Ver Angola

Banking and Insurance

Mutualista Montepio expects the sale of Finibanco Angola to be closed by the end of the month

The president of Associação Mutualista Montepio Geral said this Thursday that the holding company owned by Banco Montepio will be dissolved, as part of the simplification of the group, and that he expects the sale of Finibanco Angola to be closed later this month.


The sale of Finibanco Angola "is a matter that is being monitored by the group, supervisors, and everything is going well", said Virgílio Lima at the press conference to present Mutualista's 2022 results (consolidated profits of 90.8 million euros), adding that he expects the sale to close "by the end of this month".

In October, Banco Montepio announced that it had sold its stake in Finibanco Angola to the Nigerian Access Bank. However, there are doubts about the participation of Montepio in Finibanco Angola.

In 2010, Montepio bought Finibanco and also took a majority stake in Finibanco Angola. In 2015, an agreement was reached to sell around 30.57 percent of the Angolan bank to "local partners", later confirmed that it went to Angolan businessman Mário Palhares.

According to a piece of news from June last year in the online newspaper Eco, it was then decided that the buyers would pay later, although they would immediately keep the voting rights and the dividend, but the mutualist only received part of the money, which created divergences in the position held by Banco Montepio in Finibanco Angola.

In the 2022 accounts, Finibanco Angola says that Montepio owns 51 percent of its shares. Already in the report and accounts of the Mutualist Association, released this Thursday, it says that Montepio owns 80.22 percent of Finibanco Angola.

Asked about this topic, Virgílio Lima did not respond referring to the ongoing sale process.

Also in June, the online newspaper Eco reported that the sale of Finibanco Angola could represent losses of between 80 million and 100 million euros.

Associação Mutualista Montepio Geral released this Thursday consolidated profits of 90.8 million euros in 2022, 26.9 percent more than in 2021.

The mutualist is the top of the Montepio Group, which owns several companies, with emphasis on Banco Montepio and Lusitânia insurance companies.

Regarding a possible opening of the capital of both insurance companies and Banco Montepio, Virgílio Lima once again reiterated the idea of the past that when the balance sheets of these companies are 'clean', it may then make sense for international partners to enter their capital, namely for Banco Montepio, but the Associação Mutualista Montepio Geral maintained the domain.

"We admit development partnerships in international terms, maintaining ourselves as the titular entity as required by law", he said, but without advancing any date for this to happen.

As for the simplification of the Montepio group, which was one of the objectives of the team led by Virgílio Lima, who at the end of 2021 won the leadership elections of the mutualist, the manager said that, in 2022, the holding company Montepio Seguros was dissolved , with Lusitânia, Lusitânia Vida e Futuro reporting directly to the parent company, Associação Mutualista.

Virgílio Lima said that the simplification of the group will continue with the dissolution of Montepio Cabo Verde and with the sale of Finibanco Angola (which he expects to be completed later this month), so that the banking holding company owned by Banco Montepio no longer makes sense.

"It will be a natural movement due to the simplification that the bank is carrying out", he said.


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