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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).

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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.

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