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
Brazil–United States relations of 1971. The Geisel administration (1974–79) marked a definite cooling of Brazilian–American relations. As the United States began to apply high tariffs on Brazilian manufactured goods, Ernesto Geisel looked for new trade partners. These, he would seek mostly in other Third World nations (in Africa, for instance). But in contrast with Costa e Silva and Médici, Geisel commenced to reach out to Communist countries, too. In 1975, four years before the U.S., Brazil reestablished diplomatic ties with China. It promptly recognized the independence of fellow Portuguese-speaking Angola and Mozambique, two African countries whose independence from Portuguese rule had been brought