Ver Angola

Banking and Insurance

Banco Prestígio and BAI Microfinanças no longer participate in Bodiva

The banks Prestígio and BAI Microfinanças (BMF), whose license has been revoked and are in the process of liquidation, stopped this Tuesday from participating in the Angola Debt and Securities Exchange (Bodiva), this entity announced.


According to a statement from Bodiva, the cessation of membership in the Prestígio and BMF banks stems from the regulations governing the functioning of capital markets in Angola.

"This decision arises due to the revocation of the license of the aforementioned banks by the National Bank of Angola (BNA) and the cancellation of their registration with the Capital Markets Commission (CMC), which prevents the entities (...) from participating in the regulated markets managed by Bodiva", informs the note.

The liquidation commission of the Prestigio bank, linked to two sons of the former president (Welwitschia "Tchizé" dos Santos and José Paulino dos Santos "Coreon Dú") informed, through an advertisement published in Jornal de Angola, that its customers can start transfer your balances to other financial institutions.

The deposit transfer process will continue until October 28, the announcement said.

Banco Prestígio had its license revoked last month by the BNA, due to "repeated violation of prudential requirements, namely maintenance of regulatory equity and equity ratios below the legal minimum, ineffectiveness in implementing the corrective intervention measures determined by the BNA , shareholder unavailability and the inexistence of credible solutions for the bank's recapitalization".

The bank's board of directors, however, said the revocation of the license took place without the BNA having given a "definitive response" to a request for authorization to sell 80 percent of the bank's shares.

The sale of 80 percent of the shares was intended to overcome the constraints allegedly caused by the non-release of funds deposited on demand at Banco Económico, a banking institution under Angolan law.

The non-release of those amounts represents "a clear transgression of current legislation", considered the chairman of the bank's Board of Directors, Tito Zuzarte de Mendonça.

As for the BMF, which was to be sold to businessman António Mosquito, Banco Angolano de Investimentos (BAI) withdrew from maintaining the license invoking the growing requirement of banking regulations.

The decision was taken by the shareholders at the beginning of September, when the license expired, having requested the voluntary dissolution and liquidation of the financial institution.

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