Angola’s BPC bank has new board of directors

28 March 2017

Shareholders of Angolan bank Banco de Poupança e Crédito (BPC) decided to appoint a new board of directors chaired by economist Ricardo D’Abreu and to approve a capital increase of 90 billion kwanzas (US$540 million), the bank said in statement issued on Monday in Luanda.

The shareholders also decided during the general meeting held last Friday to dismiss the previous board members and nominate for the 2017/2021 period, as well as a new board of directors, a new executive committee which will also be chaired by Ricardo D’Abreu.

The meeting also approved a capital increase subscribed by all the shareholders in proportion to their stake in the bank and the Recapitalisation and Restructuring Plan of BPC.

“Given the high systemic importance of Banco de Poupança e Crédito in the financial system and its stability, the shareholders believe that conditions have been created to return the bank to its reputation and profitability in the coming years,” the statement said.

The general shareholders’ meeting was attended by the Ministry of Finance, representing the State shareholder, which owns 75% of the capital, the National Institute of Social Security, which owns 15%, the Social Security of the Armed Forces, which owns 10%.

The government of Angola decided last February to authorize an issue of Treasury Bonds in the amount of 67.5 billion kwanzas (US$405 million) to raise the funding it needed for the capital increase approved on Friday. (macauhub)