Lisbon, Sept. 4, 2026 (Lusa) - Bank BPI has reached an agreement to sell its 33.35% stake in Banco de Fomento Angola to Congolian Financial SA (CFSA), part of the Angolan Carrinho group, for two fixed instalments of €388.5 million and a variable instalment.
In a statement released by the Portuguese Securities Market Commission (CMVM), the bank indicated that it had agreed to «the acquisition by CFSA from BPI of the latter's shareholding in Banco de Fomento de Angola (BFA), corresponding to 5,002,500 shares representing 33.35% of BFA's share capital».
According to the same statement, «the completion of the transaction is subject to the fulfilment of a series of legal and regulatory conditions precedent, including the absence of any objection from the National Bank of Angola».
Furthermore, the deal depends on confirmation by the Angolan Capital Markets Commission that «CFSA has no obligation to launch a mandatory public takeover bid» and that «Unitel, S.A. will exercise its pre-emptive right under the terms of the shareholders' agreement duly entered into with BPI».
Accordingly, CFSA and BPI «will make the necessary announcements» in this regard, informing the market «when those conditions are met and, in that event, 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 €345 million, payable once the conditions precedent have been met, on the date of the transaction», «a deferred fixed tranche of approximately €43.5 million», and «a deferred variable tranche, corresponding to half of BFA's 2026 dividend attributable to these shares».
These deferred tranches will be due in May 2027, BPI explained.
According to the bank, as at 30 June 2026, BPI recorded the BFA shares on its balance sheet «at €379 million, with their value revalued quarterly in accordance with a fair value estimate».
Thus, on the date of the transaction, «the difference between the total sale price (including the aforementioned deferred variable tranche) and the balance sheet value will be recognised directly in equity».
The financial institution also stated that, «on a ‘pro forma' basis as at 30 June 2026, considering only the two fixed tranches (€388.5 million) in the sale price and excluding the variable tranche, the transaction would have a positive impact on BPI's accounting equity of around €9 million».
In September last year, BPI (owned by the Spanish group Caixabank) sold a 14.75% stake in BFA on the stock exchange for €103 million, leaving it with a 33.35% stake in the Angolan bank, which it has now also sold.
Since 2017, the European Central Bank (ECB) has advised BPI to reduce its exposure to Angola.
BFA's main shareholders were Unitel (controlled by the Angolan state, with a 36.90% stake) and BPI (with 33.35% of the share capital).
ALN/ADB // ADB.
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