"[...] Caixa Económica Montepio Geral informs that its subsidiary Montepio Holding, SGPS, S.A. has agreed to sell the share capital of Finibanco Angola S.A., a financial institution incorporated under Angolan law, to Access Bank Plc, a commercial bank headquartered in Lagos, Nigeria, with a significant presence on the African continent", reads the information sent to the Securities Market Commission.
According to the same note, the sale value will be based on "the proportion attributable to the Banco Montepio group in Finibanco Angola's equity", which, as of 30 June, totaled 70 million euros, as well as the adjustments made under the of an audit, which is expected to be completed in the second quarter of 2023.
Access Bank has a network of more than 700 branches and service points on three continents, with 45 million customers.
This financial institution has 28,000 employees in Nigeria, as well as subsidiaries in Sub-Saharan Africa and the United Kingdom, in addition to a branch in Dubai and representative offices in China, Lebanon and India.
Montepio expects that "accounting derecognition" of its financial participation in Finibanco Angola will occur in the second quarter of 2023 and, to date, it is unable to "accurately" estimate the impact of this transaction on results.
The bank also stressed that, with the conclusion of this operation, it takes another "important step" in the execution of the commitments foreseen in its adjustment program.
