BPI’s assets in Angola and Mozambique may be split off as new company

8 October 2015

The African assets of Portugal’s Banco BPI are expected to be merged into a new company that will be completely independent of the bank, said Fernando Ulrich, the chairman of BPI, on the sidelines of BPI Senior award ceremony, held Tuesday in Lisbon.

“This solution, designed to meet the requirements of the European Central Bank, was proposed and approved by the Board for a few days ago and if we have made that proposal it’s because we believe in it,” said the banker.

The transfer of 50.1 percent of Banco de Fomento Angola, of 30 percent of Mozambique’s BCI and 100 percent of BPI Moçambique to a new company is the solution put forward by Ulrich’s team to solve the problem of BPI’s excessive exposure to Angola and which, by imposition of the ECB must be overcome by the end of March.

For Ulrich’s solution to go ahead Angolan businesswoman Isabel dos Santos, the second largest shareholder of BPI, with 18.6 percent, has to approve the operation, you has to have a two thirds majority as stipulated in the Portuguese Companies Act for such decisions. (macauhub/AO/MZ/PT)