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Millennium Bim Has New Administration

Millennium Bim Has New Administration

The board of directors of the bank is now chaired by Moisés Jorge, an announcement that comes on the same day it was revealed that the previous CEO, João Cunha Martins, resigned for “personal reasons”. The current CFO, Rui Maximino, will temporarily assume the role of president of the executive committee of the bank.

In a statement, Millennium Banco Internacional de Moçambique (Bim) announced the decision and noted that Moisés Jorge has been a senior figure at the institution, having joined in 1994 the team that would launch the bank the following year. This appointment “reflects the commitment” to a “culture of merit and value of its staff”. Millennium Bim also announces the “resignation” of João Cunha Martins from the role of president of the executive committee “for personal reasons”.

“His commitment to excellence and his leadership skills have been invaluable to the bank at a crucial time of development and growth of the Mozambican Economy,” the statement reads, adding that “the selection process” for a new president of the executive committee has already started and that it is “committed to ensuring a smooth and efficient transition”. During this “transition period”, the current financial administrator (CFO), Rui Maximino, “will temporarily take on the responsibilities of president of the executive committee”.

As of December 31, 2023, the bank had a share capital of 4.5 billion meticais (65.7 million euros), the majority held by BCP África (Millennium BCP group), with 66.69%, followed by the State of Mozambique (17.12%), the National Institute of Social Security of Mozambique (4.95%), and the Mozambican Insurance Company (4.15%), among others.

These changes come seven days after the central bank appointed its own inspector to reside at Bim, to monitor the payment system and business model. In a statement, the central bank previously mentioned that the resident inspector Hélder Manuel Chachuaio Muianga began his duties on May 2, as part of “supervision” but ensuring that the bank “remains solid and stable”.

“The resident inspector will, among other tasks, monitor the payment system, the business model and the bank’s strategy, follow and analyze developments in the management and internal control system of the bank, and participate in relevant meetings of collegiate bodies,” the statement reads.

Millennium Bim published an apology this month to customers “for several anomalies” in the use of cards, ATMs, and POS systems that have been occurring in recent weeks. These problems, apparently involving the new interbank network in Mozambique, have affected several other banks, causing widespread complaints from customers and business owners about payment difficulties.

“Our teams have been working intensely to resolve these issues. At this moment the situation is normalized and services restored. We will continue to monitor the situation, to ensure the availability of the same,” reads the same message from Millennium BIM. BIM’s profits increased by 8.2% in 2023 compared to the previous year, to 7.211 billion meticais (105.3 million euros), according to the report and accounts previously released by Lusa.

Millennium Bim had reported profits of 6.613 billion meticais (96.6 million euros) in 2022 and ended last year with 2,574 employees (+2.8%), more than 1.9 million customers (almost 100,000 more in a year) and 195 branches. “Despite the challenging scenario, Millennium BIM remains solid and resilient, supported by good governance, sound and prudent risk management, and strict compliance with regulatory standards,” reads the message from the board of directors in the 2023 report and accounts.

The bank approved a proposal from the administration to distribute 82.5% of the 2023 profits as dividends to shareholders, led by BCP, equivalent to almost 5.949 billion meticais (86.9 million euros), allocating the remainder to reserves.

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