Standard Bank assures it has the solidity to continue in the national banking sector

Standard Bank Mozambique assured, this Monday, its clients and business partners that despite its suspension in the foreign exchange market, the remaining services continue normally throughout its national banking network.

According to a note, the bank reaffirms its solidity and sufficient capacity to manage the risks that may arise in the market at this time. The institution also revealed that it is already in the final stages of the process of appointing a new administrator.

"Standard Bank is finalizing the process of the appointments of a new managing director and head of Large Corporate Banking. They will be announced as soon as regulatory approval is received," the document reads.

The suspension of Standard Bank from the Interbank Foreign Exchange Market was announced on June 23rd and, on the following day, the Bank of Mozambique announced the opening of three "contravention processes" against that bank and two of its employees, namely Adimohanma Chukwuama and Carlos Madeira, who are disqualified from holding positions in credit institutions for six years and will have to pay fines of six million meticais and 14 million meticais, respectively.

Standard Bank will also have to pay a fine of 290 million meticais, after "serious violations" were found during inspections, most notably fraudulent manipulation of the exchange rate.

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