Montepio, the bank of mutual association Montepio Geral, has sold a share of 30.57 percent of Finibanco Angola to “several Angolan partners,” Montepio Geral said in a statement issued Wednesday in Lisbon.

The sale represented a cash inflow of 26.3 million euros and Montepio retained a 51 percent stake in Finibanco Angola.

The Montepio group acquired Finibanco about five years ago and also got 60 percent of Finibanco Angola and a capital increase carried out in 2013 boosted the group’s stake to over 80 percent, a position that has now been reduced to 51 percent.

Portuguese newspaper Público reported that the share of 30.57 percent was sold to Angolan banker Mario Palhares and added that the sale “will be subject to the various inspections and investigations currently taking place to the group led by Tomás Correia and follows the Bank of Portugal’s recommendation to limit exposure to Angolan risk.”

The sale of 30.57 percent of Finibanco Angola to Mário Palhares, the current chairman and main shareholder of Bank BNI (present in Portugal), and one of the partners of Pivot vehicle that last week acquired the Efisa Bank (formerly BPN), was concluded in the last few days in Luanda.

The decision to decrease the stake to 51 percent was made on 18 March at a meeting of the board of directors of Montepio Holding (the group’s parent company). (macauhub/AO/PT)