Russian bank cancels merger of subsidiary with Angolan bank

25 September 2015

Russia’s VTB bank has cancelled the merger of its branch in Angola – VTB Africa – with Angolan bank Banco Privado Atlântico, according to the Reuters news agency, citing a statement issued Thursday in Moscow.

“The two sides agreed to continue in the banking business separately due to changing market conditions,” the statement said.

In early 2014, the Russian bank announced that together with Russian conglomerate Rostec it would acquire a 20 percent stake in Banco Privado Atlântico.

The VTB Africa bank has two major shareholders – VTV Moscow with 50.1 percent and António Carlos Sumbula, currently chairman of state diamond company Endiama, with 49.87 percent, and there are three small stakes 0.01 percent.

VTB Africa was formally authorised to operate by the Angolan government at a meeting of the Council of Ministers on 25 October 2006. (macauhub/AO)