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Fri, 29 May 2020 15:17 - Updated Sat, 30 May 2020 12:12

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.

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Moxico: Credit Saving Bank (BPC)

Photo: David Dias

According to a note that reached ANGOP on Friday, the recovery of the bad loan, which is the first case to be registered, follows a period of negotiation with BPC’s debtors companies.

For Recredit, this is a decisive step and marks a new cycle, guided by the determination to comply with the objective of maximizing the recovery of bad loans.

Recredit also says it is available to engage in dialogue with debtors, provided that they show interest to take up their responsibilities.

Focused on developing out-of-court recovery solutions, Recredit does not rule out the possibility that, in situations of need, to resort to other legally prescribed measures, it says.

BPC, which suffered a theft of 400 million kwanzas on April 7, is currently in technical bankruptcy being in need for recapitalization under an estimated1.08 billion kwanzas, waiting for further injection from the government.

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