BCP: Sonangol aims for 20% equity

  • ECO News
  • 9 November 2016

Sonangol has 18% equity on BCP, but has requested an increase to 20% to the ECB – maintaining, therefore, the balance of power with Fosun, which should be a new shareholder of the Portuguese bank.

Sonangol, headed by Angolan Isabel dos Santos, wants more than 20% equity of the Portuguese bank Millenium BCP; for that aim, Sonangol has already formally requested the authorization of the European Central Bank, ECO brings forward.

Sonangol, the company that manages oil and gas reserves in Angola, is the largest shareholder of the bank headed by Nuno Amado, holding around 18% equity, but Fosun’s entry in the capital has changed this balance of power. If the demands the Chinese Fosun have imposed are applied, they will be the largest shareholders and can, later on, reach 30% equity.

In fact, a general assembly meeting between BCP’s shareholders is being held this afternoon in order to approve the increase in banks status’ voting rights, from the current 20% to 30%, one of the demands Fosun imposed to become a reference shareholder.

Officially, no one is commenting Sonangol’s request, but in fact, the matter of voting rights for the status of banks has been postponed to November 21 and, according to sources following the process, one of the justifications is that the approval of the ECB is a requirement.