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 government permitted Banco Standard Totta de Moçambique to remain private.) It also created the Banco Popular de Desenvolvirmento by merging Crédito de Moçambique and Montepio de Moçambique.
In 1995, the government spun off the commercial banking operations of Bank of Mozambique into a newly created institution, the Banco Comercial de Moçambique (BCM). The government privatized BCM in 1997, and it merged with Banco Internacional de Moçambique (Millennium bim) in 2001.
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