BCP’s shareholders approve voting cap increase

  • ECO News
  • 20 December 2016

The bank’s shareholders have approved the removal of status’ voting rights. Nuno Amado, head of BCP, states: “the right conditions for a stronger base of the bank’s shareholders have been created”.

BCP’s shareholders have approved the increase of the voting cap, following Fosun’s increase of 16.7% equity in the bank and their interest in acquiring more. The Angolan Sonangol, headed by Isabel dos Santos, has also requested the European Central Bank (ECB) more voting rights.

The decision should have been known on November 21st, but the lack of answers from ECB has postponed the decision to this Monday. It is now official: BCP has indeed increased the voting cap. It was approved with 99.7% of the votes. Therefore, shareholders now have up to 30% participation and not 20%, as it was before.

BCP’s chairman says the general assembly “went very well, there were 99% votes in favor of the increase [of the voting cap] from 20 to 30%”. Nuno Amado considers this step is “favorable for the bank”.

Concerning how the capital injection will be made from now on, Nuno Amado clarifies that, with the increase of the voting rights, “there are now the right conditions for a stronger base of the bank’s shareholders and for them to follow the evolution of the bank”. “Therefore, we will assess the consequences of this voting”, he said. The right measures will be implemented “quickly and well, having in mind the shareholders, clients and bank’s interests”.

The removal of statuses’ voting rights takes place after Fosun has acquired 16.7% of BCP’s equity. The Chinese group is now, Milleniun BCP’s largest shareholder and has already shown interest in increasing that equity to 30%. Now, it is possible: “We have agreements made with Fosun that give us that expectation; however, like in anything in life, we must work hard to achieve that”, Nuno Amado explains.

Sonangol was left with 14.87% equity and, together with Inter-Oceâncio (1.7%), the Angolan have a joint position of 16.5%, almost identical to Fosun. But the company headed by Isabel dos Santos has also shown interest in increasing that position. For that aim, Sonangol has requested ECB’s authorization, and is now awaiting Mario Draghi’s answer.