africa Angola Banking M&A

BPI bank prepares partial sale of Banco de Fomento Angola on the stock exchange

Portuguese bank Banco BPI is preparing a public offer to sell its 48.1% stake in the share capital of Banco de Fomento Angola (BFA), the bank’s chief executive said as he presented the bank’s results for the first quarter of 2018.

Pablo Forero also said that the process is still being organised, and that he, therefore, did not know the percentage that will be sold and even if Banco BPI will remain in Angola.

Banco BPI’s CEO announced at the end of January that the bank, which is 84.51% controlled by CaixaBank of Spain, wanted to reduce its stake in BFA from 48.1 %, and this reduction may occur in a potential stock exchange operation.

Forero said that there is a recommendation from the European Central Bank to reduce Banco de Fomento Angola’s stake in Banco de Fomento Angola, for which the European bank has given no exact figures, “saying only that it has to be less than 48%.”

Since the start of 2017 BFA has been controlled by Unitel, the largest telecommunications operator in Angola, in which Isabel dos Santos owns 25% of the capital, when BPI fulfilled an ECB requirement to reduce its operation in Angola through the sale of 2% of its stake in Unitel (for 28 million euros).

In the first quarter, Banco BPI posted a profit of 210 million euros, which contributed, 118 million euros of which was related to activities in Portugal, a performance that is due to strong commercial activity and reflects economic activity in the country.

Source: macauhub

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