Portuguese bank CGD now controls 51 pct of Banco Totta Caixa Geral de Angola

9 July 2015

Portuguese state financial group Caixa Geral de Depósitos (CGD) became the largest shareholder of Banco Totta Caixa Geral de Angola, after acquiring the indirect stake that Banco Santander Totta held in the Angolan bank, CGD said.

The two financial groups were partners of Partang, SGPS, a holding company that owned 51 percent of Banco Caixa Geral Totta de Angola and in which the Portuguese group had 51 percent.

Based on an agreement signed in July 2009, Banco Santander Totta and Santotta – International SGPS have now exercised the put option for its 49 percent equity interest in Partang SGPS.

Following the transaction, CGD now owns 100 percent of the share capital of Partang SGPS, which in turn holds a 51 percent stake in Angolan bank Caixa Geral Totta de Angola.

The partnership between Caixa Geral de Depósitos and Banco Santander Totta arose after the Spanish bank sold 49 percent of Totta Angola to Angolan shareholders and decided to split the rest with the Portuguese state group.

CGD took on the management of Angolan bank, whose shareholders also included state oil company Sonangol (25 percent) and two Angolan businessmen, each with 12 percent. (macauhub/AO/PT)