The president of Banco BPI said today that the partial stock market sale of Banco de Fomento de Angola (BFA) will take place in July and estimated that BPI will earn more than 95 million euros from the disposal of 14.75% of the Angolan bank.<\/p>\n
“The IPO process [BFA stock market sale] is going very well. We believe the IPO will take place in the summer,” in July, said Jo\u00e3o Pedro Oliveira e Costa at a press conference presenting the first quarter results (profits of 137 million euros) in Lisbon.<\/p>\n
The executive said the preparation for the operation involving BPI and Unitel (the two shareholders of BFA) is going smoothly, with an \u201cunshakable alignment of ideas and principles\u201d between the parties. However, he noted that it\u2019s still too early to speak of potential buyers, as the final sale price has not yet been determined and investor roadshows have not started.<\/p>\n
“At this point, we can\u2019t speak of interested parties, nor do we have a final valuation. We are finalizing the last details in that regard, and the roadshow has not yet begun,” he said.<\/p>\n
Currently, BFA is 51.9% owned by Angola\u2019s state-run telecom operator Unitel (nationalized in 2022, including Isabel dos Santos\u2019 stake) and 48.1% by BPI.<\/p>\n
Since 2017, BPI has been under a European Central Bank (ECB) recommendation requiring it to reduce its exposure to Angola, as the ECB considers Angolan financial supervision not equivalent to that of Europe.<\/p>\n
Jo\u00e3o Pedro Oliveira e Costa said that in July, 29.75% of BFA will be sold on the stock exchange \u2014 15% by Unitel and 14.75% by BPI.<\/p>\n
BPI explained today that BFA is currently recorded at a book value of 650 million euros, meaning the 14.75% stake corresponds to 95 million euros.<\/p>\n
Oliveira e Costa expressed confidence that, considering the current valuation of the banking sector, BPI will be able to sell its 14.75% stake in BFA for more than its book value.<\/p>\n
“We expect the operation to be priced above book value. Our outlook is very positive \u2014 this is one of the best banking institutions on the African continent, with consistent financial results and a strong reputation,” said Oliveira e Costa.<\/p>\n
If the sale goes ahead, BPI will retain a 33% stake in BFA.<\/p>\n
Oliveira e Costa said that this reduction would make the ECB “more comfortable,” but also that BPI could further reduce its stake in the future (via additional sales) if there is investor interest.<\/p>\n
Even now, he added, the supervisor \u201chas not shown signs of concern,\u201d which he attributed both to BFA\u2019s solid performance and to the Angolan government\u2019s efforts to align its supervisory practices more closely with European standards.<\/p>\n
The BPI president also stated that, even with its stake reduced to 33%, BPI will retain decision-making and veto power within BFA.<\/p>\n
He explained that it has been agreed with Unitel and the Angolan state that any changes to bylaws, dividend policies, or governance structures cannot be made without BPI\u2019s consent.<\/p>\n
\u201cI can\u2019t be in such a distant market without having a voice,\u201d said Oliveira e Costa, adding that this safeguard of BPI\u2019s rights and its continued role as a major shareholder in BFA will also provide reassurance to new investors.<\/p>\n
The sale of part of BFA will take place on the Luanda stock exchange.<\/p>\n
\u201cThis will be the largest transaction on Angola\u2019s still-young stock market. It will be a challenge, but we believe BFA is one of the best assets available to investors,\u201d he stated.<\/p>\n
BPI announced today that it earned 137 million euros in profit in the first three months of this year, a 13% year-on-year increase.<\/p>\n
The profit growth is due to the accounting of 2024 dividends from Banco de Fomento Angola (BFA), amounting to 46 million euros, even though net interest income (the main revenue source for a bank \u2014 the difference between interest earned on loans and interest paid on deposits) fell 9% to 223 million euros.<\/p>\n
In operations limited to Portugal, profit fell 13% year-on-year to 98 million euros.<\/p>\n","protected":false},"excerpt":{"rendered":"
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