Banco BPI proposes to hand over shareholder control of Banco de Fomento Angola

21 September 2016

The board of Portuguese bank BPI Bank has proposed the sale of 2% of the share capital it owns in Angolan bank Banco de Fomento Angola to Angolan company Unitel, which would then have a majority stake in the Angolan bank, according to a letter sent on Tuesday.

In return BPI would receive 28 million euros and Unitel would vote in favour of removing limits on voting rights in the bank, which are currently limited to 20%, regardless of the amount of capital that a shareholder may hold.

The general meeting to decide the future of the tender offer (OPA) launched by Spain’s CaixaBank for the Portuguese bank is due to be held on Wednesday in Porto, according to the financial press, and a condition for the deal to go ahead is bringing an end to limits on voting rights.

CaixaBank wants to ensure that its power within the bank is identical to its stake, in order to proceed with the takeover bid, which offers 1.113 euros per share.

The share capital of Banco de Fomento Angola is split between two shareholders – Banco BPI with 50.1% and Unitel with the remaining 49.9% – and Banco BPI’s main shareholders are CaixaBank (44.81%), Santoro Finance – Prestação de Serviços (18.576%), Allianz (8.425%), Violas Ferreira Financial (2.681%) and Banco BIC (2.284%). (macauhub/AO/PT)