ANGOP - Angola Press News AgencyANGOP - Angola Press News Agency

Go to homepage
Luanda

Max:

Min:

Home » News » Economy

Fri, 29 May 2020 14:55 - Updated Sat, 30 May 2020 13:17

Commercial bank needs AKZ 57 billion for recapitalization

Luanda - The State-owned bank Banco de Comercio e Industria (BCI) needs 57 billion kwanzas for its recapitalization following a number of adjustments resulting from the assessment of asset quality and implementation of the International Financial Reporting Standard 9 (IFR9).

Send by email

To share this news by email, fill out the information below and click Send

Correct

To report errors in the texts of articles published, fill out the information below and click Send

LUNDA NORTE: BCI Bank

Photo: HÉLDER DIAS

The bank recapitalization is expected to follow two stages, the first to last until June 30 of 2020 with an overall 30 billion Kwanzas to be spent, being the second set to run up to December 2020 with amount estimated at 27 billion Kwanzas, as instructed by the Executive Decree of the Finance Ministry.

According to the note from the BCI Board of Directors that reached ANGOP on Friday, the IFR9 implementation implied the restatement of the 2018 financial statements, as well as the increase in impairment of credit and other assets of the 2019.

According to the document, as a consequence and in compliance with the measures of the Regulator, BCI says it has implemented a set of restrictive measures in the credit and investment items to reinforce the commitment to defend the interests of the stakeholders and the sustainability of the institution itself.

With a focus on its privatization, BCI has redefined its vision, mission and values, based on the modernization, efficiency and consistency of the services.

The Finance Ministry with 98.92 percent of the share capital, is the highest shareholder being the  remainder split among public companies.

Tags Economy  

Read also
  • 29/05/2020 15:52:25

    Lack of financing hampers business activity

    Menongue - The lack of funding and bureaucracy in processing documents for the legalization of companies at National Institute of Small and Medium-Sized Companies (INAPEM) have been the main difficulties faced by young entrepreneurs in eastern Cuando Cubango, said Thursday the coordinator of young entrepreneurs, Domingos Luanda.

  • 29/05/2020 15:17:48

    Assets management recovers AKZ 1.5 billion loan of major public bank

    Luanda - The Asset management (Recredit) has recovered 1.5 billion kwanzas of credit granted by Angola?s major public bank the Savings and Credit Bank (BPC) amortized by a business group.

  • 29/05/2020 14:52:33

    Angola electrification project open for public consultation

    Luanda - The Angolan government will promote as from this Friday the eight-day public consultation process for the assessment of possible socio-environmental impact and its phases of implementation of the Electricity Sector Strengthening project (PFSE).