The contribution of Banco de Fomento Angola (BFA) to the consolidated result of Portugal’s Banco BPI in 2019 totalled €78.9 million, an increase of 8.0% compared to the €73.2 million recorded in 2018, according to a statement issued by the Portuguese Securities Market Commission (CMVM).

The statement added that Banco Comercial e de Investimentos (BCI) in Mozambique contributed €18.7 million, a drop of 11.1% when compared with the €21.1 million registered in 2018.

Banco BPI posted consolidated net profit of €327.9 million in 2019, or a drop of 33.0% compared to €490.6 million in 2018, and the net result in Portugal fell 42.0% to €230.2 million.

During a meeting with the press to announce the results for 2019, the Chief Executive, Pablo Forero, announced Banco BPI would follow the recommendation of the European Central Bank to reduce its shareholding in the capital of Angolan bank BFA, but does not have a deadline for doing so.

Banco BPI, owned by Spain’s CaixaBank, owns 48% of BFA, which still has as a shareholder Isabel dos Santos, the Angolan businesswoman who has had her assets and bank accounts seized in Angola and is suspected of alleged misappropriation of funds, in particular from Angolan national oil company Sonangol. (macauhub)