The two major shareholders of BPI, the Spanish CaixaBank and the Angolan Santoro Finance, remain without a deal to solve the problem of excess exposure of Portuguese bank to Angola, and the institution already discussing alternatives with Frankfurt.
“Banco BPI informs that was without effect the understanding that was announced to the market on the 10th of April and the solution in the same frame was scheduled,” reads a statement today made available by the entity led by Fernando Ulrich the Securities Market Commission (CMVM), which advances the Portuguese bank already “is in contact with the European Central Bank (ECB) to be found an alternative.”
the agreement between the parties seemed closed when, last Sunday (April 10), BPI revealed that negotiations between CaixaBank and Santoro Finance had finished with “success,” allowing you to find a solution to the “event of default by Banco BPI’s large exposure limit “.
the agreement between the parties seemed closed when, last Sunday (April 10), BPI revealed that negotiations between CaixaBank and Santoro Finance had finished with “success”
in response, the next day, the first -minister, António Costa, believes that the shareholder agreement reached in BPI is a “sign of confidence” in the future of the Portuguese economy by international investors and contributes to stabilize the Portuguese financial system.
Since President the Republic, Marcelo Rebelo de Sousa, said the agreement was the work of private intervention of regulatory bodies and organs of political power.
But the same day (April 11) the CMVM considers missing details of the agreement between the parties, by suspending the shares of BPI trading on the stock exchange soon on Monday morning, before the opening of the market.
When it expected the BPI make available more information on the understanding reached between Spanish (CaixaBank) and Angola (Santoro Finance), came a statement today saying that, after all, there was no agreement.
This, after a week with the trading of securities on the stock exchange suspended.
“Already after the April 10, Santoro Finance disrespected what was agreed [with the Spanish CaixaBank] and came to request changes to the contract documents,” highlights the BPI, in response to the statement Eve (April 16) of Santoro Finance, controlled by Angolan businesswoman Isabel dos Santos.
the daughter of José Eduardo dos Santos, President of Angola, says there are still “outstanding elements” in negotiations arising with CaixaBank, the Spanish group is the largest shareholder of the Portuguese bank.
“I hope that the ongoing negotiations will be successfully concluded in the best interest of all parties,” said Isabel dos Santos, said in a statement sent on Saturday night to the CMVM.
Today, after BPI announcing the agreement that had been reached by the shareholders was without effect, the prime minister told reporters trust even without agreement, BPI’s management and its major shareholders to comply with the provisions of European supervisory authorities smoothly to the bank or disruption of the financial system.
Although the Banco de Fomento Angola have represented last year more than 50% of BPI’s profit, or 135.7 million euros to a total of 236.4 million, the ECB announced in 2014 to change the method of accounting of European banks with business in Angola, . penalizing capital
the BPI has then have to reduce their exposure to the country, but it has come to the fore differences between Caixabank, the main shareholder of BPI – with 44.10% of capital, despite being able to exercise 20% of the vote -. and Santoro, the Angolan businesswoman Isabel dos Santos, which holds 18.58% of the capital
the agreement between the parties is necessary because of the shielding BPI’s statutes and since the ECB considers Angola one of the countries that have no regulation and supervision similar to those in the European Union (EU), by which BPI has to adjust its exposure to this market, which controls most of the capital Banco de Fomento Angola (BFA).
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