Angolan conglomerate buys one-third of country’s second-largest bank for at least $452 million

Banco BPI will sell its entire 33.35% holding in Banco de Fomento Angola, commonly known as BFA, to Congolian Financial, according to an official transaction announcement⁠ published by the Portuguese lender.

The agreement covers 5,002,500 BFA shares and includes a fixed payment of €388.5 million, approximately $452 million.

Reuters reported⁠ that Congolian Financial is owned by Grupo Carrinho, an Angolan conglomerate with interests spanning food production, agriculture, logistics and financial services.

The transaction would end Banco BPI’s long attempt to reduce its exposure to Angola. It has been looking for a route out of BFA since 2017 following pressure from European regulators.

The final price could exceed $452 million

The agreed payment contains three parts. Congolian Financial will pay an initial €345 million when the transaction is completed. A further fixed payment of approximately €43.5 million is due in May 2027.

The buyer must also make a variable payment equal to half of BFA’s 2026 dividend attributable to the shares being acquired. That payment is also expected in May 2027.

The widely reported €388.5 million, or $452 million, therefore represents only the two fixed components. The final purchase price could be higher once the dividend-linked amount is calculated.

Banco BPI valued its remaining BFA holding at €379 million on its balance sheet at the end of June. Based only on the fixed payments, it expects the sale to add approximately €9 million to its accounting shareholders’ equity.

The transaction is not yet complete

Several important conditions must be satisfied before the shares can change hands.

The National Bank of Angola must raise no objection to the acquisition. The country’s Capital Market Commission must also confirm that the purchase will not require Congolian Financial to make a mandatory offer for BFA’s remaining shares.

Unitel, the Angolan telecommunications company and BFA’s largest shareholder, holds a contractual right of first refusal over Banco BPI’s interest.

The transaction can proceed only if Unitel decides not to exercise that right.

These conditions mean the agreement should not yet be described as a completed acquisition. Congolian Financial has agreed to buy the shares, but regulatory and shareholder approvals remain outstanding.

BPI has been reducing its stake gradually

Banco BPI once owned 48.1% of BFA, while Unitel controlled the remaining 51.9%.

The Portuguese lender considered selling the entire interest but suspended an earlier attempt in 2023 as the Angolan kwanza’s depreciation complicated the valuation.

Its eventual exit has taken place in stages. When BFA listed shares on Angola’s BODIVA exchange in 2025, BPI sold a 14.75% interest. Unitel also reduced its holding by 15 percentage points through the public offering.

Those disposals left BPI with the 33.35% interest now being sold and reduced Unitel’s direct ownership to approximately 36.9%.

The public listing introduced additional investors into a bank that had previously been controlled entirely by two large shareholders.

Grupo Carrinho’s expansion into finance

Grupo Carrinho is best known for its food and agricultural businesses. The group produces and distributes products including flour, pasta, rice and cooking oil.

It has, however, expanded steadily into financial services.

The group acquired Banco de Comércio e Indústria in 2021 and has pursued control of Banco Keve. Congolian Financial also acquired BFA shares during the bank’s public offering, although the present structure of those earlier holdings has subsequently become more complex following their transfer to an investment fund.

For that reason, the new 33.35% acquisition should not automatically be added to the earlier 7.61% purchase and presented as Congolian Financial’s direct ownership without an updated shareholder disclosure.

What is confirmed is that the proposed transaction would give a Grupo Carrinho company a substantial direct interest in BFA.

It would also mark another transfer of ownership in Angola’s financial sector from a European banking group to domestic capital.

BFA is one of Angola’s largest commercial banks, serving individuals, companies and public institutions.

The lender is also preparing to become the first Angolan bank to join China’s Cross-Border Interbank Payment System, reflecting growing demand for yuan-denominated transactions as trade between Angola and China expands.

Earlier, the International Finance Corporation was considering a trade-finance facility of up to $30 million for BFA. The proposed facility was intended to help the bank support imports and exports where access to international correspondent banking remains limited.

Ownership of BFA therefore brings influence over a lender operating at the centre of Angola’s domestic economy, international trade and rapidly developing capital market.