Ver Angola

Banking and Insurance

Recredit has 77 cases in litigation including a request for insolvency

Recredit, created by the State to manage the bad debt of Banco de Poupança e Crédito (BPC), has 77 cases in litigation, including a request for insolvency, and 24 lawsuits in progress.


The announcement was made last Friday by the chairman of Recredit's board of directors, Valter Barros, during a training seminar for journalists held in Luanda.

The credit portfolio totals 1.24 billion kwanzas, corresponding to the exposure value, with 476 credit processes, of which 28 belong to the first acquired portfolio and the remaining to the second, for which 288 billion kwanzas were paid, an amount acquisition to which a global discount percentage of 77 percent was applied.

"Our objective is to return to the State shareholder the 288 billion we paid", said Valter Barros.

Mirian Ferreira, executive administrator, stressed that Recredit always tries to carry out extrajudicial recovery initially, seeking to negotiate with the borrower. When the negotiation is successful, an amortization plan, asset allocation or credit compensation is followed.

The 346 credit processes that are being negotiated are worth 128 billion kwanzas, with 77 still in litigation. In 29 cases agreements were concluded and 24 are in court.

In the three business components, 37 billion kwanzas have already been recovered, which is equivalent to almost 13 percent of the value of the portfolio, of which about half correspond to the donation of assets.

When the negotiation does not work, the cases go to the litigation office to be later sent to the court, said Mirian Ferreira, adding that there are six large economic groups in the litigation phase, without advancing the names.

Twenty cases represent 72 percent of the portfolio, with the construction sector standing out with almost 40 percent of the loans to be recovered.

For Recredit's executive director, the objective is to recover the maximum amount of bad debt acquired, but with a low cost structure that guarantees efficiency and effectiveness.

The president of Recredit indicated that one of the processes that is in litigation refers to a request for insolvency "to prevent the group from causing further damage to partners and 'stakeholders'".

Valter Barros indicated that the operating results (credit recovery) of this entity have grown at an average rate of 162 percent since 2020, with a target of 26 billion kwanzas for 2022.

The president stressed that the most important thing is not to recover the total amount of exposure, but the amount that was paid for the acquired credit.

Among the challenges identified by the person in charge of Recredit is the weak or null activity of companies financed by BPC.

"One of the most frequent responses (from borrowers) is that the company has not been operating for I don't know how many years. There are clients who tell us to our faces that they don't want to negotiate and they can send it to court", he pointed out.

Furthermore, in the case of real estate assets, there are difficulties in selling and the lack of records makes it difficult to regularize them.

Recredit has seven more years to recover the bad debt of the state bank BPC (Banco de Poupança e Crédito).

In August 2016, the executive created Recredit in order to contribute to the stability of the financial system and development of the national economy, asserting itself as a reference company in the national financial sector, in the recovery of bad debts, with more than 50 per percent concentrated in the 20 largest debtors, which, in general, belong to the construction and commerce sectors.


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