Portuguese state bank Caixa Geral de Depósitos wants to increase presence in Angola

8 July 2014

Portuguese state bank Caixa Geral de Depósitos (CGD) plans to increase its presence in Angola by exercising its option to buy part of the stake owned by Banco Santander Totta in Angola’s Banco Caixa Totta, Portuguese financial daily Diário Económico reported.

The newspaper added that the deal had yet to go through because CGD is required to comply with a restructuring plan agreed with the European Commission, which would have to approve the deal.

The shareholders of Banco Caixa Geral Totta de Angola, known simply as Banco Caixa Totta, are PartAng, a partnership between CGD (51 percent) and Santander Totta (49 percent), Sonangol (25 percent), Jaime Freitas and António Mesquita, with 12 percent each.

The shareholders agreement signed when CGD took its stake in the bank in 2009 stipulates that CGD can increase its stake in PartAng from 51 percent to 80 percent.

“Whether the deal goes ahead is apparently in Brussels’s hands,” the newspaper said. (macauhub/AO/PT)