Ver Angola

Banking and Insurance

BPI has analyzed “various solutions” for the sale of BFA

The executive chairman of BPI, João Pedro Oliveira e Costa, said this Friday he was calm about the sale of Banco Fomento de Angola, indicating that the financial institution maintains contacts with the Angolan authorities and has analyzed various solutions.


"We maintain strong contact with the Angolan authorities and with the National Bank of Angola. We have been analyzing various solutions, but at the moment we have nothing new to present, at least for now", said João Pedro Oliveira e Costa, at the press conference to present BPI's results until September, in Lisbon.

BPI has owned 48.1 percent of Banco Fomento Angola (BFA) since the beginning of 2017, when it sold 2 percent of the Angolan to the operator Unitel by imposition of the European Central Bank (ECB).

João Pedro Oliveira e Costa stressed that BPI is "quiet" on this issue.

"We have informed the European Central Bank (ECB) of all the movements that we have been making, of all the situations. The ECB and the Bank of Portugal are fully informed about all the situations that have arisen", he said.

He stressed that "BFA is a very relevant bank in the Angolan financial system", for which, he argued, it is necessary "to have a sense of responsibility".

"The links between Portugal and Angola are very important and we cannot have an extemporaneous situation here," he said.

In May, when presenting the results for the first quarter, the CEO of BPI admitted that BFA's listing on the stock market could be "one of the solutions" for reducing its position.

"If it is convenient and if we understand, together with our partner [Unitel], that the opening of capital on the stock exchange in Angola is a possibility - and we clearly welcome this possibility - this could also be one of the solutions for the situation we have," he said.

In July, during the presentation of results for the second quarter, he indicated that he had not yet found a buyer for the stake in BFA, but assured that he would follow European directives and reduce exposure to Angola.

"We didn't find a buyer (...), it's a financial position that doesn't consolidate, we don't have any expansion plan in Africa" ​​and "on the day we finish leaving Angola, we leave", he said.


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