Ver Angola

Banking and Insurance

PGR collaborates with Portugal to “find a solution” for Eurobic

The Attorney General's Office is working with the Portuguese authorities to "find the best solution" for the sale of EuroBic, in which businesswoman Isabel dos Santos holds a 42.5 percent stake.


Without confirming the release of Isabel dos Santos' accounts, arrested by the Angolan justice, as reported by Jornal Económico, an official source of the PGR indicated that it is collaborating with the Portuguese authorities "so that the sale of the bank is carried out, in the best possible way".

The sale of Eurobic to the Spanish bank Abanca was conditioned to the authorization of the Angolan judicial authorities in order to allow the corporate regularization of the companies Finisantoro Holding Limited and Santoro Financial Holding, through which the businesswoman holds a 42.5 percent stake in EuroBic.

Jornal Económico advanced that the PGR authorized Isabel dos Santos to make debt payments, through the bank accounts seized in the context of the scandal that became known as 'Luanda Leaks', to the two companies.

According to the newspaper, the Angolan PGR has already communicated the decision to the lawyers of the former President's daughter, José Eduardo dos Santos, being authorized to move a maximum amount of 50 million euros, to pay debts to the tax authorities, social security and to the lawyers themselves.

Jornal Económico also mentions that Abanca offered around 210 million euros for EuroBic, a value that was accepted by Fernando Teles, the second largest shareholder, with 37.5 percent, and other Angolan shareholders such as Luís Cortez dos Santos, Manuel Pinheiro Fernandes and Sebastião Lavrador (each with 5 percent of the capital).

In June, EuroBic reported a profit of 7.5 million euros, in 2021, compared to losses of five million the previous year, when Isabel dos Santos' stake was seized, following the 'Luanda Leaks'.

"The net result obtained in the year 2021 amounted to 7.5 million euros, which compares very positively with the five million euros of negative result in the previous year", announced the bank, in a statement.

The institution, 42.5 percent owned by Isabel dos Santos and 37.5 percent by Fernando Teles, did not at the time make any reference to the sale of the businesswoman's stake, which was awaiting authorization from the Angolan judicial authorities.

The deal was close to being concluded in 2020, with Abanca reaching, in February of that year, a pre-agreement to buy 95 percent of EuroBic's capital, but the Galician bank ended up giving up on the deal, considering that " the agreed conditions [...] were not met", according to Jornal Económico.

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