Value achieved at zero time of the merger, formalized today, is equivalent to that Nuno Amado want to pay since the 750 million that the bank still owes the State
at the time zero, the merger of Millennium Angola with Angolan Banco Privado Atlântico, which today is formalized in Luanda, generates EUR 250 million for the BCP. The value corresponds to the president of BCP, Nuno Amado said yesterday in presenting the results of the bank, want already anticipating the 750 million CoCos (contingent capital) that still owes the state.
President the Portuguese bank said yesterday that the request to proceed with the payment of a third of what still owes the 3 billion contingent capital will move in the weeks and “run its normal course.” The case, would be left only pay 500 million state loan to capitalize the bank, contracted for four years and only matures in 2017. Giving strength to the possible entry of the institution led by Nuno Amado in the race for New Bank – which is dependent on approval of the European Competition (DGComp) while there is debt to the state.
the creation of the Banco Millennium Atlantic results in the largest financial institutions in Angola, placing second in credit to the economy, with a market share of 10% in turnover, 11% in loans and 9% in deposits.
a year to join “additional seats”
“The greatest value . of this merger is to be made between two banks whose businesses complement There is a logic of cuts but growth, “said today Carlos Silva, president of Atlantic Bank and BCP vice president, justifying the decision taken in 2014 – the strategic partnership between the two institutions in this market pulls back to 2010 – and the negotiations undertaken in May last year with the desire to build greater value and strength in Angola
” If we were to only manage what we had, we were fine. The business ran well. “But did not serve value creation increased ambition in the country, made possible by the merger of the value of the Atlantic and Millennium Angola (where the BCP held 50.1%, operation that generated 29 million euros for the results of the Portuguese bank until March).
the Atlantic Millennium born thus with capital ratios further strengthened than the banks that give rise to it, with an own level of funding of the relevant Angolan financial system (of around EUR 700 million), allowing better fulfill its purpose of “finance households and businesses, especially infrastructure projects which help to foster the sustainability of the Angolan economy,” stated Carlos Silva in the presentation of the merger.
Heavily invested in the financing companies and leader in the Program Angola Invests with a share of 30%, Millennium Angola was the second largest private bank in volume of credit to households and businesses. Features that complement the vocation . investment banking institution led by Carlos Silva
the new institution is born with more than 3.4 billion euros in assets, two thousand employees, 150 branches – the focus on digital is reinforced in a country where more than half the population is young and the number of mobile phones is growing exponentially. – and more than 500,000 customers
BCP reduces exposure to Angola and gain profitability
with the merger now formalized, Millennium Atlantic born with a considerably greater value for shareholders and customers than the sum of the banks that give rise to it. And with an added advantage to the BCP: solves the problem of over-exposure to the Angolan market, since their participation in the new institution falls from 50.1% to 22.5% – almost certain rise in profitability, given the size and synergies created by the merger. The remaining capital of the Atlantic Millennium is in the hands Global Pactum, largest shareholder of the Atlantic.
Also the Atlantic this union brings other advantages. Including the fact that joining an institution that enjoys acceptance and credibility in the eyes of the European Central Bank. In addition to this guarantee is in terms of future partnerships for Carlos Silva this is a factor of utmost importance in strengthening compliance rules and compliance with European and US oversight institutions.
BCP yesterday revealed the accounts for the first quarter of this year, with the results to fall 33.7% compared to the same three months of last. But discounted impairment charges and debt sales, profits of 46.7 million euros to represent an increase of 3.6% to EUR 213 million – with the weight of the Angolan operation to almost double (EUR 29 million).
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