12 °c
London
Monday, January 30, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Barclays said to be front-runner for Mozambican Bank

FurtherAfrica by FurtherAfrica
May 10, 2017
in Africa, Banking, Currency, Economy, FDI, Finance, Mozambique
Reading Time: 2 mins read
1.2k 12
0
Bloomberg: Mozambique Plans 12% Raise to 2017 Spending, Document Shows
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Barclays Africa Group Ltd., the South African bank with operations across 12 countries on the continent, is the lead bidder for Mozambique’s Moza Banco SA, according to people familiar with the matter.

The central bank has received three proposals, which will be reviewed by an independent panel before the winner is announced in July, one of the people said, asking not to be named because the process is private. Barclays Africa’s existing operations in Mozambique are too small to give it a dominant position, so the acquisition will help it expand quickly, two other people said.

The purchase comes as bank failures in Mozambique mount with regulators ordering the liquidation of two lenders this month and the closure of O Nosso Banco in November. The central bank took over Moza Banco in September after administrative costs soared and the solvency ratio of the country’s fourth-biggest lender dropped to zero.

The regulator said in October it would stabilize Moza Banco and prepare it for sale. Since then, two state-owned companies failed to make payments on loans, inflation rose to almost 22 percent and debt costs soared amid a freeze on aid. Moza Banco’s investors couldn’t inject as much as $120 million in capital to save the lender, Zitamar News reported in February, citing a letter by Prakash Ratilal, the chairman of Mocambique Capitais, the lender’s majority shareholder.

Lisbon-based Novo Banco SA, which owns the remaining 49 percent of the bank, wasn’t immediately able to comment. Ratilal didn’t immediately respond to messages left at his Maputo office seeking comment. Barclays Africa, which has less than half a million customers in Mozambique, declined to comment.

‘Stepped Away’

Atlas Mara Ltd., the African financial services company co-founded by the former head of Barclays Plc, Bob Diamond, considered buying Moza Banco and then “stepped away,” Ashish Thakkar, Diamond’s fellow co-founder of Atlas Mara, said in an interview in Durban, South Africa last week, without giving more details.

The Bank of Mozambique ordered the winding down of Caixa Cooperativa De Credito SCRL on Wednesday after the lender requested authorization to terminate activities and cancel its license, the central bank said in an emailed statement. Last week, the regulator ordered the country’s Deposit Guarantee Fund to handle the liquidation of Microbanco Fides.

Source: Bloomberg

Related

Tags: Ashish ThakkarAtlas MaraBank of MozambiqueBarclaysBob DiamondMoza BancoMozaBancoMozambiqueNovo BancoPrakash Ratilalモザンビーク莫桑比克
ScanSendShare483Tweet302Share84Pin109Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Energy

Italy’s Eni signs US$8B gas deal with Libya

by FurtherAfrica
January 30, 2023
Climate

Green energy transition must be sensible pragmatic and rational – Afreximbank’s Rene Awambeng

by Emmanuel Chilamphuma
January 30, 2023
Africa Data Centres investing US$500M for the development of 10 data centers across Africa
Tech

Raxio to launch data center in Angola early 2024

by Energy Capital & Power
January 30, 2023
Agriculture

IFAD and AfDB on a mission to boost agricultural productivity in Africa

by Farmers Review Africa
January 30, 2023
Energy

South Africa’s Virginia gas project produces first Helium

by Energy Capital & Power
January 30, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Energy

Italy’s Eni signs US$8B gas deal with Libya

by FurtherAfrica
January 30, 2023
0

Italian energy company Eni (ENI.MI) and Libya's National Oil Corporation (NOC) have signed an $8 billion gas production deal, Eni's...

Read more

Green energy transition must be sensible pragmatic and rational – Afreximbank’s Rene Awambeng

January 30, 2023

Invictus updates on Cabora Bassa Basin operations in Zimbabwe

January 30, 2023
Africa Data Centres investing US$500M for the development of 10 data centers across Africa

Raxio to launch data center in Angola early 2024

January 30, 2023

IFAD and AfDB on a mission to boost agricultural productivity in Africa

January 30, 2023

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 99,623 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?