Two private banks merge in Angola

27 February 2014

Angolan banks Banco VTB África and Banco Privado Atlântico plan to merge their operations in Angola, resulting in a new bank called Atlântico, Russian banking group VTB said in a statement issued Wednesday.

“Following this operation, VTB Capital, the investment arm of Russian group VTB, and Russian state conglomerate Rostec Corporation, will become shareholders of the bank resulting from the merger, which will continue to operate under the name Atlântico, and keep around 20 percent,” the statement said.

The group added that the schedule and details of the merger and integration processes “will be presented in due course after the due deliberations of the Angolan authorities.”

Banco Privado Atlântico’s current shareholders are stake-holding company Global Pactum, with 58 percent, state company Sociedade Nacional de Combustíveis de Angola (Sonangol) with 9.5 percent, Portugal’s Banco Millennium Angola with 10 percent and senior employees at the bank with the remaining 22.5 percent.

“This merger between Banco Privado Atlântico and its partners VTB Capital and Rostec Corporation will increase the bank’s capacity to work in strategic sub-Saharan African markets, keeping its headquarters in Angola. (macauhub)