Wednesday, September 21, 2016

The ECB puts the BPI on the trail of Spanish – Vision

"I Feel a great disgust for all the Portuguese involved in this matter have not pulled to the side that we pulled." The lament of Edgar Ferreira, administrator of the Holding company Violas Ferreira (FHV), the VISION reflects the pain of a man defeated. After you have resisted, and blocked the approval of the desblindagem of the statute of the bank, ended up throwing in the towel to the floor: the third general meeting, fell to the limit of the voting rights that prevailed in the shares of the bank, led by Artur Santos Silva Fernando Ulrich, handing over the control of majority to the Spanish CaixaBank, which now has to really proceed with the Public Offer of Acquisition (OPA) in the course.

"The pressures of the controllers in europe was that we had to go for this solution or the bank would be highly penalized. Therefore, or the statutes were desblindados or the ECB acted immediately regarding the exposure of BIS to the great risks of Angola. And we don’t want to harm the bank, but to fight against someone who wanted to do", reinforces Edgar Ferreira. Hence, I had given up on the precautionary measures that were preventing the voting of the proposal of desblindagem, now approved in the general assembly.

"life changes…"

"life changes…", answered Artur Santos Silva, visibly beaten, when asked about the reason to give up now, the management of BFA, solution to decrease exposure to large risks of Angola, which has always resisted and even contested. The proposal was sent to angola’s Unitel (which is also owned by Isabel dos Santos as a shareholder), and proposes the sale of two per cent of BFA at the cost of €28 million. The proposal that you have in your base already has a prior agreement for acceptance. And that will transfer the shareholder control of the angolan bank of Portugal to the country of José Eduardo dos Santos.

"THE BPI had no alternative that was not desconsolidar on the angolan bank. So, I had to reduce participation and alter the agreement shareholders, because the ECB understands that there can be no co-management in the BFA", explained the president of the Board of Directors. The BIS was thus cornered by the ECB and had to deliver the power to Angola in the BFA, and deliver power in Spain, in Portugal.

Ironically, of the many proposals, official and unofficial, that were on the table to resolve the problem in Angola, no resembled so disadvantageous to the Portuguese bank, in particular the one in which Isabel dos Santos offered 140 million for 10% of the BFA. Now, resolved the thing with 2% and €28 million, and the 48,1% that they will continue in the BPI will be a mere financial contribution that you receive, or not dividends. Judging by the terms of the agreement, the BFA has not sent to Portugal, €66 million of dividends related to 2014 and 2015, the same being controlled by the BIS. You must now do so until December 9, so as to deposit 30 million us dollars.

"Unfortunately, the Portuguese capital and cannot afford to at this time a banking institution. A long time ago that this dream, including myself, became virtually impossible", he observed, the purpose of loss of decision-making centres of Portuguese in the financial institutions.

Fernando Ulrich would add, quite dismayed: "This whole process has been very complex… For my part, this is a great day for having come this far… Let’s leave the past. What matters now is to look forward, to the future."

OOPS you must next

The future is to CaixaBank. Able to exercise voting rights equivalent to 45% of the share capital of BPI has necessarily to proceed with a TAKEOVER bid (when it overtook the 33% was exempted from the operation because he could not vote with more than 20%). And has moved on with a press release where it says the provisions of the "take control of BPI", facing "with guarantees the future challenges of the sector the Portuguese financial and regulatory requirements".

The small shareholders now have to decide if they want to sell their shares, probably at a loss, although the CMVM may require the bank Catalan to raise the price – or to stay in an institution that will have a large decrease in liquidity on the stock exchange. For the success of the IPO, it is enough for the bank to achieve more than 7% of the capital.

"This is all a shame," he commented to the VISION of a group of small shareholders who were talking to each other on the street at the end of the assembly. "Walked all arrangements to make," and "there’s a lot of hidden thing". Some of the stories of the course of the assembly refer to awkward situations, such as an impromptu meeting of the directors of BPI in the foot, and whispered, with shareholders waiting and without realizing what was happening. Others expect that the SECURITIES market commission study well the agreements made in and to the loan of €400 million that the CaixaBank made to the angolan State, and Santos Silva, when asked, said to be only "a line of credit made to the companies support export".

Edgar Ferreira denied that there was any agreement to give up his position and admitted to the VISION that "very likely" going to sell its position in the TAKEOVER bid. "We are, on the one hand, to cope with a large Spanish bank, and on the other with a thing that we do not know exactly what it is," he says.

it Remains unknown with respect to the position of Isabel dos Santos, which controls about 20%. Now that you have the control of the BFA will want to continue to be the second largest shareholder of BPI in the hands of the CaixaBank? It is not yet clear. Your position has been to restrain, as it returned to do in this last general assembly.


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