Angola may nationalise Angolan banks controlled by Portuguese banks

28 October 2011

Lisbon, Portugal, 28 Oct – Angola’s financial officials have said that Angolan banks that are controlled by Portuguese banking groups may be nationalised, Portuguese newspaper Jornal de Negócios reported in Lisbon.

The newspaper said that the threat would only be carried out if the Portuguese government interferes in the management of the Portuguese banking groups that require public funding, following the decisions approved by the European Council.

Jornal de Negócios said that the Angolan authorities were concerned about the position that the Portuguese government might adopt and wanted guarantees that public funding would not lead to the government interfering in the strategy of the Portuguese banks and the Angolan operations that they control.

The Portuguese press reported that if the banks had to make use of public funds, more than half the capital of Banco BPI and the Espírito Santo Financial Group would be in the hands of the State. In the case of Millennium bcp the state could have up to 25 percent.

Banco BPI is a majority shareholder of Banco de Fomento Angola, the Espírito Santo group controls Banco Espírito Santo Angola and Millennium bcp owns Banco Millennium Angola in partnership with Sociedade Nacional de Combustíveis de Angola (Sonangol) and Banco Privado Atlântico. (macauhub)