Sonangol admits to leave BCP or analyze the bank’s merger

  • ECO News
  • 2 December 2020

"If there is a good opportunity for divestment, we will evaluate it," said Sebastião Gaspar Martins, CEO of Angola's state-owned oil company, admitting that he may also analyze a merger.

Sonangol is available to sell its stake in BCP or even analyze a merger with other banks, said Sebastião Gaspar Martins, CEO of Angola’s state-owned oil company, in an interview with Reuters. The participation is almost 20%, being valued at around 350 million euros (considering the value of the bank on the stock market).

In the case of Millennium bcp, “If there is a good opportunity for divestment, we will evaluate it and make the recommendations that seem the most appropriate,” said Sebastião Gaspar Martins, to the financial agency.

“Sonangol is monitoring the possible bank consolidation movements in Portugal and, should any opportunity arise, the matter will be evaluated,” he added.

To date, Sonangol’s management, with 19.49% of BCP, has always reiterated its interest in maintaining its stake in the Portuguese bank, considering it a “strategic investment”, despite the policy of selling non-core assets. The Chinese at Fosun are the largest shareholder in the financial institution, with 29.01%.

BCP shares are appreciating 0.34% to 0.119 euros, with a market capitalization of 1.8 billion euros. The Sonangol’s stake is valued at around 350 million euros.