trending Market Intelligence /marketintelligence/en/news-insights/trending/LQADt8h403rwikszIW-nHA2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Banco BPI gets shareholder approval for sale of 2% stake in Angolan unit

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

Banco BPI gets shareholder approval for sale of 2% stake in Angolan unit

Banco BPI SA shareholders approved the proposed sale of a 2% stake in Banco de Fomento Angola SA to Angolan telecoms firm Unitel, Reuters reported Dec. 13, citing one of the shareholders.

Some 83% of shareholders at the meeting voted in favor of the motion, the source said. Unitel, which already owns 49.9% of BFA, is controlled by Isabel dos Santos, Africa's wealthiest woman and the daughter of Angolan President José Eduardo dos Santos.

The meeting had been postponed to Dec. 13 from Nov. 23 at the request of CaixaBank SA, which is Banco BPI's largest shareholder and is in the process of acquiring the stake in the bank it does not already own. It had requested the postponement to await a response from the ECB to a question over whether the sale would resolve Banco BPI's excessive exposure to Angola, which arose after a change in the ECB's classification of the country in late 2014.

BPI had said earlier that the ECB replied that it "would not have a reason to object to the deconsolidation of BFA," which the bank said would resolve the large exposure issue.