Ver Angola

Banking and Insurance

Bank of Commerce and Industry will be sold to a single buyer

The Institute of Management of Assets and Participations of the State has announced that it will hold an auction on the stock exchange to dispose of the entire share capital of Banco de Comércio e Indústria in an indivisible block.

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"The privatization of BCI will be carried out through an auction on the stock exchange, of which 100 percent of its shares will be auctioned in an indivisible block, addressed exclusively to specially qualified candidates", explained in a statement sent this afternoon to Lusa.

The initiative comes under the privatization program (PROPRIV) and follows the order approved by President João Lourenço in May last year.

"The transfer of shares representing the entire share capital of BCI will be carried out through the Auction Auction procedure, in which 100 percent of its shares will be auctioned in an indivisible block, addressed exclusively to specially qualified candidates who cannot exceed number five ", it is also read in the statement.

For the completion of the operation, Angola chose the Angolan subsidiary of Standard Bank and the 'parent company', in South Africa, to be the financial advisors.

BCI was created in August 1991 and is a national public retail and business bank, present in the country's 18 provinces, where it has 82 branches and 31 service stations, according to the information note.

At least 15 state assets, including Sonangalp, Mota-Engil, TV Cabo and Banco de Comércio Indústria (BCI) must be privatized via the Bodiva market, with privatization via auction on the BCI stock exchange being scheduled for this year.

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