Ver Angola

Banking and Insurance

BPI available to “study all options” to reduce participation in BFA

The chief executive of BPI, João Pedro Oliveira e Costa, pointed out this Friday that the bank is available to “study all the options” for the sale of its stake in Banco de Fomento Angola (BFA).

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"We have been maintaining, as I have already mentioned, contacts with the Angolan authorities on this point. Recently, the Angolan State announced the privatization of a vast number of companies where the BFA component that is in the hands of Unitel, and for that reason it is also part of that same operation, and we are attentive to all these opportunities", said the head of BPI at the presentation of the consolidated results for the first quarter, in Lisbon.

João Pedro Oliveira e Costa admitted that there is "more than one chance" of reducing the stake in BFA, including through the dispersion of capital on the stock exchange.

Still, he warned that "it's too early to be making many comments about it" and ensured that supervisors have been informed.

"We are available to study all the options", he stressed, saying that at the moment "there is nothing new" and that "there has been no progress regarding the sale of the stake in Angola".

On the reduction of BFA's impact on BPI's net income, which fell from 14 million euros to around one million euros, João Pedro Oliveira e Costa pointed out that the figures presented are the exchange rate variations of the financial participation "and little more", a since it does not yet include dividend amounts.

BPI has owned 48.1 percent of BFA since the beginning of 2017, when it sold 2 percent of the Angolan stake to operator Unitel at the behest of the European Central Bank (ECB), as it considers that Angolan supervision is not equivalent to European supervision.

Since then, Frankfurt's recommendation has been maintained for BPI to reduce exposure to Angola.

BPI is 100 percent owned by the Spanish group CaixaBank.

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