Novo Banco of Portugal has 9.9 pct of BESA

21 October 2014

Portugal’s Novo Banco will keep a stake of 9.9 percent of Banco Espírito Santo Angola (BESA), by converting its 55 million-euro loan to the Angolan bank, according to a decision taken Monday by Angola’s central bank.

The central bank also determined BESA would carry out a capital increase of 2.8 billion euros, involving the partial conversion of the same loan, according to information from the National Bank of Angola (BNA).

The decision was made Tuesday at a meeting of the board of the central bank in an extraordinary session convened to analyse BESA’s financial situation, resulting from reorganisation measures adopted on 4 August and the volume of bad loans.

The Bank of Portugal confirmed in August that the credit of 3.3 billion that BES – which until now controlled 55.17 percent of the share capital of the bank in Angola – had granted BESA had been transferred to Novo Banco.

The BNA explained the measures adopted with the “need to safeguard the economy and the financial system, protection of the interests of depositors and creditors of BESA,” and the “re-establishment of minimum conditions of operation” at the bank . (macauhub/AO)