Africa Group Ltd. was the leader among three bidders for Moza Banco.