Bank mergers will allow prepayment of Portuguese state loan

25 April 2016

The merger between the banks Millennium Angola and Banco Privado Atlântico will allow Portuguese bank Banco Comercial Portugues (BCP) to pay off funds received from the Portuguese State in 2012, said CEO Nuno Amado.

The CEO of BCP said at the end of the general shareholders meeting held last week that as soon as the merger is completed, “which has not happened yet,” “we will submit an application for payment of part of the convertible contingent liabilities (Cocos).”

BCP still has to pay back 750 million euros, of the 3 billion it received in 2012, following Portugal’s trilateral financial bailout.

The merger between Banco Millennium Angola (BMA) and Banco Privado Atlântico (BPA) was announced by the two institutions on 8 October 2015, and the resulting bank is expected to be listed on an African stock exchange within three years.

Under the memorandum of understanding signed by the two banks, BCP is expected to keep a 20% stake in the future Banco Millennium Atlântico.

The remaining shareholders of Millennium Angola are state oil company Sonangol with 29.9 percent, Banco Privado Atlântico with 15 percent and Globalpactum – Gestão de Activos with 5 percent.

Banco Privado Atlântico’s shareholders are Interlagos Equity Partners (47.5 percent), Carlos José Silva (23.2 percent), Jasper Capital Partners (9.5 percent), Banco Millennium Angola (6.7 percent), Quadros – Gestão de Activos (6.5 percent),Equipa de Gestão (3.5 percent) and Geomcorp Fund (3.0 percent). (macauhub/AO/PT)

MACAUHUB FRENCH