Sale of Angolan interests yields Banco Santander Totta 39 million euros

6 November 2015

The sale of its interest in Banco Caixa Geral Totta de Angola allowed Portugal’s Banco Santander Totta to raise 39 million euros, the bank said in a statement announcing results of the first nine months of the year.

“In the third quarter of 2015, Santander Totta has exercised the option to sell its stake in Partang (49 percent), which in turn held a 51 percent stake in the capital of Banco Caixa Geral Totta Angola (BCGTA) under the terms of an agreement entered into in June 2009 and this operation provided a capital gain of about 39 million euros,” the statement said.

Banco Santander Totta recorded a profit of 176.7 million euros in the first nine months of the year, and Manuel Preto, the bank’s financial officer, said that even without the income provided by Angola net profit of the bank would have increased 30 percent year on year.

Banco Caixa Geral Totta de Angola, which originated from Santander Totta, is now owned by Portuguese state bank Caixa Geral de Depósitos (CGD) and will change its name.

CGD owned 51 percent of Partang, a company owned 49 percent by Totta, which its right to sell forcing CGD to acquire that position.

Partang has, in turn, 51 percent of Banco Caixa Geral Totta Bank Angola and the remaining shareholders are Angolan state oil company Sonangol and entrepreneurs Jaime Freitas and António Mosquito, according to the company’s website. (macauhub/AO/PT)