Angola’s Unitel ups stake to majority in Banco BPI unit

January 9, 2017

Angola’s Unitel has increased its stake in Portuguese bank Banco BPI’s Angolan operation Banco Fomento Angola (BFA) to a majority holding, the telecoms firm said.

Unitel, the largest telecoms firm in the southern African nation, bought a further 2 percent of BFA, lifting its holding to 51.9 percent, the firm said in a statement late on Thursday.

The European Central Bank required Banco BPI to reduce risk by lessoning its exposure to BFA, Unitel said.

Banco BPI retains a 48.1 percent stake, the Portuguese bank said in a separate statement.

Unitel last year rejected Banco BPI’s plans to spin off its African assets and instead offered to buy more of its Angolan unit. Source: Reuters