BPI’s shareholders approve the 2% sale of BFA to Unitel

The Portuguese bank BPI is cleared to sell the 2% equity on the Angolan bank BFA (Banco de Fomento de Angola). The shareholders of the bank headed by Fernando Ulrich have given their confirmation, through a qualified majority, to the sale of their position to Unitel, clearing the way for Isabel dos Santos to take control of the Angolan Bank.

“It has been approved, by 83.23% of the votes cast, the proposal by the Board of Directors of the Bank BPI to sell 26,111 (twenty six thousand, one hundred eleven) shares to Unitel, S.A., representative, as a whole, of 2% equity of Banco de Fomento Angola S.A., under the terms of the purchase and sale contract between both entities”, the BPI told the Portuguese Securities Market Commission (CMVM).

In this new General Assembly session “223 shareholders, either present or represented, hold shares which correspond to 84.15% equity”. Not all votes were favorable: Tiago Violas, administrator of the Holding Violas Ferreira, has shown his discontent over the decision to sell this position, since it means the Portuguese bank BPI will grant its control of the Angolan BFA.

Violas Ferreira Financial, the largest Portuguese shareholder in BPI, along with many small shareholders of the bank, are against the decision, since they consider the deal is only beneficial to the two largest shareholders (CaixaBank and Isabel dos Santos).