BNI Europa boss quits

The CEO of BNI Europa has resigned after the no-frills bank had to have a €4 million cash injection from Angolan shareholders. The bank is up for sale.

Pedro Pinto Coelho presented his resignation as CEO of BNI Europe, which is funded by Angolan capital, at a time when the bank continues to seek buyers after a buyout from a Chinese group failed last year.
Pinto Coelho has been responsible for running the bank owned by the Angolans of BNI, the ex-vice-governor of the Bank of Angola, Mário Palhares, since 2015.
The decision was made internally and no interview has been given to the press. According to ECO online, Pedro Pinto Coelho announced on Linkedin that he was joining Duff and Phelps of Kroll as a senior consultant.
BNI Europa, a no-frills bank without branches, has been going through a rough time. The fall through in the sale of the bank to the Chinese group KWG in April last year forced the bank to take a backwards step in its strategy which included a scale down and the loss of around 50 jobs – half the staff component.
BNI Europa received a capital call of €4 million last month in an operation that served to bolster the bank’ capital ratios in accordance with regulations from the central bank.
The bank’s 2020 accounts have not been closed, but to September 2020, the bank has clocked up losses of around €8 million.