Angola: Millenium bcp sells stake in BPI to Angolan businesswoman Isabel dos Santos

18 December 2008

Lisbon, Portugal, 18 Dec – Portuguese bank Millenium bcp has sold its 9.69 percent stake in rival bank BPI to an Angolan company owned by businesswoman Isabel dos Santos, for around 164 million euros, the bank said in Lisbon Wednesday.

Santoro Financial Holdings, owned by Isabel dos Santos – daughter of Angolan president, José Eduardo dos Santos – paid 1.88 euros per BPI share, which includes a Premium of 47 cents, or 33.3 percent, on the closing value of the shares Wednesday (1.41 euros).

Isabel dos Santos thus boosts her presence in the Portuguese banking sector, adding the BPI stake to her 25 percent stake in Banco BIC.

The investment in BPI will also allow the Angolan businesswoman to boost relations with the bank, which recently opened up the capital of Banco Fomento Angola (BFA) to telecommunications operator, Unitel (which has Isabel dos Santos as one of its main shareholders).

BPI thus becomes the second largest Portuguese bank alongside Millennium bcp, which is 10 percent owned by Angolan state oil company Sonangol. (macauhub)