Angolan central bank ready to let Portugal’s CGD take stake in Banco Totta de Angola

24 April 2007

Lisbon, Portugal, 24 April – The Angolan authorities are ready to allow Caixa Geral de Depósitos (CGD) of Portugal to acquire a stake in Banco Totta de Angola, currently controlled by Spain’s Santander banking group, according to media reports.

Business daily Diário Económico reported Monday that there has been a delay in allowing CGD to take a stake in the Angolan bank because the Luanda authorities have insisted that some Angolan shareholders remain in Banco Totta.

CGD and Santander announced in February 2006 they had reached an partnership accord for Banco Totta giving the Portuguese bank the option of taking a controlling stake in the venture. Angola’s central bank has given the green light for two of the country’s biggest business groups to become shareholders in the restructured Banco Totta.

Cosal, with interests in the auto and property sectors, and the Mesquito group, operating in the oil and vehicle distribution areas, are likely to acquire up to 30 percent of Banco Totta, with 5 percent of stock being reserved for the banks employees, Diário Económico reported. (macauhub)