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Mon, 07 Jan 2019 17:37 - Updated Mon, 07 Jan 2019 17:36

Banco Postal denies situation of bankruptcy

Luanda - The shareholders of Banco Postal denied on Saturday that the institution is in situation of bankruptcy underlining that it owns net current assets enough to fulfill with its responsibilities.

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The bank ended its activities on Friday due to the lack of compliance with warning 2/2018 issued by the National Bank of Angola (BNA), which demanded the increase of share capital and net current assets from 2,5 billion kwanza to 7,5 billion until December 31 of 2018. 

BNA demanded the commercial banks to triplicate the share capital to adjust the minimum share capital and working capital of these financial institutions.

In line with that, the Central Bank requested the bankruptcy of the banks Postal and Mais and revoked their licenses on January 2, due to the fact that the promoters and shareholders of these institutions did not show financial capacity to carry on with banking business.   

However, the shareholders of Banco Postal reacted to the BNA’s press communiqué and declared that the financial economic situation of the bank does not pose any risk to the Angolan banking system or the clients of this institution.   

The institution presented performance indicators with highlights to their 67,51 percent ratio of solvability very higher to the minimum demanded by the regulator, which is set at 10 percent. 

To comply with BNA’s demand of (AKZ 7,5billion), adds the institution, the shareholders gathered on December 17 in Extraordinary Ordinary Assembly and approved a mitigating plan, which foresaw the injection of AKZ 3,8 billion.  

Part of this plan included an international financing.

As regard to the measures from the BNA, the shareholders of the Banco Postal argued that the contraventions of the gender must be sanctioned with fee and never through revocation of the banking license, as determined by the Central Bank.

Banco Postal was created in September 2016 and opened to the public in March of 2017 trough the launching of its business chain Xikila Money.

Tags Angola   Banca  

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