Banking: Santander sells 49 percent of Totta Angola to Angolans, splits remainder with CGD

23 September 2008

Lisbon, Portugal, 23 Sept – The Santander Totta bank Monday concluded negotiations to sell 49 percent of Banco Totta Angola (BTA) to Sonangol and two other Angolan investors and equally split the remaining 51 percent with Portugal’s Caixa Geral de Depósitos (CGD).

The bank thus far known as BTA, will now change its name to Banco Caixa Geral Totta Angola and CGD will also manage the bank, despite having an initially smaller stake than the Angolan investors.

The deal will be carried out via a capital increase, of US$100 million, which will be subscribed by the new shareholders.

Two individual Angolan businessmen, each with a 12 percent share, will be shareholders of Banco Caixa Geral Totta, as well as Sonangol which will have a 25 percent share.

“All the shareholders will be represented on the Board of Directors and Angolan investors will be responsible for nominating one of the (non-executive) vice presidents,” the agreements stipulate.

There will also be an executive commission, the chairman of which will be nominated by CGD.

Banco Totta Angola has a commercial strategy focused on guiding companies, having a leadership position in banking syndicates and the growth of its network, which now has 14 branches, including three business centres. (macauhub)

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