In a statement sent to the Securities Market Commission (CMVM), Banco Montepio explains that with the operation it lost control of the subsidiary, maintaining a stake equivalent to 29.22 percent of the share capital of Finibanco Angola (FNBA).
"The Banco Montepio Group concluded the sale of 51 percent of the share capital and voting rights it held in Finibanco Angola (FNBA) to Access Bank, for the amount of 15,790,115 thousand kwanzas, with the equivalent of 17.2 million of euros", he informs.
In October, Banco Montepio announced that it sold the stake it held in Finibanco Angola (FNBA) to the Nigerian Access Bank, but did not clarify which stake it held.
The bank highlighted this Wednesday that "the deconsolidation of this subsidiary represents another important step in the execution of the commitments assumed in the Adjustment Program implemented in the Institution, namely with regard to the simplification of the Group's corporate structure and focus on the domestic market".
The deconsolidation translates into an estimated negative global impact of 105 million euros on the consolidated results, compared to the figures disclosed on 31 March, but without changes to equity.
According to Montepio, the sale of the stake in Finibanco Angola has an estimated positive effect on capital ratios of 16 bp, in line with the communication released on 4 October 2022.
The financial institution explains that "it now maintains a stake equivalent to 29.22 percent of the share capital of FNBA, whose sale process is in the finalization phase, pending the approval of the supervisory and regulatory entities, and it is expected that it will be concluded in the course of of the second half of 2023".
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.
