Banker: Santander Totta and CGD change according to Angola to get more local capita
The agreement between the Santander Totta and CGD for the management of Totta Angola is being restructured to accommodate greater participation of shareholders Angolans, said Tuesday in Lisbon the chairman of Santander Totta.
Nuno Amado, who spoke at the press conference to present the results of 2007 of Santander Totta, said the partnership agreement with the Caixa Geral de Depositos (CGD) for Angola began to be reconsidered at the end of last year.
The agreement between Angola to the Portuguese state bank and the bank Portuguese Spanish capital was announced in March 2006, the President of the CGD.
The project will involve the creation of a holding company, Portuguese law, which will assume control of the majority of the capital of the bank Totta Angola, which is held at 99.9 percent for Santander Totta.
The "holding company" would be created by Santander Totta and CGD came in the project through an increase in capital of this "holding" that at the end of the process, would be held in equal shares by the two banks.
Nuno Amado stressed that the original draft provided for the entry of 25 to 27 percent of Angolan capital in the bank, but that was "restructured" to accommodate the desire of the authorities in Luanda for greater participation.
"[The agreement] is virtually finished, at least for our part," said Amado, stressing that "the logic of the business remains."
The profit of the bank Santander Totta rose 20 percent last year, to 510.3 million, surpassing for the first time in the bar of 500 million euros
Nuno Amado, who spoke at the press conference to present the results of 2007 of Santander Totta, said the partnership agreement with the Caixa Geral de Depositos (CGD) for Angola began to be reconsidered at the end of last year.
The agreement between Angola to the Portuguese state bank and the bank Portuguese Spanish capital was announced in March 2006, the President of the CGD.
The project will involve the creation of a holding company, Portuguese law, which will assume control of the majority of the capital of the bank Totta Angola, which is held at 99.9 percent for Santander Totta.
The "holding company" would be created by Santander Totta and CGD came in the project through an increase in capital of this "holding" that at the end of the process, would be held in equal shares by the two banks.
Nuno Amado stressed that the original draft provided for the entry of 25 to 27 percent of Angolan capital in the bank, but that was "restructured" to accommodate the desire of the authorities in Luanda for greater participation.
"[The agreement] is virtually finished, at least for our part," said Amado, stressing that "the logic of the business remains."
The profit of the bank Santander Totta rose 20 percent last year, to 510.3 million, surpassing for the first time in the bar of 500 million euros
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