Ver Angola

Banking and Insurance

BPC ceded 80 per cent of bad loans to Recredit

The state-owned Banco de Poupança e Crédito (BPC) transferred this Tuesday to Recredit - Gestão de Activos 80 per cent of its bad debt, estimated at 951 billion kwanzas.


The contract for the transfer of the portfolio of BPC's malparado to Recredit - Gestão de Activos, a public limited company owned by the State, which on Monday announced the recovery of 1.5 billion kwanzas from one of BPC's debtor companies, was signed by the presidents of the two institutions' boards of directors.

In a statement on the sidelines, the chairman of the board of directors of Recredit, Valter Dias de Barros, said that the strategy of recovery favours friendly negotiation with customers, not making it impossible to resort to legal action when the situation requires it.

"We will do the friendly negotiation with these clients and whenever we are not able to recover by extrajudicial way, we will use all the resources that the law allows us to recover this credit portfolio", said the responsible, quoted by Angop.

According to the responsible, the objective is to recover the maximum of the credit portfolio, which was valued at 6 percent of the total portfolio, in the process of asset quality evaluation that the National Bank of Angola injected into commercial banks.

The president of BPC's board of directors, André Lopes, said that the conditions are in place, with the assignment of part of the bank's credit portfolio, so that in the future the process of collection and settlement of debts will be done by a private entity.


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