Bank of Cabo Verde approves the takeover of Banco Internacional by Bahraini company

25 May 2018

The Bank of Cabo Verde approved the entry of IIBG Holdings into the share capital of Banco Internacional de Cabo Verde (BICV), with the company incorporated in Bahrain now holding a 90% stake, the Cape Verdean central bank said in a statement on Thursday.

The statement added that “as the supervisory authority of the national financial system, the Bank of Cabo Verde understands that the acquirer guarantees the sound and prudent management of the institution to be acquired.”

The BICV was 99.9% directly held by Novo Banco África, SGPS and the remaining 0.01% by Portugal’s Novo Banco, and indirectly by the Portuguese Resolution Fund of the Portuguese State and US investment fund Lone Star, through its subsidiary Nani Holdings.

Portuguese bank Novo Banco, a financial institution that inherited the quality assets of the bankrupt Banco Espírito Santo, in August 2017 reported that it signed a contract to buy 90% of BICV’s share capital with the company from Bahrain.

Following the completion of the process, the shareholder structure of the BICV will now be 90% owned by IIBG Holdings and 10% by Novo Banco África, SGPS and indirectly by the Resolution Fund, the Portuguese State and Nani Holdings. (macauhub)