Tuesday, November 1, 2016

BPI. Sale of 2% of BFA is “the only solution” – the Observer

the administration of The BPI said on Monday that the sale of 2% of the BFA is the "only solution" to meet the requirements of the ECB in the face of Angola, adding that the issue must be resolved quickly or the bank will be penalized.

THE BPI called on Monday for the shareholders to meet on 23 November in Porto, at 16h00, to vote for the sale of 2% of Banco Fomento Angola (BFA) operator of angola’s Unitel for 28 million euros, which you realise means that the Portuguese bank ceases to control the bank of angola, passing that control to the company owned by Isabel dos Santos.

In a statement sent Monday afternoon to the Commission of the Securities Market, in which he explains the agenda of the meeting, the magna, the Board of Directors of BPI led by Artur Santos Silva Fernando Ulrich, reiterated that this sale is the "only solution" that was "possible to achieve" for the bank to reduce the exposure to Angola, and obey, thus, the requirement of the European Central Bank (ECB) to solve the "issue of overtaking the limit of the major risks that the bank faces since the end of 2014".

the administration of The BPI also claims that the resolution of this problem may not extend for more time, "under penalty of the bank and, by extension, its shareholders being confronted with the initiatives of the supervisory authority which would have serious consequences for the situation of the bank and, consequently, to the value of their actions".

So, says the administration of the BPI, the sale of part of the BFA is "absolutely fundamental".

Currently, BPI has a 50.1% of BFA, and Unitel 49,9%, with the sale of Unitel will control the angolan bank with 51,9%, and the BPI with 48,1%.

in order For this sale to happen required the authorization of the National Bank of Angola — by accepting, inter alia, that the Unitel to increase the participation in the BFA and the transfer of foreign exchange to Portugal in the amount of 28 million euros — and the shareholders of BPI, since the Portuguese bank will lose control of the important branch of Angola when there is an ongoing Public Offer for the Acquisition of Caixabank about 100% of the bank.

The loss of control of the BFA by BPI means a new shareholders ‘ agreement between the Portuguese bank, Unitel, which will allow the BPI to appoint two non-executive directors for the BFA (who will be an administrator if the capital of the BIS in the angolan bank download of the 30% but it is equal to or greater than 20%), the distribution of dividends representing at least 40% of the profits and that Unitel has the right of preference if the BIS decides to sell shares of BFA.

THE BPI has as main shareholders of the Spanish group Caixabank, which holds about 45% of the share capital, and the angolan Santoro, 18.6%, and that these two owners were in the spotlight in the last two years, a conflict that revealed the lack of coordination in the strategy for the bank.

Among the shareholders of reference of the BPI are still the insurer Allianz, with 8.4%, the family of Viols, with 2.68 percent, and the Bank’s BIC, with 2,28%, a position that relates to the Santoro since both companies are owned by Isabel dos Santos as a shareholder of reference.

The sale of 2% of the BFA by the BIS to Unitel, known in September, it was understood then as a counterpart to the Santoro (a company also owned by Isabel dos Santos) to accept the end of the limit of votes in the BPI, clearing the way for the control of the definitive Portuguese bank by the Spanish Caixabank, which currently has an ongoing Public Offer of Acquisition (OPA) on 100% of the BPI.

The shares of BPI have closed this Monday in the Lisbon stock exchange remained stable (-0,09%) to 1.13 euros.

The bank presented last week profit of 182.9 million euros between January and September, a further 21.2% of that in the same period of last year, being that for this result contributed mainly to the international activity (including the operation in Angola) with 125,4 million euros.

THE BPI has been involved in the process of the purchase of the New Bank, missing to know now if you will present a final offer by the institution until November 04.


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