The merger of Banco Millennium Angola (BMA) with Banco Privado Atlântico (BPA) was formalised in a public deed, Portuguese bank Banoc Comercial Portugues (BCP)said Monday in a statement to the market.
This merger, authorised by the National Bank of Angola and the Angolan government, creates Banco Millennium Atlântico, the second largest private bankon in terms of credit to the Angolan economy, with a market share of around 10 percent.
The merger between the BMA and the BPA was announced by the two institutions on 8 October 2015. The new bank will be listed on an African stock exchange within three years.
BCP, which owns 51 percent of Banco Millennium Angola, gets a 20 percent stake in the new bank. (macauhub/AO/PT)