Bloomberg News

Angola’s Banco BIC Considers Buying Failed Portuguese Bank BPN

June 29, 2011

June 29 (Bloomberg) -- Banco BIC Angola, the southern African country’s fourth-biggest bank in terms of deposits, is considering bidding for failed Portuguese lender BPN-Banco Portugues de Negocios SA, its chief executive officer said.

“We are studying the purchase of BPN,” CEO Fernando Teles said today in an interview. “Our team in Lisbon is looking into this and will make a decision by July 20.”

Banco BIC has operations in Angola, and Banco BIC Portugues SA, controlled by the same shareholders, operates in Portugal. It hired consulting company Deloitte to advise it on the acquisition of BPN, Teles said.

Teles owns 20 percent of Banco BIC in Angola. Americo Amorim, one of Portugal’s richest men, and Isabel dos Santos, the daughter of Angolan President Jose Eduardo dos Santos, each hold 25 percent of Banco BIC, according to Teles.

Portugal seized BPN in 2008 and failed to sell the lender’s retail business last year for a minimum price of 180 million euros ($259 million).

The government plans to sell BPN by the end of July, without a minimum price, as part of an austerity plan that allows it to tap a 78 billion-euro financial aid package from the European Union and the International Monetary Fund.

Portuguese newspaper Diario Economico reported on June 1 that nine companies, including Banco do Brasil SA, Banco Bilbao Vizcaya Argentaria SA and Barclays Plc, were interested in discussing the purchase of Lisbon-based BPN. The newspaper also identified Banco BIC, Portuguese mutual bank Montepio Geral and funds including Permira as potential bidders, without saying how it obtained the information.

--Editors: Jim Silver, Stephen Taylor.

To contact the reporter on this story: Henrique Almeida in Lisbon at

To contact the editor responsible for this story: Angela Cullen at

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