“The BPI could offer Banco Fomento de Angola (BFA) that the ratio of capital remained” solid, assured the chief executive of BPI, which holds 50.1% of the institution. But “not yet gone mad. This was just an example “to” once for all “, the” people realize that the issue of BFA has no impact on the BIS capital “, said Fernando Ulrich who now attends a trial of iron in the capital between the two major shareholders:. Cash Bank and Santoro, Isabel dos Santos
for the banker, the divestment of BPI Angola does not negatively affects on capital ratios and soundness of the Portuguese institution and remember that the ratio common equity tier 1 stood at 10.8% on a consolidated basis, and will rise to 11% only accounting for the national activity. But the sale of the BFA will be reflected in the results. This, to keep the trend of recent years. In the first quarter of 2016, BPI had profits of 45.8 million, of which 37.9 million came from the Angolan operation (80% of profits). “If BPI help consolidate the BFA, obviously fails to account and to appropriate the results of BFA” which will be offset by increases in profitability in Portugal.
After alluding to the Santoro statement of content (with 21% of the BPI), of 19 September, and which was used by Isabel dos Santos to justify the rupture in the agreement to 10 April with the CaixaBank (44% owner), Fernando Ulrich stressed that it shared the concerns of its second largest shareholder:. the need to protect minority investors BPI (liquidity) and the existence of difficulties in exporting capital of Angola
And then proposed to present three solutions to solve the problem of excess exposure to BPI Angola that B ank European Central Bank (ECB) requires to be resolved. Alternatives that respond to the concerns of Santoro. One involves the sale of BPI’s shares in possession Isabel dos Santos who, in return, receive payment in shares of BFA. “There is no money out of Angola and there would be an increase of Santoro’s investment in Angola. And, together with Unitel, [Isabel dos Santos] could control the BFA, which seems to be an objective “evidence Ulrich.
And since Isabel dos Santos position in BPI “would not give to buy the 50.1% of BFA”, then “BPI would continue with a stake in BFA but clearly below 50 ,1%”. . This route would take the BFA of the ECB’s spotlight, as not appear already consolidated in the BPI accounts
The president of BPI noted a second possibility: the sale to CaixaBank BPI under the tender offer (OPA) that is in progress, followed by a request to the ECB to allow BPI (already consolidated in the Spanish group) to hold 50.1% of BFA. “And I do not mean out” funds of Angola.
The third hypothesis is known. It was presented to 30 September 2015 by the administration of BPI (where Isabel dos Santos is represented): the separation of BPI African assets (including Mozambique). BPI’s shareholders would be two independent companies, and the new would be listed on the Lisbon stock exchange. “And would not leave Angola not a single cent,” Ulrich notes, for whom this road to could already be executed. And do not understand what took Isabel dos Santos not to accept, after having approved an early stage.
From your point of view, this was the alternative that best defended BPI, its shareholders and Angola and would have avoided “a number of things” as the publication of the government decree that allows deshielded the statutes, and that “just came out today because of what happened.” Asked whether this was not proof that it is a decision made as BPI (which the government denies), Ulrich replied, “If it was, I have no problem with that.” But stressed that the decree was prepared “to take account of concerns that may occur in other institutions. It is not a ‘diploma BPI’ [the name given by Santoro], but if you want to call it ….”
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