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Tue, 14 Jul 2020 14:25 - Updated Tue, 14 Jul 2020 14:26

BPC bank closes branches

Luanda - The State-owned Savings and Credit Bank (BPC) confirmed Monday the closure of 53 branches in several provinces of the country, as part of restructuring programme of the financial institution.

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BPC branch

Photo: David Dias

The information was released to ANGOP by the institution's Marketing and Press Department, without further details.

Branches and counters closed are those in the provinces of Luanda, Cunene, Cuanza Sul, Benguela, Huíla, Namibe, Cuando Cubango, Malanje, Uíge, Cabinda, Lunda Sul, Moxico and Bengo. 

The move marks the beginning of redundancy process from the country's largest state-run financial institution, which has seen its assets deteriorating in the last seven years, with accumulated losses until December 2019 of 404.7 billion kwanzas. 

In its list released at the end of June and sent to ANGOP, BPC names Luanda as the province with 22 points, amongst branches and service providing points closed in this first phase. 

It announced that more than 1,600 workers may be made redundant, as the result of the restructuring process. 

The BPC management has committed in preparing an amount  of 18 billion kwanzas to compensate employees, according to the Labor Law.

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