Angola’s Unitel approves agreement on Fomento Angola and BPI banks

17 March 2016

Angolan telecommunications company Unitel, which controls 49.9 percent of the Banco de Fomento Angola bank, has approved negotiations taking place between businesswoman Isabel dos Santos and Spanish group La Caixa about Portuguese bank BPI, reported Portuguese weekly newspaper Expresso .

The solution involves the purchase of 18.6 percent of dos Santos’ position in BPI by La Caixa and the sale to the Angolan businesswoman of a control position held by the Portuguese bank (51.1 percent) in Banco de Fomento Angola (BFA).

Expresso reported that the essence of agreement had already been finalised and the price, the most sensitive point, is already set.

This agreement solves a months-long stalemate in time to meet the deadline set by the European Central Bank – 10 April – to solve the problem of BPI’s overexposure BPI bank to Angola, a country that lost its equivalent supervision status.

Banco BPI’s main shareholders are currently CaixaBank (44.10percent), Santoro Finance (18.58 percent), Allianz SE (8.42 percent) and HVF, SGPS (2.68 percent). BPI controls 50.1 percent of Banco de Fomento Angola, although there is a shareholders’ agreement which limits voting rights to 20 percent. (macauhub/AO/PT)