After 15 months of to-ing and fro-ing Spain’s Caixabank has reached a deal with Africa’s richest woman, Isabel dos Santos.
In exchange for dos Santos releasing the lion’s share of her control of BPI, she has been allowed to take over Banco de Fomento Angola (BFA), through telecommunications company Unitel, and see it quoted on the Lisbon Stock Exchange, reports Diário de Notícias.
The decision allows BPI to reduce its exposure to the Angolan market – something the ECB had insisted on – and is almost certain to be accepted by authorities in Portugal, Spain and Angola.
DN stresses that it doesn’t mean Portugal is destined to have yet another foreign-owned bank on national soil. BFA is not due to open any branches, just to be listed on the nation’s stock exchange.