Sonangol becomes largest shareholder in Portuguese bank BCP

24 October 2012

Angolan oil company Sociedade Nacional de Combustíveis de Angola (Sonangol) has become the largest shareholder in Portuguese bank Banco Comercial Português (BCP) by boosting its stake to 15.08 percent after buying 40 million shares in the secondary market, according to a statement issued Monday.

Sonangol, which has authorisation from the Bank of Portugal to own a stake in BCP of up to 20 percent, is thought to have spent 3 million euros on acquiring the shares, thus increasing its stake to 2.9 billion shares worth 235 million euros at current market value.

In the statement filed with Portuguese stock market regulator, CMVM, BCP also said that Dutch group Ageas took a stake of around 1.6 percent in BCP during the bank’s capital increase.

Banco Sabadell, whose interest in BCP is strategic, also slightly increased its stake from 3.97 percent to 4.3 percent. Due to high demand for the bank’s capital increase it was not able to increase its stake further than this.

Immediately after Sonangol and Banco Sabadell is the Estevão Neves Group, which belongs to José Estêvão Fernandes Neves, who is linked to the Madeira hotel industry and now has a 3.21 percent stake in BCP following the acquisition of almost 550 million shares. (macauhub)