Angola’s Unitel takes control of Banco de Fomento Angola

6 January 2017

Angolan mobile telecommunications company Unitel on Thursday concluded the purchase of 2% of the Banco de Fomento Angola (BFA) bank from Portuguese bank BPI, and now controls 51.9% of the Angolan financial institution, the company said in statement.

The statement said that Mario da Silva Leite will become the BFA bank’s chairman.

In a statement released by the Portuguese Market Securities Commission, Banco BPI said “the shares of Banco BPI and Unitel in BFA became, respectively, 48.1% and 51.9%” and Fernando Ulrich and José Amaral Pena resigned as chairman and member of the Board of Directors of BFA.

BPI’s shareholders approved on 13 December, at the second attempt, the partial sale of the BFA by BPI, losing control of this Angolan bank founded in the late 1990s.

In September, the board of BPI, led by Artur Santos Silva and Fernando Ulrich, proposed the sale of 2% of BFA to Unitel, for 28 million euros and submitted this operation as the “only solution” for BPI to meet the requirements of the European Central Bank to reduce exposure to the Angolan market. (macauhub)

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