Ver Angola

Banking and Insurance

Government advances with BPC recapitalisation

The government will issue bonds to recapitalize the Banco de Poupança e Crédito (BPC), as announced by the Secretary of State for Finance and Treasury, Osvaldo João.

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The bad debts that BPC has will be collected by Recredit, through treasury bonds.

Recredit will receive about 950 billion kwanzas of bad debt from BPC to recover. The objective is that the executive will be able to recover the amounts spent on recapitalisation. "The Executive anticipated this need, so it created an institution dedicated to the recovery of financial institutions with very high levels of bad debt", explained the responsible.

According to Osvaldo João, cited by Angop, this decision aims to "clean BPC from the bad that exists" and transform it into a "good institution", placing "the most difficult part at the service of Recredit".

According to Angop, BPC has a recapitalisation need of about 1.08 billion kwanzas. Between 2015 and 2018 the State has already made a recapitalisation of 500 billion kwanzas in securities, of which more than 200 billion kwanzas are in BCP.

In total, the State will spend three billion dollars to recapitalise BPC, the economic bank and with the purchase of 25 per cent of Unitel shares by Sonangol.

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