Two Angolan banks plan to buy Banco Bilbao Vizcaya Argentaria Portugal

17 June 2014

Angolan banks Banco Atlântico and Banco Internacional de Crédito have made binding proposals to buy the Portuguese subsidiary of Spain’s Banco Bilbao Vizcaya Argentaria (BBVA), according to Spanish newspaper El Confidencial.

According the newspaper report two other proposals have been put forward by Banco Santander Totta and Caixa Central de Crédito Agrícola Mútuo, and the latter is considered to be of greatest interest to the chairman of BBVA, Francisco Gonzaléz.

In March the Spanish bank said it planned to sell its branch in Portugal, which has posted losses over the last few years.

El Confidencial said that BBVA deal in Portugal is worth between 207 million and 381 million euros, but that the transaction was likely to involve around 500 million euros.

BBVA Portugal has 83 branches and 750 employees, compared to 190 branches and 820 employees in 2007, and assets of 5.471 billion euros and liabilities of 5.192 billion euros.

In 2013, the Portuguese subsidiary posted a loss of 107 million euros in the banking segment alone and of 357 million euros including other business areas such as pension and investment fund management, vehicle leasing and other financial services.

The newspaper also reported that BBVA Portugal accounted for 0.91 percent of BBVA’s total consolidated assets on 31 December 2013. (macauhub/AO/PT)