LUANDA, Sept 4 – Banco BPI has agreed to sell its 33.35% stake in Banco de Fomento de Angola (BFA) to Congolian Financial for €388.5 million, marking the Portuguese lender’s planned exit from the Angolan market.
The fixed consideration comprises an initial payment of €345 million and a deferred fixed payment of approximately €43.5 million, with both amounts due in May 2027. BPI will also receive a variable deferred payment equivalent to half of BFA’s 2026 dividend attributable to its stake.
BPI said the fixed consideration would generate an estimated €9 million positive impact on its accounting shareholders’ equity. As of June 30, 2026, the 33.35% BFA holding was valued at €379 million on BPI’s balance sheet.
The buyer, Congolian Financial, is owned by Angolan conglomerate Grupo Carrinho. The transaction will transfer BPI’s remaining direct interest in one of Angola’s major banks to a locally controlled investor, further consolidating domestic ownership in the country’s banking sector.
BPI has been seeking to dispose of its BFA holding since 2017, following a recommendation from the European Central Bank that the Portuguese lender reduce its exposure to Angola because of the risks associated with the market.
The latest agreement follows several steps by BPI to unwind its Angolan banking interests. In 2025, the bank sold a 14.75% interest in Banco de Poupança e Crédito after the Angolan lender conducted an initial public offering.
BPI had also attempted to sell its entire 48.1% holding in BFA in 2023, but suspended the transaction following a sharp depreciation of Angola’s kwanza against the US dollar. The latest agreement therefore represents the culmination of a multi-year effort by the CaixaBank subsidiary to reduce its exposure to Angola.
For BPI, the sale removes its remaining direct exposure to BFA while providing a modest accounting gain based on the fixed purchase consideration. For Angola’s financial sector, the transaction continues a broader shift towards greater domestic ownership of strategic banking assets.
The completion of the deal will depend on the fulfilment of the applicable transaction conditions and regulatory requirements. Once concluded, BPI will have fully exited BFA and ended its direct banking presence in Angola.
