The European Central Bank has recommended that Portugal’s Banco BPI continue to reduce its exposure to Angola, which the bank expects to address over time, BPI Chief Executive Officer Pablo Forero said on Thursday.
BPI, a unit of Spain’s Caixabank, has earlier this year given up control of its Angolan unit BFA to meet ECB requirements for risky exposure, but still holds a 49 percent stake.
“We have an ECB recommendation to continue divesting, but it is not mandatory. It’s a long-term task. We know we have to do something in the long run, but do not expect an easy and quick solution. We have to negotiate with BFA, but we do not expect a full withdrawal from Angola,” Forero said.