Angola: Sonangol and Banco Privado Atlântico buy 49.9 pct of Banco Millennium Angola

16 May 2008

Luanda, Angola, 16 May – The acquisition of a stake in Banco Millennium Angola by Sonangol and Banco Privado Atlântico (BPA) was carried out via a capital increase, Portuguese bank BCP said in a statement filed with Portugal’s stock market regulator, Comissão do Mercado de Valores Mobiliários (CMVM).

According to the statement, the agreement signed Thursday in Luanda covers the acquisition of 49.9 percent of Banco Millennium Angola (BMA) by Angolan state oil company, Sociedade Nacional de Combustíveis de Angola (Sonangol) and by BPA, “via a capital increase operation that will be subscribed in cash.”

“Banco Millennium Angola will maintain its current configuration as a subsidiary of Banco Comercial Português, but will now benefit from significant stakes owned by Sonangol and Banco Privado Atlântico, thus strengthening its vocation and capacity to assert itself as a benchmark institution in the development of the Angolan financial sector and economy,” the statement noted.

The board of directors of Banco Millennium Angola will be made up of nine members, of which five will make up the Executive Commission.

The agreement also includes Banco Millennium Angola taking a stake of 10 percent in BPA.

“The parties have reached an agreement as to the methodology and principles that will determine the transactions, (…) and the process is expected to be concluded by the end of the first half of 2008″.(macauhub)