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Angola: Sonangol Acquires 49,9 Percent of Millennium Angola's Capital
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Angola Press Agency (Luanda)
15 May 2008
Posted to the web 15 May 2008
Luanda
A strategic partnership agreement was this Thursday here signed between the National Fuel Society of Angola (Sonangol), the Portuguese Commercial Bank and the Atlantic Private Bank (BPA), foreseeing the acquisition of 49,9 percent, by the national oil company and BPA, of the social capital of Millennium Angola.
The agreement was signed by the CEOs of Sonangol, BCP and of BPA, Manuel Vicente, Carlos Santos Ferreira and Carlos José da Silva, respectively.
According to the accord, the acquisition of the Portuguese bank's capital by the two Angolan business institutions shall be carried out through an operation of capital increase to be underwritten in cash.
Based on the accord signed this Thursday, the Millennium Bank of Angola, owned by the Portuguese Commercial Bank, will purchase 10 percent of the capital of the Atlantic Private Bank.
Under the terms of the contract, the Millennium Angola will maintain its current status of subsidiary of the Portuguese Commercial Bank, but will start benefiting from the shares of Sonangol and of the Atlantic Private Bank, thereby reinforcing its speciality and capacity to become a renowned institution in the development of the Angolan financial sector and of the economy.
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Sonangol already owns 9,96 percent of the capital of Millennium -BCP, alongside the Eureko (Dutch mutual firm) as one of the main shareholders of the biggest Portuguese private banking institution.
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