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CaixaBank rejects reputational cost for proximity to Isabel dos Santos

CaixaBank's CEO rejected this Friday in Valencia, Spain, the possibility of any reputational cost for the group that owns BPI due to its proximity to Isabel dos Santos.

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"I don't think there is and there shouldn't be any reputational cost," Gonzalo Gortázar stressed at the press conference where he presented the banking group's 2019 results.

The bank manager recalled that BPI has 48.1 per cent of BFA (Banco de Fomento de Angola), which is majority controlled by Unitel, which has 13 of the 15 administrators of the Angolan bank and has just renewed its administration, as well as its president and executive president.

Unitel has three shareholders: Sonangol (50 per cent), Vidatel (controlled by Isabel dos Santos, 25 per cent) and Geni (of General Leopoldino Fragoso do Nascimento, 25 per cent).

Questioned by Lusa news agency, Gonzalo Gortázar said that the group had no interest in acquiring the 42.5 percent held by Isabel dos Santos in Eurobic, a position that the company would sell, following the 'Luanda Leaks' process.

The CaixaBank group made profits of 1.705 million euros in 2019, a fall of 14.1 percent on 2018, with the Portuguese subsidiary (BPI) contributing 332 million euros to these results, an increase of 26.7 percent on the transfer made a year earlier of 262 million euros.

The banking and insurance business contributed most of the Spanish group's profit with 1,060 million, while BPI contributed 332 million and the affiliated companies with 313 million (among them 46 million BFA dividends).

Gonzalo Gortázar also made a reference to the 2019 results presented on Thursday in Luanda by BFA.

"This is a magnificent bank that was developed in the past by BPI, but that continues to present good results and to be a leader in Angola," said CaixaBank's CEO, adding that he has "confidence" in how the new board of directors and the changes decided "in recent days" will allow the good work to continue.

BFA announced a positive net result of 344.5 million dollars in 2019, a fall of 51.5 per cent compared to the previous year.

The Angolan bank "continues to be a profitable investment, where we want to reduce our participation, as has already been announced, but without any time horizon", concluded Gonzalo Gortázar.

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