Banco Millennium Angola will merge with Angolan bank Banco Privado Atlântico under a memorandum of understanding signed Thursday, Portugal’s Banco Commercial Português (BCP) said in a statement to the market.
in the statement issued through the Portuguese Securities Market Commission (CMVM), BCP also said the MoU was signed with the largest shareholder of Banco Privado Atlântico, Global Pactum – Gestão de Activos.
The current shareholder structure of Banco Millennium Angola is composed of BCP África, with 50.1 percent of the capital, Angolan oil company Sonangol, with 29.9 percent, Banco Privado Atlântico, 15 percent and Global Pactum, with the remaining 5 percent.
In turn, Banco Privado Atlântico’s shareholders are the management company of Global Pactum, with 58 percent, state oil company Sonangol with 9.5 percent, Portugal’s Banco Millennium Angola with 10 percent and bank staff with the remaining 22.5 percent.
In a statement BCP said this merger allowed Banco Millennium Angola to meet conditions to grow in adverse conditions and at the same time adapt to the implications of the change on supervisory equivalence.
The Memorandum of Understanding provides for a new Board of Directors with 15 members, of which five are appointed by BCP, as well as an Executive Committee of seven members, including two appointed by BCP, who will be responsible for risk analysis and credit.
Following the merger the new bank will be the second largest private bank in Angola in terms of credit to the economy, with a market share of about 10 percent. (macauhub/AO/PT)