Portugal’s BPI bank proposes separation of banking assets in Africa

29 December 2015

Portuguese bank BPI has delivered draft terms of a project to hive off operations in Africa to the Commercial Register, the bank said in a statement issued Monday through the Portuguese Securities and Exchange Commission (CMVM).

“(…) Following the information provided to the market on 30 September, 2015, Banco BPI announced that today it submitted o the Commercial Register, the de-merger project of Banco BPI,” the statement said adding the date for the next general meeting of shareholders and bondholders to vote on the project.

The project now aims to bring together in a separate unit held by the bank’s shareholders and not by the bank itself the 50.1 percent stake in Banco de Fomento Angola and in Mozambique 30 percent of Banco Comercial e de Investimentos and 100 percent of BPI Moçambique – Sociedade de Investimento.

With this solution, the board of directors is complying with the European Central Bank’s rules limiting the exposure of banks in the European system to major risks, with major impact on BPI’s exposure to Angola.

This operation requires a number of authorisations, including from Unitel, a shareholder of Banco de Fomento Angola controlled by Isabel dos Santos and the National Bank of Angola itself. (macauhub/AO/MZ/PT)

MACAUHUB FRENCH