Banco BPI exits Angola by selling remaining BFA stake

Banco BPI is exiting the Angolan market after 30 years by selling its remaining 33.35% stake in Banco de Fomento Angola (BFA). The transaction is valued at approximately 388.5 million euros (roughly 451 million dollars), with a portion of the payment scheduled for 2027 and additional considerations regarding 2026 dividends.

The buyer is Congolian Financial SA (CFSA), an entity linked to the Angolan conglomerate Grupo Carrinho. This acquisition allows Grupo Carrinho to consolidate its presence within the local banking sector.

BPI’s withdrawal follows a multi-year strategy to reduce its exposure to Angola, driven in part by regulatory pressure from the European Central Bank to limit risks associated with African assets. The divestment process included a partial IPO in 2025. Previous attempts to finalize a sale were hindered in 2023 by the depreciation of the Angolan kwanza, but the current agreement utilizes a fixed euro-denominated price to ensure stability.