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Mozambique pension fund agrees to inject $138 mln into Moza Banco
May 31, 2017 / 4:23 PM / 6 months ago

Mozambique pension fund agrees to inject $138 mln into Moza Banco

JOHANNESBURG, May 31 (Reuters) - Mozambique’s central bank said on Wednesday a local pension fund had agreed to inject $138 million into Moza Banco, the nation’s No.4 bank that was bailed out last year following a liquidity crunch.

In exchange for the recapitalisation, Kuhanha, which manages the Bank of Mozambique’s employee pensions, will get an 80 percent stake in Moza Banco.

Moza Banco got into difficulties early last year after a rapid expansion of its branch network and an incomplete recapitalisation from shareholders that caused its solvency ratio to fall below the required 8 percent minimum.

Other shareholders in Moza Banco are Portugal’s Novo Banco and Sociedade Mocambicana de Capitais, a grouping of about 400 Mozambicans, with 10 percent stakes each.

$1 = 59.3300 meticais Reporting by Tiisetso Motsoeneng; Editing by Mark Potter

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