Ver Angola

Banking and Insurance

Governor says there will be no more public money for Banco Económico

The central bank governor said that there will be no injection of public capital in Banco Económico de Angola, which results from the reorganization of BES Angola, and that the restructuring will be ready later this year.


"We want, by the end of this year, that the most impactful measures be completed, we hope to see this happen by the end of the year", said José de Lima Massano, governor of the National Bank of Angola (BNA), on the sidelines of a seminar in Carcavelos, on the outskirts of Lisbon.

"There will be no additional effort from public funds so that the bank can continue its operation, it was the option we followed and therefore, with what is designed, we do not expect that other relevant losses will happen, the purpose of this operation is to protect the depositors and, as far as possible, investors", he said.

The official, who was speaking on the sidelines of the seminar "New Cycle of the Angola Economy", at Universidade Nova, in Carcavelos, organized by the Portugal Angola Chamber of Commerce and Industry, added: "We want to implement the most impactful measures by the end of the year, and then we will have a period in which the bank will continue to make its corrections, with a more strategic approach, but from the point of view of balancing its accounts and capital adequacy, [the restructuring process] must be ready by the end of the year ".

One of the measures agreed was the "conversion of deposits into equity, as well as the conversion of part of the subordinated debt into equity", explained the governor, admitting that there have been some delays due to the complexity of the process and the intervention of multiple agents.

"We had a delay caused by the 'covid' themes in 2020, but fortunately the process has resumed, the BNA decisions have been taken and are in the implementation phase, we are waiting for the Capital Markets Commission to issue authorizations for the complementary instruments, for the entire restructuring program, which should happen at any moment", said Lima Massano.

The pace of the bank's restructuring, he admitted, "is possible, but there is coordination between several entities, the Capital Markets Commission, the Treasury, the BNA, and this articulation does not always allow for the celerity" that one would like, "but the process is ongoing and the next shareholders' meeting will be decisive for the bank's restructuring program".

Banco Económico was created following the bankruptcy of Banco Espírito Santo Angola (BESA) in 2014.

In the resolution of the Portuguese BES, in August 2014, the Novo Banco was created to which deposits, BES employees and assets considered less problematic are transferred (a topic that has since been the subject of much debate in view of the high losses of the Novo Banco). Bank and public money resource). As for BES (then called 'bad BES') the assets considered 'toxic' (in the case of holdings such as BESA, BES Miami, Aman Bank - Libya), as well as the shareholders.


Permita anúncios no nosso site


Parece que está a utilizar um bloqueador de anúncios
Utilizamos a publicidade para podermos oferecer-lhe notícias diariamente.