Merger of Millennium Angola with BPA completed in April

3 February 2016

The merger of Angolan banks Banco Millennium Angola and Banco Privado Atlântico (BPA) is expected to be completed by the end of the second quarter, possibly in April, said Monday the president of Portuguese bank Banco Comercial Português (BCP).

Nuno Amado also said profit at Millennium Angola increased 50.1 percent last year to 75.7 million euros, about a third of the net profits recorded by BCP in 2015, amounting to 235.3 million euros.

BCP will lose most of the capital of Millennium Angola when the merger is implemented, leaving most in the hands of Global Pactum, 14 percent in the hands of Angolan state oil company Sonangol and the remainder held by various investors.

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 the 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.

The merger process of Banco Millennium Angola and Banco Privado Atlântico came after a failed attempt to merge the latter with the VTB Africa bank, of Russian group VTB. (macauhub/AO/MZ/PT)