Ver Angola

Banking and Insurance

Banco Económico shareholders approve the choice of Carlos Duarte as CEO

The shareholders of Banco Económico approved on Monday at the General Meeting the name of Carlos Duarte, who currently heads the insured ENSA, for executive chairman of the financial institution, ex-BES Angola.


The news was advanced on Monday by Jornal de Negócios and confirmed this Tuesday by Lusa, with a source linked to the bank.

The new administration structure will still have to be approved and registered by the National Bank of Angola, as the regulator has the power to accept or exclude the proposed names and competence to assess their suitability.

According to Jornal de Negócios, the name of Carlos Duarte was proposed by the investment fund Independent Financial Advisors, led by Francisco Garcia do Santos, who became the largest shareholder of Banco Económico after the National Bank of Angola (BNA) decided to of the deposits of that financial institution's major clients in capital, having chosen to pool their positions around the aforementioned management company.

A reduction in capital to zero for all shareholders was also approved, in the cases of Sonangol, Novo Banco and Geni, of General Leopoldino Fragoso do Nascimento and a consequent capital increase, whose value could not be determined, only subscribed by Independent Financial Advisors, says the Business Journal.

The other names proposed for the executive committee are Jorge Ramos, Katila Santos (two managers who remain) Elisa Baptista, former director of 'private' at the bank, and Amílcar Barros, from the Russian bank VTB Africa.

Banco Económico was created following the bankruptcy of Banco Espírito Santo Angola (BESA) in 2014.

In the resolution of the Portuguese BES, in August 2014 the Novo Banco was created to which deposits, BES employees and assets considered less problematic were transferred (a topic that has since been the subject of much debate in view of the high losses of the Novo Banco Bank and public money resource).

As for BES (then called 'bad BES') the assets considered 'toxic' (in the case of holdings such as BESA, BES Miami, Aman Bank - Libya), as well as the shareholders.

In June, the governor of the central bank, José de Lima Massano, told Lusa, in Portugal that the restructuring should be completed this year and that "there will be no additional effort from public funds so that the bank can continue its operation".

"It was the option we followed and therefore, with what is designed, we do not expect that other relevant losses will happen, the purpose of this operation is to protect depositors and, as far as possible, investors", he added.

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