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
Colonial empire the Navigator, John II and Manuel I. The empire spread throughout a vast number of territories distributed across the globe (especially at one time in the 16th century) that are now parts of 60 different sovereign states. Portugal would eventually control Brazil, territories such as what is now Uruguay and some North American fishing ports, in the Americas; Angola, Mozambique, Portuguese Guinea, Cape Verde and São Tomé and Príncipe (among other territories and bases) in the North and the Subsaharan Africa; cities, forts or territories in all the Asian Subcontinents, as Muscat, Ormus and Bahrain (amongst other bases) in the