Russia’s VTB Capital bank may place more Angolan debt

14 November 2012

The Angolan government is considering whether to issue US$2 million dollars in treasury bills in early 2013, debt to be commercialised by the Russian bank VTB Capital, said VTB group president Andrey Kostin, cited by the Bloomberg financial agency.

Kostin said the new issue may require remuneration below the 7 percent rate required last August when VTB Capital privately placed US$1 billion, the first time Angola placed debt on international markets.

The administration has approved the additional sale of a 15.9 percent stake in its Angolan subsidiary, Banco VTB-África, with Angolan investors now holding a 49.9 percent stake, the VTB group president said.

“Our Angolan partners were interested so we decided to divest more capital while keeping a majority stake to guarantee operational control of the institution,” he said.

The VTB group began operations in Angola in 2006. Banco VTB-África has two agencies, one in Luanda and a second opened last July in the city of Lubango in Huíla province. (macauhub)