Angola’s largest bank Banco de Poupança e Crédito (BPC) will undergo a capitalisation and restructuring plan, recently approved by the Economic Commission and the Commission for the Real Economy of the Council of Ministers, reported the Angolan press.
The plan will be presented at the general shareholders’ meeting, at which the Ministry of Finance, the majority shareholder representing the Angolan State, the National Institute of Social Security and the Social Security Fund of the Angolan Armed Forces will discuss the application of the different points included in the plan.
Last February, the government of Angola approved a capital increase of BPC of 67.5 billion kwanzas (US$405 million) in cash raised by issuing Treasury Bonds.
The bank’s chief executive, Zinho Baptista, announced in January that the bank would resume lending to the economy over the first quarter of 2017 after it was suspended in mid-2015.
The BPC, the largest State operator providing credit to businesses and households, has the highest rate of non-performing loans or loans overdue for more than 90 days in the entire Angolan financial system, amounting to US$1.44 billion. (macauhub)