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Banking and Insurance

BCI's management announces "intense work" to make the unit "attractive" to the stock market

The management of the Bank of Commerce and Industry (BCI) announced this Thursday that, although the 2020 accounts have not yet been approved, "intense work is underway, with objective actions" to make the unit "attractive" to the stock exchange.

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BCI, a state-owned bank, will be privatized this year on the stock exchange as part of the government's Privatization Program (ProPriv), which lists more than 190 assets and/or companies to be privatized by 2022.

The banking unit is to be privatized via the regulated market of the Angola Debt and Securities Exchange (Bodiva).

"In 2020, all the actions that were developed, the goal was so that the accounts to 31 approved, which we have not yet approved, the bank has clear conditions to go for the auction in the stock exchange, be appetizing," said this Thursday the president of the board of directors of BCI, Zenaida Zumbi.

The official was speaking Thursday during a debate on "preparing Angolan companies for the launch of the stock market," promoted by Bodiva, as part of the "Bodiva 2021 Forum.

According to the leader, assertive communication and transparency are the axes of the actions of the administration that she presides, because, she explained, the theme of privatizations and stock market auction are new to the market.

"So it requires that the message be transmitted with some care and above all with transparency," he said, emphasizing the improvement of the balance sheets so that the BCI is in a position to go to auction on the stock exchange.

"And the balance sheet is very important," he observed.

Zenaida Zumbi also reported that BCI has improved its digital channels and customer satisfaction.

The administration of the Bank of Commerce and Industry "is aware of its privatization", scheduled for 2021, but, she assured, "we remain focused on everything we can do until privatization is feasible and we will do it".

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