Montepio Bank pulls out of Finibanco Angola

 In Banks, News

Portugal’s mutual bank Banco Montepio announced today (Monday, August 28) that it has “successfully completed” the sale of the stake it still retained (29.22%) in Finibanco Angola in the Nigerian Access Bank.

With this operation, Montepio said that it would no longer be exposed to the Angolan market and would be able to concentrate on the Portuguese market.
In a communiqué sent to the Portuguese stock market commission CMVM the bank stressed that the sale was achieved for little over 9,000 million kwanzas or around €10 million.
The transaction announced on Monday complements another sale completed in July when Montepio sold 51% of its remaining shares and voting rights in Finibanco Angola to the same buyer, Access Bank for €17.2 million and which was announced on July 5.
By selling the remaining shares that it had, Banco Montepio no longer is exposed to the Angolan market. “With its sale of its entire share in Finibanco Angola, the Montepio Group ceases to have any exposure in the Angolan market and thereby simplifies the group’s structure by focusing on the domestic (Portuguese) market, strengthening its capital ratio by 24 base points”, states the communiqué.