The Bank of Cabo Verde (BCV) has approved the acquisition of a 27.44% stake in Caixa Económica de Cabo Verde (CECV) by International Holding Cabo Verde (IHCV), according to a statement released on Friday.
The statement said that Spanish citizen Enrique Bañuelos de Castro, representing IHCV, announced his intention to acquire shares representing up to 30% of the share capital of Caixa Económica de Cabo Verde.
On 12 November 2018, GeoCapital – Gestão de Participações, announced its intention to sell the shares that make up its qualifying holding in Caixa Económica de Cabo Verde, representing 27.44% of the capital stock of the bank.
After taking the steps set out in the law, the board of directors of the BCV decided, during the meeting of the ordinary session of 21 December 2018, “to approve the acquisition of a qualifying holding corresponding to 27.44% of Caixa Económica de Cabo Verde.”
“The Banco de Cabo Verde, as supervisory authority of the national financial system, communicates its non-objection to the acquisition process in question and understands that the acquirer guarantees the sound and prudent management of Caixa Económica de Cabo Verde,” the statement said.
Following the completion of this process, the shareholder structure of Caixa Económica de Cabo Verde is constituted by the National Institute of Social Security (47.21%), International Holding Cabo Verde, SGPS Sociedade Unipessoal Lda (27.44%), Cabo Verde Post Office (15.14%) and other subscribers or employees (12.8%).