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
Angola–Brazil relations Jesuit priest Gonçalo João succinctly stated the importance of the economic relationship between Brazil and Angola as "Without Angola, there is no Brazil". Angola was a major source of slaves to Brazil, which was, out of the several European colonies in the Americas, the largest single importer of slaves during the Transatlantic Slave Trade. Two-thirds of those slaves in Brazil originated from the Angola-Congo region. Rio de Janeiro depended on the consistent influx of slaves from Angola to work on sugar cane plantations and for re-exportation to Buenos Aires in exchange for silver. Exports from Brazil to Angola in exchange