Angola’s BIC bank buys Cape Verde’s BPN-IFI bank from the Portuguese state

4 March 2013

Banco Internacional de Angola (BIC), which controls BIC Portugal, has acquired from the Portuguese state for 30 million euros Cape Verde’s Banco Português de Negócios-Instituição Financeira Internacional (BPN-IFI), the Portuguese newspaper Público reports in Lisbon.

After nationalisation of Banco Português de Negócios (BPN) in 2008, BPN-IFI was integrated in the state-owned vehicles (Parvalorem, Parups and Parparticipações) that took over the “toxic assets” of the bank, which was meanwhile privatised.

In 2012 the state sold 100 percent of BPN to BIC Portugal for 40 million euros, 10 million more than BIC Angola has now paid for BPN-IFI Cape Verde.

BIC Angola had already requested authorisation from Cape Verdean authorities to open a commercial bank in the country. Its entrance in the Cape Verdean financial market is part of its expansion strategy in African markets, namely in Namibia and Zimbabwe.

The Portuguese government is also considering a BPN-Brasil purchase proposal submitted by BIC Portugal.

The BIC group is held by bankers associated to the Portuguese entrepreneur Américo Amorim and the Angolan entrepreneur Isabel dos Santos, both with 25 percent of the capital. (macauhub)