Angolan businesswoman Isabel dos Santos reduces stake in Portuguese bank BPI and increases in Banco de Fomento Angola

11 April 2016

Negotiations between CaixaBank and Santoro Finance, owned by Angolan businesswoman Isabel dos Santos, to find a solution to “BPI’s non-compliance with its large risk exposure limit” ended this Sunday, “successfully”, the Portuguese bank said in a statement to the market.

The agreement reached on the day of the deadline imposed by the European Central Bank determines that Santoro Finance will reduce its stake in BIS capital and acquire a majority stake in Banco de Fomento Angola (BFA), a bank that will be listed on the Lisbon Stock Exchange.

The agreement still has to be submitted to the governing bodies of the companies involved, including BPI, CaixaBank and Unitel (company through which Isabel dos Santos controls 49.9 percent of Banco Fomento de Angola).

The short statement sent to the market by BPI said the solution “has already been communicated to the European Central Bank and the Bank of Portugal and is based on a set of contractual documents that will be submitted to the competent corporate bodies in the coming days”.

BPI had until Sunday, 10 April to solve the problem of excessive exposure to Angola, where it has a position of 50.1 percent in Banco de Fomento Angola (BFA), in a market that has lost its supervision equivalence to the Central European Bank. (macauhub/AO/PT)