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Angola's Unitel ups stake to majority in Banco BPI unit
January 6, 2017 / 10:42 AM / a year ago

Angola's Unitel ups stake to majority in Banco BPI unit

LUANDA, Jan 6 (Reuters) - Angola’s Unitel has increased its stake in Portuguese bank Banco BPI’s Angolan operation Banco Fomento Angola (BFA) to a majority holding, the telecoms firm said.

Unitel, the largest telecoms firm in the southern African nation, bought a further 2 percent of BFA, lifting its holding to 51.9 percent, the firm said in a statement late on Thursday.

The European Central Bank required Banco BPI to reduce risk by lessoning its exposure to BFA, Unitel said.

Banco BPI retains a 48.1 percent stake, the Portuguese bank said in a separate statement.

Unitel last year rejected Banco BPI’s plans to spin off its African assets and instead offered to buy more of its Angolan unit. (Reporting by Herculano Coroado; Writing by TJ Strydom; Editing by Mark Potter)

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