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–Mozambique relations United Nations Resolution 3117 on the elimination of colonialism in Southern Africa. On 25 June 1975, Mozambique obtained its independence. On 15 November 1975, Brazil recognized and established diplomatic relations with Mozambique. In March 1976, Brazil opened an embassy in the Mozambican capital of Maputo and in January 1998, Mozambique reciprocated the gesture by opening an embassy in Brasília. In 2000, Brazilian President Fernando Henrique Cardoso paid an official visit to Mozambique and attended the 3rd summit of the Community of Portuguese Language Countries being held in the Mozambican capital. In 2001, Mozambican President Joaquim Chissano paid an official visit