Ver Angola

Banking and Insurance

BCP closes more than 50 branches and starts dismissal process

A total of 53 branches and service stations of the Bank of Savings and Credit (BPC), spread over several provinces, closed this Monday, the 13th, within the framework of the financial institution's resizing program.

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The agencies were located in the provinces of Luanda, Cunene, Cuanza Sul, Benguela, Huíla, Namibe, Cuando Cubango, Malanje, Uíge, Cabinda, Lunda Sul, Moxico and Bengo, advances to Angop.

The closure of bank branches was confirmed by the Marketing and Image department at BPC, which did not elaborate further on this procedure.

Thus begins the start of a process of redundancies in the largest Angolan public bank, which has seen its assets deteriorate in the last seven years, with accumulated losses, up to December 2019, of 404.7 billion kwanzas.

According to a list published at the end of June, the province of Luanda will witness the closure of 22 bank branches in the first phase.

The bank says that customers of closed branches and stations will be able to transfer their processes to other operating branches.

It is recalled that, in the context of the closure of these branches, BCP foresees the dismissal of more than 1600 employees, taking into account a recapitalization and restructuring of the bank.

Employees will receive compensation in the order of $ 18 billion, plus a premium.

The Savings and Credit Bank, whose largest shareholder is the State (75 percent) had the largest number of service points in the country, with more than 300.

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