Ver Angola

Banking and Insurance

BAI admits to selling more shares “when appropriate”

The executive chairman of Banco Angolano de Investimento (BAI), Luís Lélis, admitted on Friday to place shares on the market again, over the next 12 months, “when the time is right”.

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"We have a resolution of the general meeting that authorizes us, in the next twelve months, to place shares on the market. We will continue to monitor and when it is opportune the board of directors to decide and we will communicate to the market", he indicated.

Luis Lélis was speaking on the sidelines of the presentation of the bank's results for the first half of 2022, at a press conference in which he discussed for the first time the Public Offer for Sale (OPV) of shares held in June and which made BAI the first company listed on the Angolan stock exchange (BODIVA).

The official stressed that this has also been a "learning" process for the bank's shareholders and investors, indicating that there is still no definitive decision on this matter.

"When the time is right, we will inform the market", he reinforced, admitting that the decision will take place in the next twelve months: "we are still studying".

BAI recorded a 40 percent rise in profits in the first half of the year and expects to reach up to 90 billion kwanzas in net income by the end of the year, in line with the bank's forecasts.

In the first six months of 2022, the bank also recorded a 9 percent reduction in net credit to customers to 323 billion kwanzas.

According to BAI, this decrease is related to the 25 percent reduction in the loan portfolio in national currency, mainly due to the write-off of credit related to the real estate development sector after the recovery actions through its reimbursement and reduction of the foreign currency loan portfolio by 27 percent.

Regarding the revocation of banking licenses (the most recent, that of Banco Prestígio, linked to Tchizé dos Santos), Luís Lélis declined to comment on specific cases, but stressed that as an operator of the Angolan banking system, BAI sees itself in the set of regulations that have emerged in recent years and considers that these will help in the perception of Angolan banking as solid credible with international partners.

"We are working to ensure full and complete compliance of our operations," he stressed.

It was also the increasing demands of the regulator that led BAI to divest from BAI-Microfinanças, which was to be sold to Angolan businessman António Mosquito, giving up on maintaining two banking licenses.

"We were negotiating for the sale, but due to a strategic decision and due to the demanding set of regulations, it became complex to manage two licenses", said the same official, explaining that the shareholders decided to consolidate and liquidate the operation, but the social object of microcredit.

In the meantime, the BMF client portfolio is being transferred to BAI Directo and by the end of the year, the process of negotiating terminations with the approximately 200 BMF employees will be concluded "with minimal noise and waves", he hopes the person in charge of BAI.

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