BPI shareholders postpone for decision on the sale of 2% of Banco de Fomento Angola until December

24 November 2016

The decision on the sale of a portion of 2% of Angolan bank Banco de Fomento Angola (BFA) by Portugal’s Banco BPI to Angolan telecommunications company Unitel was postponed until 13 December, according to a proposal by majority shareholder, CaixaBank approved during the General Shareholders’ Meeting held on Wednesdayin the city of Porto.

CaixaBank asked for that item on the agenda to be suspended arguing that conditions were not in place and that the European Central Bank had yet to authorise the sale in order to reduce exposure to Angola.

Registration of the Public Offering by CaixaBank’s for BPI, whose request has been filed with Portuguese Securities Market Commission (CMVM), is subject to the authorisation of the National Bank of Angola, which so far has not been granted, although the European Central Bank has already given permission.

The Portuguese press reported that the Angolan central bank would likely only authorise the deal after the sale of 2% of Banco de Fomento Angola was approved at the General Meeting of BPI.

The sale of the 2% share and the consequent reduction of 50.1% to 48.1% of BPI’s stake in BFA will net the Portuguese bank 28 million euros, and was proposed last September by the board of BPI. (macauhub)