Standard Bank's governance to be monitored

The Bank of Mozambique has removed its resident inspector from Standard Bank, as it believes that the institution has made significant progress in its risk culture, governance and internal control, according to Club of Mozambique. ‘This decision is the result of the effective collaboration of Standard Bank SA, and its shareholder, as well as the significant progress made in the institution’s risk culture, governance and internal controls,’ reads the Bank of Mozambique press release. The central bank has indicated, however, that Standard Bank remains subject to supervision in accordance with the procedures applied to other banking institutions in Mozambique. On 14 October 2024, the Bank of Mozambique appointed Cláudio Júlio Mangue, a senior member of the central bank, to the post of resident inspector at Standard Bank with the aim of guaranteeing monitoring. At the time, the central bank justified the appointment with the need to ‘ensure continuous, objective and impartial monitoring of the activities of credit institutions and financial companies, preserving the interests of customers and ensuring the stability of the financial system’.