Banco BPI’s stake in Banco de Fomento Angola will be reduced

17 January 2017

Spanish bank CaixaBank will draw up a plan to reduce Banco BPI’s stake in Banco de Fomento Angola, in which it holds a minority stake of 48.1% according to the prospectus of the takeover bid (OPA) launched on the Portuguese bank.

In the prospectus published through the Portuguese Securities Market Commission, CaixaBank said that the European Central Bank, when it accepted the launch of a takeover bid and the acquisition of control of Banco BPI, made a “non-binding recommendation (…) to gradually reduce BPI’s stake in BFA in a reasonable period of time.”

Accepting the ECB’s recommendation, CaixaBank said it will prepare a divestment plan for the BFA, “which may be total or partial.”

BPI’s stake in Banco de Fomento Angola led to a conflict between the two major shareholders – CaixaBank, with 45% and Angolan company Santoro, with 18.9%.

For two years BPI tried to find ways to comply with the ECB’s rules that required it to reduce exposure to the Angolan market, and in December shareholders approved the sale of 2% of Banco de Fomento Angola to Angolan telecommunications operator Unitel, for 28 million euros, and control of the bank passed on to this company, with 51.9%.

The end of the control of the BFA by BPI and the fact that this bank is the target of a takeover bid by CaixaBank has led to the ECB accepting that this transaction met conditions of reducing exposure to Angola. (macauhub)