In a press release released today, Banco Económico (BE) announces that it approved, at the General Meeting, the accounts for 2019, 2020 and 2021 and restructured its shareholder base, becoming owned by the collective investment undertaking Económico - Fundo de Capital de Private Underwriting Risk.
This entity is supervised by the Capital Markets Commission and exclusively includes depositors who voluntarily joined the recapitalization initiative.
As a result, the statement added, BE became entirely private, with its sole shareholder being a regulated entity, "which represents greater alignment with current regulatory requirements".
According to the newspaper Expansão, 40 depositors have joined the agreement that allows them to use 65 percent of their deposits to recapitalize the bank, created following the bankruptcy of Banco Espírito Santo Angola (BESA) in 2014.
In addition to the capital increase, and as provided for in the measures of the Recapitalization and Restructuring Plan approved by the National Bank of Angola (BNA), the replacement of own funds was carried out through the issuance of Perpetual Participation Securities (TPP), with the equivalent of this instrument to core equity.
The issuance of TPP and the increase in share capital in the amounts of, respectively, 121,196 million kwanzas (284 million euros) and 271,500 million kwanzas (636 million euros), have already been fully paid up, according to the bank's press release. .
"Complementary recapitalization measures" are in progress, providing for a total regulatory capital of 110,917 million kwanzas (260 million euros), so that the BE presents solvency ratios in line with regulatory requirements.
The new shareholder also decided to appoint new corporate bodies for the three-year period from 2022 to 2024, which will have Pedro Cruchinho, as Chairman of the Board of Directors, and Carlos Duarte, as Chairman of the Executive Committee.
