Angola: BPC Transfers 80 Percent of Bad Loans to Recredit

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Luanda — The state-owned Savings and Credit Bank (BPC) last Tuesday transferred to Recredit Assets Management 80% of its bad debt, estimated at 951 billion kwanzas (equivalent to $1.7b).

The bad loan transfer contract was signed by the chairmen of the BPC boards of directors, André Lopes, and Recredit, Valter Dias de Barros.

Speaking to the press, the manager of Recredit stated that his firm will continue to deal with the credit recovery process of this portfolio, favouring recovery through extra judicial means.

"We are going to negotiate amicably with these clients and whenever we are unable to recover through extra judicial means, we'll use all the resources that the law allows us to recover this credit portfolio", he said.

He added that Recredit will make an effort to recover as much of the loan portfolio as possible, which was valued at 6% of the total portfolio, in the asset quality assessment process that Angolan Central Bank (BNA) carried out on commercial banks.

On his turn, the Chairman of the Board of Directors of BPC explained that with the giving away of part of its loan portfolio to Recredit, the conditions were created so that in the future this exercise of collecting and regularizing BPC credit will be made by a private institution.

André Lopes stressed that in the scope of the BPC recapitalization and restructuring programme, a series of actions are foreseen, such as the reorganization of the credit portfolio and other recapitalization.

Recredit has already managed to recover a debt of 1.5 billion kwanzas in credit granted by BPC.

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