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
Cuban intervention in Angola the requested financial assistance (100,000US$) it received from Yugoslavia. Portugal's sudden retreat from Angola and Mozambique in 1975 ended a history of South African military and intelligence cooperation with Portugal against the Angolan and Namibian independence movements dating back to the 1960s, later formalized in a secret alliance codenamed Alcora Exercise. It also ended economic cooperation with regard to the Cunene hydro-project at the Angolan-Namibian border, which South Africa had financed. South African involvement in Angola, subsumed under what it called the South African Border War, started in 1966 when the conflict with the Namibian independence movement, South West Africa