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BCI Bank Reappoints CEO After Central Bank Vetoes Replacement

BCI Bank Reappoints CEO After Central Bank Vetoes Replacement

BCI has reappointed. its outgoing chief executive, Francisco Costa, to serveanother term at the top, after the Bank of Mozambique vetoed theappointment of a replacement.

BCI has reappointed its outgoing chief executive, Francisco Costa, to serveanother term at the top, aft er the Bank of Mozambique vetoed theappointment of Carlos Albuquerque, Zitamar News has learned.

Neither the Bank of Mozambique nor BCI responded to Zitamar’s request for comments on Monday and Tuesday. Albuquerque had been nominated by Portuguese bank Caixa Geral deDepósitos (CGD), which holds a 61.51% stake in BCI. The second biggestshareholder is Portuguese bank BPI, with 35.67%. He was to replaceFrancisco Costa, another CGD appointee. Albuquerque previously served as director of the Prudential SupervisionDepartment of the Bank of Portugal, from 2014 to 2017.


The rest of the all-male executive commission was approved by the centralbank. It is made up of:
Pedro Reis
Luis Aguiar
Ibraimo Bhai
Rogério Lam
George Mandawa
Raul Almeida

Last month, the Bank of Mozambique appointed a resident inspector to BCI, to monitor its business model and strategy, and internal controls. The central bank said that despite the measure, BCI – one of three banksdesignated as systemic in Mozambique — remained solvent and stable.

Zitamar

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