Banco Caixa Geral Totta of Angola will no longer have Totta in its name, reported Portuguese financial daily Jornal de Negócios noting that the change is due to the end of a partnership with Portuguese banking group Caixa Geral de Depósitos (CGD) and Banco Santander Totta.
Last July, Portuguese state financial group Caixa Geral de Depósitos became the largest shareholder of Banco Caixa Geral Totta of Angola, after acquiring an indirect stake that Banco Santander Totta held in the Angolan bank.
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.
Under the agreement concluded in July 2009, Banco Santander Totta and Santotta – International SGPS exercised a put option for a 49 percent stake in the capital of Partang SGPS.
CGD posted profits of 47.1 million euros in the first six months of the year, 10.6 million euros of which was profit generated by Caixa Totta Angola, an increase of 43 percent over the same period of last year. (macauhub/AO/PT)