Russian group VTB gives up on selling Angolan bank VTB-Africa

18 November 2019

The positive results of Banco VTB-África have led Russian financial group VTB to give up on the sale of its entire 50.10% stake in the Angolan bank, chairman Andrey Kostin announced.

The Angolan Competition Authority announced last May that it received a communication on 24 May that announced a merger project involving the VTB Bank, Banco VTB-África and Russian financial intermediation company Rostang.

Due to the results obtained, financial newspaper Economia e Finanças reported that the Russian shareholder and the Angolan party had agreed to boost the “good performance of the management team,” which should be confirmed with a shareholding of about 20% by the end of the year.

“I have decided that we need to stay in Angola and that is why we have outlined this format, which allows us to motivate but ensures the ability to influence all major decisions,” said Kostin.

Banco VTB-África’s Board of Directors is made up of a chairman and six other directors, namely Igor Leonidovitch Skvortsov (chairman), Maria Uini Miguel, Amilcar Barros and Dmitriy Andreevitch Sorokin (executive directors) and António Carlos Sumbula, Roberto Petz and Leonid Pavlovitch Rantchinskiy (non-executive directors).

The Annual Report and Accounts for 2018 showed that the bank’s net worth reached 91.7 billion kwanzas, an increase of 72% over the 53.2 billion kwanzas recorded in 2017.

The VTB-Africa bank was founded in 2006, with Angolan national António Carlos Sumbula, former president of Angolan diamond company Endiama, with 49.87% of the capital, as the second-largest shareholder. (Macauhub)