"We have clearly projected that the IPO [BFA's public offering] will take place at the end of September, and we have practically all the work completed and carried out to make it happen within this timeframe," said João Pedro Oliveira e Costa during the presentation of the bank's first-half results.
The banker noted that preparations for this transaction were made "very carefully," as it represents the listing of Angola's largest bank and that the "Angolan stock market has not yet seen significant development."
Despite expressing his satisfaction with the process, the bank's president expressed some concern about recent events in Angola, which has been the scene of violence.
As part of the three-day strike declared by taxi drivers in protest against rising fuel prices, there were episodes of violence, riots, and looting of warehouses and commercial establishments, in addition to the destruction of public and private property, causing at least 22 deaths and 197 injuries.
Despite these turmoils, which he hopes will be temporary and "may not be positive for international investors or those seeking to invest," João Pedro Oliveira e Costa is convinced that the situation will ease in the near future and that the IPO could happen "at the end of September."
Currently, BFA is 51.9 percent owned by the Angolan state-owned telecommunications operator Unitel (nationalized in 2022, including Isabel dos Santos's stake) and 48.1 percent by BPI.
Since 2017, BPI has been under a recommendation from the European Central Bank (ECB) requiring it to reduce its exposure to Angola, as it considers that Angolan supervision is not equivalent to European supervision.
João Pedro Oliveira e Costa said in July of last year that 29.75 percent of BFA will be sold on the stock exchange, with 15 percent to Unitel and 14.75 percent to BPI, figures he confirmed this Thursday.
"I don't have any concrete data to change this position between now and the IPO. The matters are practically closed; it wouldn't make much sense at this point, especially since it would completely delay the process," he added.
The sale of part of BFA will be made on the Luanda stock exchange.
BPI announced this Thursday that it had profits of 274.5 million euros in the first six months of this year, a year-on-year drop of 16 percent.
In this period, BFA's activity contributed 43 million euros.
