Banco BPI agreed to sell its 33.35% stake in Banco de Fomento de Angola (BFA) to Congolian Financial (CFSA) for a fixed amount of 388.5 million euros. This operation marks BPI's definitive exit from the Angolan market, after the Portuguese bank progressively reduced its position in BFA, including a previous sale of 14.75% of capital that generated 103 million euros a year ago.
The agreement provides for the disposal of 5,002,500 shares representing BFA's capital, headquartered in Lobito, Benguela province. The sale price is divided into three tranches: a fixed tranche of 345 million euros due on the transaction date, a fixed deferred tranche of approximately 43.5 million euros, and a variable tranche corresponding to half of BFA's 2026 dividend. The deferred tranches will be paid in May 2027.
Completion of the operation is subject to legal and regulatory conditions precedent, including non-objection from the National Bank of Angola and confirmation by the Angolan Capital Market Commission that CFSA has no obligation to launch a mandatory public offer. It is also subject to Unitel not exercising the pre-emption right it holds under the shareholders' agreement entered into with BPI.
On the transaction date, BFA's shares were recorded on BPI's balance sheet at 379 million euros. On a pro forma basis as of June 30, 2026, considering only the two fixed tranches of 388.5 million euros, the transaction would have a positive impact of approximately 9 million euros on BPI's book equity.
