BPI has agreed to sell the 33.35% that it owns in Banco do Fomento Angola to Congolian Financial SA (CFSA), the Angolan group Cart, for two fixed tranches of EUR 388.5 million and another variable.
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03/09/2026
by
Lusa
In a statement released by the Securities Market Commission (CMVM), the bank indicated that it agreed “the acquisition by CFSA to BPI of its share in Banco de Fomento de Angola (BFA), corresponding to 5,002,500 shares representing 33,35% of BFA’s capital”.
According to the same note, “the implementation of the operation depends on the verification of a set of suspensive, legal and regulatory conditions, including the non-opposition of the National Bank of Angola”.
In addition, it depends on the confirmation by the Angolan Capital Market Commission of the “insistence of a duty to release public supply of compulsory acquisition by CFSA” and on the “non-exercise by Unitel, S.A. of the right of preference that it holds under the parasocial agreement in due course concluded with BPI”.
Thus, CFSA and BPI “will make the necessary communications”, in this sense, informing the market “when those conditions are obtained, and in that case the date on which the transaction will take place”.
According to the press release, the agreed price corresponds to the sum of “a fixed tranche of EUR 345 million due, once the suspensive conditions have been verified, at the date of the transaction”, the “a deferred fixed tranche of around EUR 43.5 million” and the “a deferred variable tranche of half the BFA dividend of 2026 that is assigned to these shares”.
These deferred tranches will be due in May 2027, detailed the BPI.
According to the bank, on 30 June 2026, BFA’s shares were recorded in the BPI balance sheet “by EUR 379 million, being revalued quarterly according to a fair value estimate”.
Thus, at the date of the transaction, “the difference between the total selling value (including that deferred variable tranche) and the balance sheet value will be recognised directly in equity”.
The financial institution also reported that “on a ‘proform’ basis compared to 30 June 2026, considering only the two fixed tranches (EUR 388.5 million) and not including the variable tranche, the transaction would have a positive impact on the BIP’s accounting capital of around EUR 9 million”.
In September of last year, BPI (owned by the Spanish group Caixabank) sold on stock exchange 14.75% of BFA for 103 million euros, holding a 33.35% stake in the Angolan bank, which has now also sold.
Since 2017, the BPI had a recommendation from the European Central Bank (ECB) to reduce exposure to Angola.
BFA had as main shareholders Unitel (controlled by the Angolan State, with a share of 36.90%) and BPI (with 33.35% of the capital).