Angola: Agreement on Totta Angola reached by the end of the year

30 July 2008

Lisbon, Portugal, 30 July – The chairman of Portuguese bank Santander Totta, Nuno Amado, said Tuesday in Lisbon he was sure that a new agreement on Angolan bank Totta Angola would be close by the end of the year and added that his bank would be its biggest shareholder.

The new agreement outlines the sale of 25 percent of the bank’s capital to oil company Sonangol and 24 percent to other Angolan companies and the division of the remaining capital between Portuguese state bank Caixa Geral de Depósitos (CGD) and Santander Totta.

The new agreement on Totta Angola has substantial changes compared to the initial agreement announced two years ago, which included Angolan investors having a 25 to 17 percent share in the bank, and CGD setting up a holding company with Santander, split 50-50, with CGD having the option of a majority stake at a later stage. (macauhub)