Angola: BPI bank sells 49.9 pct of Banco Fomento Angola to Angola’s Unitel

16 September 2008

Lisbon, Portugal, 16 Sept – Portuguese bank BPI said Friday in Lisbon it had sold 49.9 percent of Angolan bank, Banco Fomento Angola (BFA) to Unitel, an Angolan telecommunications operator, for 338 million euros.

According to a filing with Portuguese stock market regulator, CMVM, Unitel will have the right to be involved in BFA’s management.

“The deal will now depend on the final agreement as well as on the respective acquisition and sale agreement, which is necessarily subject to obtaining authorisation from the authorities, as well as a shareholder agreement that will regulate relations between parties at the core of BFA,” the statement said, noting that approval, “of the contracts may occur by the end of October and the transaction complete by the end of the this year.”

The main shareholder of the Angolan operator is the Geni group, which is part-owned by Isabel dos Santos, daughter of Angolan president, José Eduardo dos Santos, whilst Portugal Telecom has a 25 percent stake. The operator has some 4 million customers.

BFA is the biggest private bank in Angola and has a market share of over 20 percent, 100 branches and deposits of US$3.8 billion. (macauhub)