Ver Angola

Banking and Insurance

Standard Bank will be financial intermediary for the privatization of the Bank of Commerce and Industry

The State Assets and Participations Management Institute (IGAPE) signed a contract with Standard Bank de Angola for the provision of financial intermediation services within the scope of the privatization of the Bank of Commerce and Industry (BCI), as provided for in the Privatization Program (PROPRIV).

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The institution integrated in the Standard Bank Group was contracted in the context of a limited invitation to tender aimed at the acquisition of Securities Distribution Services, thus complying with the indications of Presidential Decree No. 250/19, which creates the Privatization Program , refers to a statement sent to VerAngola by the financial institution.

Standard Bank will then be responsible for supporting IGAPE in the structuring, evaluation, disclosure, identification of investors and sale of the shares of that bank.

The selection of Standard Bank de Angola as a financial intermediary took into account the fact that it is the leading institution in M&A processes in Africa, with extensive experience in sales processes, with solid relationships with the relevant universe of strategic and financial investors and significant specialization in the financial institutions sector, adds the document.

Luís Teles, president of the Executive Board of Standard Bank de Angola, says that it is a great responsibility that the bank was selected for the privatization of BCI. "We are sure that we will do a job in terms of the requirement that this type of operation deserves and because we have been entrusted with this great responsibility," said the official.

It is recalled that in May this year, the President of the Republic authorized the privatization of Banco de Comércio e Industria (BCI) through the auction procedure directed at specially qualified candidates.

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