negotiations between CaixaBank and Santoro Finance to find a solution to the “event of default by BPI bank’s large exposure limit” ended this Sunday, “successfully”, said the Portuguese bank.
481 days and the deadline imposed by the European Central Bank, CaixaBank and Isabel dos Santos agreed to solve the problem of BPI exposure to Angola. The businesswoman reduces its stake in the bank led by Fernando Ulrich and buys a majority stake in Banco Fomento de Angola. The agreement provides that the BFA pass to be listed on the Lisbon Stock Exchange. A solution that will allow to strengthen the liquidity of the Angolan bank
When it was possible to calculate this final design of the agreement -. With the novelty of the BFA entry in Lisbon square – began to be worked for about 15 days . During this period, they were consulted the supervisor of the markets and the regulator of the financial system Portuguese and the ECB. Negotiations with the Securities and Exchange Commission have yet to proceed.
The outcome of the negotiations was known at the end of Sunday after a long negotiating marathon that sat at the table BPI’s management (which are represented the major shareholders of the bank). The agreement still has to be submitted to the governing bodies of the companies involved, including the BPI, the CaixaBank and Unitel (entity through which the businesswoman Isabel dos Santos controls 49.9% of Banco Fomento de Angola).
the short statement sent to the market by the BIS says that even to mention that the solution “has already been communicated to the European Central Bank and the Bank of Portugal and is poured into a set of contract documents to be submitted to corporate bodies in the coming days. ” These documents will be communicated to the market as soon as they are approved.
The end, “successfully”, the negotiations reached in the time limit imposed by the ECB. But there is still whether or CaixaBank will not be obliged to launch a takeover bid for the remaining capital of BPI and at what price.
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