Portugal’s BPI bank wants to reduce its stake in Banco de Fomento Angola

31 January 2018

Portuguese bank Banco BPI, which is 84.51% owned by CaixaBank of Spain, wants to reduce its stake in Banco de Fomento Angola (BFA) from 48.1%, through a possible stock exchange operation, the bank’s chief executive, Pablo Forero, said in Lisbon.

The CEO, quoted in the Portuguese press, added that there is a recommendation by the European Central Bank (ECB) to reduce BPI’s stake in BFA, although the ECB does not provide exact figures, “only saying that it has to be less than 48%.”

Forero also said that in the event of a public offer of BFA shares, as suggested by Angolan businesswoman Isabel dos Santos, “we see the possibility of selling part of our shares in this operation with interest.”

Since the start of 2017 BFA has been controlled by Unitel, the largest telecommunications operator in Angola, in which Isabel dos Santos owns 25% of the capital, when BPI fulfilled an ECB requirement to reduce its operation in Angola through the sale of 2% of its stake in Unitel (for 28 million euros).

The reduce BFA stake resulted in a change in the accounting of BFA’s results, with negative impacts of 212 million euros in 2017, which led BPI to post a consolidated profit of 10.2 million euros in 2017. (macauhub)