Portuguese-Angolan bank Banco BIC comes closer to buying Portugal’s Banco Português de Negócios

12 December 2011

Lisbon, Portugal, 12 Dec – Portuguese and Angolan owned bank Banco BIC Friday in Lisbon signed a framework agreement with a view to buying Portuguese nationalised bank Banco Português de Negócios (BPN) from the Portuguese state, Portuguese financial newspaper Jornal de Negócios reported.

With this framework agreement now signed, the contract for the sale of BPN now needs to be signed, so that the bank, which was nationalised in 2008, is no longer in the hands of the Portuguese state. The contract is due to be signed by the end of March 2012.

The Finance Ministry, in a statement, said that signing the agreement was an essential intermediate step to signing the sale contract for shares in BPN, by March 2012.”

Speaking to a radio station, the chairman of BIC, Mira Amaral said that by signing the promissory contract BIC had made a down payment of 25 percent, and thus the Portuguese state had received 10 million euros.

BIC pledged to keep a minimum of 750 of BIC’s current 1580 employees and the government will bear the cost of the layoffs that BIC decides to make in BPN, as well as the cost of closing branches. (macauhub)