Goal is to “allow the CaixaBank find a solution to the actual situation in the case of assuming Banco BPI control,” reads the statement
the CaixaBank, today announced the launch of a takeover bid for BPI, asked the ECB suspension of possible sanctions against the Portuguese bank to allow a solution to excess exposure to Angola.
the CaixaBank (largest shareholder of BPI, with 44.1% of capital) refers in a statement that in view of the fact that no one has been closed “satisfactory agreement” with Santoro Finance to solve the problems concentration risk in Angola by the BPI, asked the European Central Bank (ECB) “to suspend any administrative proceeding against Banco BPI related to their situation of excess risk concentration in Angola”.
the objective is to “allow the CaixaBank find a solution to the actual situation in the case of assuming Banco BPI control,” reads the statement.
the ECB considers Angola one of the countries that have no regulation and supervision similar to those in the European Union (EU), so that BPI had until April 10 to adjust its exposure to this market, which controls most of Banco de Fomento Angola (BFA), which requires understanding among its main shareholders.
the ECB announced in 2014 to change the method of accounting of European banks with business in Angola, penalizing the capital. BFA represented last year over 50% of BPI’s profit, ie 135.7 million euros of a total of 236,400,000
With the decision of the ECB, BPI has then the need to reduce their exposure to the country, but it has come to the fore differences between CaixaBank and Santoro, the Angolan businesswoman Isabel dos Santos, which holds 18.58% of the capital.
April 10, BPI informed the market have been informed that its two largest shareholders, CaixaBank and Santoro Finance (18.58%) had ended “successfully” negotiations involving them to find a solution to the situation the failure of the large exposures limit.
However, on Sunday (just a week after) the administration of Banco BPI stressed that Santoro Finance, controlled by Angolan businesswoman Isabel dos Santos, breached the agreement had established with CaixaBank, so it was of no effect.
at the time, BPI also said it is in contact with the ECB “to be found an alternative.”
Today, CaixaBank announced it will launch a tender offer of shares (VTO), offering 1,113 euros for each share of Banco BPI does not control (55.9%).
This operation is conditional on the elimination of the 20% limitation in BPI voting rights, to achieve more than 50% of the bank’s capital and obtaining the relevant regulatory approvals, underlines the CaixaBank.
the Catalan bank had released a takeover bid with terms similar to this in February last year.
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