Angolan businesswoman Isabel dos Santos is planning to sell stakes in Banco de Fomento Angola SA and Banco BIC SA, she told Bloomberg News in an interview.
Dos Santos was recently removed by Angolan President Joao Lourenco from her post as chair of state oil company Sociedade Nacional de Combustíveis de Angola EP. She is the daughter of longtime Angolan President Jose Eduardo dos Santos and widely considered to be Africa's richest woman.
Banco de Fomento Angola is planning an IPO for a stake of up to 25% in the first quarter of 2019, said Dos Santos, who owns a quarter of telecommunications company Unitel SA, which controls 51.9% of BFA. The rest is owned by CaixaBank SA via Banco BPI SA.
Dos Santos also said there is a plan to off-load a portion of Banco BIC through a private placement, with a road show for potential investors slated for the first quarter of 2018. Dos Santos owns 43% of Banco BIC and sits on its board; she said the size of any stake sale is undetermined but that financial advisers have been hired.
Proceeds from the sale would be put toward expansion in Africa and Asia, with an opportunity in South Africa already under discussion.
"These banks have gone from strength to strength and I think it's time now to open their capital and receive new shareholders," Dos Santos said. "We've already made our intention clear to Angola's central bank and their view was positive," she added, noting that a decision has not been made on whether to list BFA in London or Lisbon.
