Banco de Poupança e Crédito, Angola’s largest commercial bank, is expected to resume lending to both companies and individuals this month, after a capitalisation in the amount of 180 billion kwanzas (US$824 million) through a public debt issue, according to official information.
News of the bank’s return to providing loans was recently given by the chairman of the Board of Directors, Alcides Safeca, who recalled that Banco de Poupança e Crédito suspended the granting of credit for about two years due to high levels of non-performing loans.
Angolan daily newspaper O País reported that the value of the non-performing loan portfolio that BPC planned to sell to the state-owned company Recredit under the financial institution’s capitalization plan was 231 billion kwanzas (US$1.057 billion).
Banco de Poupança e Crédito has branches in Angola’s 18 provinces and is the country’s largest commercial bank with 444 service counters.
Recredit is a state-owned company with the “objective of supporting the recovery of national banks, specifically public banks,” which has been negotiating the acquisition of the bad credit of five Angolan commercial banks, Banco de Poupança e Crédito, Banco de Comércio e Indústria, Banco Angolano de Investimentos, Banco Keve and Banco de Negócios Internacional.