Ver Angola

Banking and Insurance

BCI with 30 days to present a recapitalization and restructuring plan

The Bank of Commerce and Industry (BCI) has 30 days to present a recapitalization and restructuring plan, as defined by the National Bank of Angola (BNA).

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In a statement, to which VerAngola had access, the central bank explains that the application of this measure is intended as a corrective intervention, since BCI has "insufficient regulatory capital and a capital ratio below the regulatory minimum".

Thus, the BNA decided to "applicate Corrective Intervention Measures to Banco de Comércio e Indústria, S.A. due to insufficient regulatory equity and equity ratio below the regulatory minimum, which results in the obligation to submit to the National Bank of Angola, within 30 days, a recapitalization and restructuring plan", reads the note.

Lifting of the suspension imposed on Finibanco from participating in the foreign exchange market

In addition to defining a deadline for submitting a restructuring plan to BCI, the regulator also decided to lift the suspension imposed on Finibanco from participating in the foreign exchange market.

In the same statement, the BNA informs of "the lifting of the suspension of participation in the foreign exchange market imposed on Finibanco Angola, S.A., since the guidelines of the National Bank of Angola, regarding policies and procedures for verification and control, were generally complied with of foreign exchange transactions".

In addition, the BNA also revoked the license of Banco Prestígio: "Revocation of the License of Banco Prestígio, S.A., based on the repeated violation of prudential requirements, namely, maintenance of regulatory equity and equity ratios below the legal minimum, ineffectiveness in the implementation of the corrective intervention measures determined by the National Bank of Angola, the shareholder unavailability and the inexistence of credible solutions for the recapitalization of the bank".

In the statement, the BNA states that with this decision "the interests of depositors are safeguarded within the scope of the deposit guarantee system".

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