Hong Kong financial group prepares acquisition of Angolan-owned bank

Banco Atlântico Europa (BAE), based in Portugal and owned by Angolan investors, is about to be sold to a Hong Kong financial group, in a deal similar to the one that led to the entry of China’s Bison into Portuguese-speaking countries.

Atlântico Financial Group (AFG), linked to Angolan investor Carlos Silva, has agreed to sell BAE to a Hong Kong financial group, according to Jornal Económico.

The acquiring group, the newspaper said, is listed on the stock market and provides banking, life insurance, real estate, securities management and asset management services.

The decision to sell BAE, according to the same source, is the result of growing capital needs due to regulatory requirements for so-called “niche banks.”

Carlos Silva, an Angolan banker linked to AFG, has decided to leave the financial sector following the operation, and will now focus on attracting investments to Angola and is looking for investors in larger markets.

Silva was the founder of Banco Atlântico Europa and also chaired Millennium Atlântico, a partnership between the Atlântico group and Portugal’s Millennium Bcp for the Angolan market.

As the agreement between AFG and the buyer has been reached, the application for authorisation has already been submitted to the Bank of Portugal and forwarded to the European Central Bank, and the sale is now subject to the authorisations of the banking regulators of both countries.

BAE is 96.5% owned by AFG and 3.5% by Nasoluma, according to information from the Portuguese banking regulator.

The deal comes about a year after the sale of Banif – Banco de Investimento, also based in Portugal, to China’s Bison Capital of Hong Kong.

Bison also entered into a partnership with Geocapital to take a stake in Banco Mais, in Mozambique, focused on the corporate segment.

Through a capital increase, Bison now holds 48% of Banco Mais, replacing Geocapital, the Macau-based group, as the largest shareholder. (Macauhub)