Bank of Mozambique created Government of Mozambique took over, without compensation, the Mozambican operations of Banco Nacional Ultramarino, a Portuguese colonial bank that had been acting as the bank of issue for the colony. This became the nucleus of Bank of Mozambique. In 1977 the government also nationalized almost all banks in the country, including the Casa Bancária de Moçambique, and the Mozambican operations of Banco de Crédito, Comercial e Industrial and Banco Comercial de Angola, and merged them into Bank of Mozambique. At the same time it closed the operations of Banco de Fomento Nacional and Banco Pinto e Sotto Mayor. (The
People's Republic of Angola People's Republic of Angola The People's Republic of Angola () was the self-declared socialist state which governed Angola from its independence in 1975 until 1992, during the Angolan Civil War. The regime was established in 1975, after Portuguese Angola, a colony, was granted independence from Portugal through the Alvor Agreement. The situation in Portugal's other former large African colony, the People's Republic of Mozambique, was similar. The newly-founded nation had friendly relations with the Soviet Union, Cuba, and the People's Republic of Mozambique. The country was governed by the People's Movement for the Liberation of Angola (MPLA), which was responsible