Banco BPI exits capital of Angola’s BFA bank

18 March 2016

Any agreement reached between Santoro Finance and Spanish group La Caixa must involve the exit of Banco BPI’s from the shareholder structure of Angolan bank Banco de Fomento Angola (BFA) and Santoro, which is controlled by Angolan businesswoman Isabel dos Santos, from the BPI shareholder structure, Portuguese financial daily Diario Economico reported.

Therefore BPI is selling the 50.1 percent stake it holds in Banco de Fomento Angola and the Angolan businesswoman is selling off her 18.58 percent share in BPI. Additionally there may be a clause that will also cover the 2.28 percent of BPI owned by BIC, a bank that is 42.5 percent owned by Isabel do Santos.

Portuguese weekly newspaper Expresso reported a few days ago that Angolan telecommunications company Unitel, which controls 49.9 percent of Banco de Fomento Angola, gave its approval to the negotiations taking place between dos Santos and La Caixa in connection with Portuguese bank BPI.

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)