Spain’s CaixaBank wants to reduce stake in Banco de Fomento Angola

29 November 2018

Spain’sCaixaBank plans to reduce its 48.1% stake in Banco de Fomento Angola (BFA), the bank’s chief executive said on Wednesday in a statement.

Gonzalo Gortázar, presenting the 2019-2021 Strategic Plan for the Iberian banking group, said that CaixaBank wants to reduce its stake, “because it is high and does not correspond to our involvement in management, which is nothing.”

Gortázar, quoted by the Portuguese press, expressed his satisfaction with the “profitable and efficient” way in which the Angolan bank is managed, adding that the country is also taking economic policy measures that are “going in the right direction.”

CaixaBank’s stake in Banco de Fomento Angola is indirectly held through Portugal’s Banco BPI, in which it now owns 94.949% of the share capital after a Public Tender Offer.

Banco BPI has held 48.1% of BFA since the beginning of 2017, when it sold 2.0% of the Angolan bank to Angolan telecommunications operator Unitel due to a requirement of the European Central Bank to reduce exposure to the Angolan economy.

Last April, Banco BPI chief executive Pablo Forero said that the bank was preparing a public offering to sell its 48.1% stake in Banco de Fomento Angola.

Since the beginning 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). (macauhub)