Banco Montepio concludes sale of 51% stake in Finibanco Angola

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Banco Montepio today concluded the sale of 51 percent of the capital and voting rights it held in Finibanco Angola to Access Bank, for the sum of 17.2 million euros, a statement issued to the market today.

In a statement sent to the Securities Market Commission (CMVM), Banco Montepio explained that with the operation it lost control of the subsidiary, maintaining a stake equivalent to 29.22% of the capital of Finibanco Angola (FNBA).

“The Banco Montepio Group has completed the sale of 51% of the share capital and voting rights it held in Finibanco Angola (FNBA) to Access Bank, for 15,790,115 thousand kwanzas, with the counter value of 17.2 million euros,” it reports.

In October, Banco Montepio announced that it had sold its stake in Finibanco Angola (FNBA) to the Nigerian Access Bank, but did not clarify which stake it held.

The bank stressed today that “the deconsolidation of this subsidiary represents another important step in the execution of the commitments assumed in the Adjustment Program implemented in the Institution, namely with regard to the simplification of the Group’s corporate structure and focus on the domestic market.

The deconsolidation results in an estimated overall negative impact of 105 million euros on consolidated results, compared to the figures disclosed on March 31, but with no change in shareholders’ equity.

According to Montepio, the sale of the stake in Finibanco Angola has an estimated positive effect on capital ratios amounting to 16 b.p., in line with the communication released on October 4, 2022.

The financial institution explains that “it now holds a stake equivalent to 29.22% of FNBA’s share capital, whose sale process is currently being finalized, depending on the approval of the supervisory and regulatory entities, and is expected to be concluded during the second half of 2023.

In 2010, Montepio bought Finibanco and also took a majority stake in Finibanco Angola. In 2015, a deal was made to sell about 30.57% of the Angolan bank to “local partners,” and it was later confirmed that it went to Angolan businessman Mario Palhares.

According to a report in June last year in the online newspaper Eco, it was decided then that the buyers would pay later, although they would immediately get the voting rights and the dividend, but the mutual company only received part of the money, which created divergences in the position held by Banco Montepio in Finibanco Angola.

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