Portuguese group Soares da Costa sells minority stake in Angolan bank

3 January 2011

Porto, Portugal, 3 July – Portuguese group Spares da Costa has sold its 3 percent stake in Angolan bank Banco Africano de Investimentos (BAI) for US$27.7 million the group said in a statement published in Porto, northern Portugal.

The group’s statement said that the operation was part of a divestment plan for its non-strategic assets.

The sale was negotiated with two Angolan entities, although the group did not identify them or note if this implied new shareholders taking a stake in BAI.

Soares da Costa was one of several Portuguese shareholders in BAI with positions of less than 5 percent.

BAI, which was set up in 1996, was the first private bank in Angola, and oil company Sonangol is one of its main shareholders with around 8.5 percent of directly-owned rights.

The bank is Angola’s market leader and has been present in Portugal since 1998 via BAI Europa, in Brazil (it owns 20 percent of Banco Português de Negócios Brasil), in Cape Verde (with 71 percent of BAI CV) and in Sao Tome (25 percent of Banco Internacional de São Tomé e Príncipe). (macauhub)