BIC Angola negotiates sale of stake to int’l bank

BIC Angola bank is negotiating the sale of a 10 to 15 percent stake to a major international bank, the bank’s chairman, Fernando Teles said in Lisbon. The president of BIC Angola said the goal is to find a “strong partner” who wants to “invest in BIC’s development” and gave assurances that there “are many entities who want to take a stake” in the bank’s capital. Teles said that the bank intended to join the group of companies that will inaugurate the Angolan stock exchange, with existing shareholders willing to sell off a slice of 15 to 20 percent, “or more” of the capital bank on the Luanda bourse. Teles recalled that the Angolan market, which is not yet operational, will initially sell only public debt and that the share segment is only expected to be active in 2016 or 2017. On the sidelines of the inauguration of a new branch of Banco BIC in Lisbon, Teles revealed the bank was to complete the acquisition of insurance company Finibanco Vida from Montepio Geral for 12 million euros. Teles noted that the marketing of insurance products of Finibanco Vida in 218 branches that the Portuguese-Angolan bank has in the Portuguese market would “attract more deals to the bank.”