Ver Angola

Banking and Insurance

Recredit has already recovered 21.8 billion kwanzas of bad debt from BPC

Recredit has already recovered 21.8 billion kwanzas, out of a total of 1.2 billion kwanzas, from BPC's non-performing loans. Of the amount recovered, around 71 percent concerns the execution of real estate guarantees.

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Válter Barros, chairman of the Board of Directors (PCA) of Recredit, explained that the planned target for the amount to be recovered last year was set at 19.8 million kwanzas, stressing that this was eventually exceeded.

However, in statements to Expansão, he reported that about 71 percent of the recovered bad debt derives from real estate assets.

After all, only 6.2 billion kwanzas were recovered in cash.

He also made it known that the properties are already being registered in the name of the State for sale.

"We are aware that our role is to deliver money to the Treasury and we are already at the stage of registering these properties on behalf of the State to then place them on the market and thus monetize these assets", he clarified.

He also told Expansão that the properties were evaluated by an expert registered with the Capital Markets Commission, with the aim of having them quoted at a fair value.

Two bad debt portfolios of BPC, totaling 1.2 billion kwanzas in bad debts, were acquired by Recredit.

There are currently 11 cases in court, totaling 167.4 billion kwanzas. There are 276.8 billion kwanzas in litigation, which could be disputed in court if an agreement is not reached.

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