Banco BPI is exploring solutions to accommodate the limit to major risks from exposure of Banco de Fomento Angola, to the Angolan State and the National Bank of Angola, the Portuguese bank said in a statement issued Wednesday in Lisbon.
In a statement issued through Portugal’s Securities Market Commission (CMVM), Banco BPI said it had hired two international financial institutions to provide support in the analysis and implementation of these solutions.
“To date, Banco BPI has taken no decision on the solution to be adopted,” the statement said.
Reducing the bank’s exposure to Angola has to happen by March, when the European Central Bank will start a new round of stress tests on European banks.
Banco BPI owns a 50.1 percent stake in Banco de Fomento Angola, which has 150 branches, 1.3 million customers and a market share of 12 percent in deposits and 15 percent in loans.
Among the other major shareholders of the Portuguese bank is Santoro Finance (owned by Angolan businesswoman Isabel dos Santos), which owns approximately 18.6 percent of the capital, after CaixaBank of Catalonia, with 44.1 percent.(macauhub/AO/PT)