Certainly the future of Portugal is not among the most prosperous to come, but for the Angolans the acquisition of Bpn is certainly a good revenge. The Portuguese government has re-sold Banco Portugués de Negócios (Bpn), the credit institution which in November 2008 had been nationalized as it was in a dangerous state of insolvency. The sale of BPN by the end of July is one of the measures of the austerity program agreed in May with the European Union and the International Monetary Fund in exchange for the 78 billion euro loan.
It is therefore possible to put an end to the long series of financial transactions which cost the State around 2,4 billion euros, 1,4% of GDP. The new owner is Banco Internacional de Crédito (Bic), one of Angola's largest commercial banks.
The Portuguese Economy Minister, Maria Luís Albuquerque, told the Chamber today that international institutes left no alternatives and that "the choice was between selling to the only credible bidder and liquidating Bpn, which would cost the state three times as much" . According to estimates by the Caixa Geral de Depósitos (Cassa Generale Depositi), the leading financial institution in Portugal, the liquidation of the bank would entail costs of 1,5 billion euros, against the 500 million recapitalization that will be injected into the bank to conclude the agreement with the Angolans. However, today Albuquerque has not ruled out that this sum could increase, declaring that "a recapitalization of 500 million euros is estimated, but it is not yet a certain value".
The agreement – The Bic will pay 40 million euros, almost a fifth of the price of 180 million initially set through a decree law. The price could rise slightly over the next five years if the bank achieves an operating result of more than 60 million euros. In this case he will have to pay the state 20% more. The Bpn operation has been a constant suffering for the Government, which until the last day had to inject money. In fact, it will have to pay 550 million euros of recapitalization before carrying out the sale, plus it will have to pay the indemnity of a good part of the half of the 1.580 employees who will lose their jobs. The new owners will close 30% of the 213 offices it has across the country.
History – The nightmare began on November 2, 2008, when the government of the socialist José Sócrates announced the nationalization of the bank, which had a hole of 700 million euros. The Caixa Geral de Depósitos (CGD) took over its management. José Oliveira Costa, founder of the bank, was tried for seven different crimes: from tax evasion to money laundering. On the list of accused were 23 other people. While a parliamentary commission investigated the giant fraud, the state continued to inject money into a bank, the value of which was practically underground.
And in May 2009, the government started talking about privatization. But the BPN has not found any interested buyers, despite having extended the deadline until the end of November 2010. In total, the CGD had already granted the bank loans of 4,6 billion euros.
After the financial redemption, international creditors forced the country to sell Bpn and set July 31 as the deadline. Of the four offers received, the Ministry of Finance opted for the Angolan BIC, as, according to the official explanation, it "ensures the continuity of BNP's business and takes into account the defense of depositors' interests."
The two main shareholders of Bic, with 25% each, are Isabel dos Santos, the powerful daughter of Angolan president José Eduardo dos Santos, and the entrepreneur Américo Amorim, the richest man in Portugal, according to Forbes magazine.
Sources: Cheap.pt, The country,
