Sunday, April 10, 2016

Isabel dos Santos wants BFA quoted in Lisbon – iOnline

Isabel dos Santos wants to put the Banco de Fomento Angola (BFA) on the Lisbon stock exchange and this is one of the issues that are on the table of negotiations taking place between the Angolan businesswoman and CaixaBank, to solve the problem the BPI exposure to Angola. The information was provided by Marques Mendes, on Sunday in its space comment on SIC, but until this time has not yet been made official.


 
 

According to the commentator, this matter is still being negotiated by the Portuguese Securities Market Commission (CMVM) and this afternoon, BPI’s board was meeting to try to reach an agreement between Isabel dos Santos and CaixaBank. The agreement was not closed, but Marques Mendes ensures that is the final details. “It’s settled. It is very good news for Portugal.”


 
 

Also António Costa said, this end-of-week, I was confident in solving the problem. “There is no reason at this time not to trust that the parties will reach an agreement in time [until Sunday],” he said in an interview with TFS and DN.

 It is recalled that Angola is on the list of countries that the ECB considers that they have equivalent supervision to European practices, which is why imposed a year ago, the period of April 10 to BPI reduced its exposure to the Angolan market. Otherwise, it threatened to levy daily fines to BPI, which could reach 160,000 euros per day.

The institution led by Fernando Ulrich holds 50.1% of BFA, with Luanda to contribute 60% to the profits, and has 4.9 billion euros in loans to the Angolan State and the National Bank of Angola, which exceeds the limits set by the ECB.

 

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