The Bank of Mozambique has opened "three contravention processes" against Standard Bank and two of its employees, the bank announced Thursday in a statement, without further information.

The position comes after the central bank announced on Wednesday the suspension of Standard Bank from the Interbank Foreign Exchange Market (ICM). 

According to Tomaz Salomão, Chairman of the Board of Standard Bank Mozambique, the institution "is interacting with the central bank to obtain more details in order to better advise and protect the interests of its clients and business partners."

The bank "will respond within 10 days, as stipulated by the central bank" to the lawsuits filed, he concluded.