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

Spanish banking group CaixaBank is preparing to leave Angola after its Portuguese subsidiary agreed to sell a one-third interest in one of the country’s biggest banks 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.