Lisbon, Portugal, 27 Jan – Portugal’s Competition Authority has approved the acquisition by Angolan bank Banco Internacional de Crédito (BIC) of 100 percent of Portuguese bank Banco Português de Negócios (BPN), the authority said in a statement issued on its website.
The Competition Authority said it had adopted, “a no-contest decision to the merger operation, as it concluded that it does not create or increase a position of dominance that leads to competition obstacles in the financial sectors of banking and insurance.”
The acquisition was announced to the regulator on 20 December of last year as a result of the Portuguese subsidiary of BIC’s intention to acquire all of BPNs shares and focus its activities in two main business areas: Business banking and, as a representative of Angolan banks, private and small business banking.
The agreement for BIC to buy BPN was signed on 9 December by the Portuguese Finance Ministry and the Angolan-Portuguese owned bank paid 10 million euros, or 25 percent of the total deal amount of 40 million euros.
The chairman of BIC, Mira Amaral, has already said that after the deal is concluded, “the BPN brand will disappear.” (macauhub)