Caixabank’s BPI leaves Angola market with BFA stake sale for EUR388.5 million

Sept 4 (Reuters) – Caixabank’s Banco BPI said on Thursday it agreed to sell its 33.35% stake in Banco de Fomento de Angola (BFA) to Congolian Financial (CFSA) for a fixed amount of EUR388.5 million ($451.71 million).

The deal marks the exit of the Portuguese unit of Caixabank from the Angolan market and would have a positive impact of approximately EUR9 million on BPI’s accounting shareholders equity.

o The fixed amount is composed of a tranche of EUR345 million and a deferred fixed tranche of approximately EUR43.5 million.

o The agreed price is also composed of a deferred variable tranche, corresponding to half of BFA’s 2026 dividend attributable to the stake, with both deferred tranches due in May 2027.

o As of June 30, 2026, the BFA stake was recorded on BPI’s balance sheet at EUR379 million.

o BPI says that the transaction would have a positive impact of about EUR9 million on its accounting shareholders equity just from the two fixed tranches (EUR388.5 million) of the agreed sale price.

o BPI has been trying to sell its stake in BFA since 2017 following the European Central Bank’s recommendation to reduce its risky exposure to Angola.

o Last year BPI sold a 14.75% stake in BPA when the Angolan bank launched its IPO.

o In 2023, BPI suspended the sale of its entire 48.1% stake in BFA due to the devaluation of the kwanza currency against the dollar.

o Buyer CFSA is owned by Angola’s Grupo Carrinho.

($1 = 0.8601 euros)

(Reporting by Joao Manuel Mauricio in Gdansk; editing by Jesús Aguado and Sharon Singleton)