Africa-Press – Angola. Banco Sol’s Recapitalization and Restructuring Plan (RRP), approved by the Angolan regulator, should be implemented in three years and foresees an increase in share capital and a reduction of up to 30% in staff, the institution announced.
According to a statement released by the bank, the recapitalization “will be carried out exclusively with private capital, through new contributions from shareholders”, a measure that “is seen as a sign of confidence in the strategy outlined by the current administration”.
This RRP was a requirement of the National Bank of Angola (BNA) to recover the prudential ratios of the banking institution and “put the bank on the path of sustainable growth” and must be completed within a period of three years.
The plan, developed by the Bank’s current management, led by António André Lopes, Chairman of the Board of Directors, and Osvaldo de Lemos Macaia, Chairman of the Executive Committee, was approved by all shareholders at the General Meeting held on January 24, 2025.
The bank, in which Angolan President João Lourenço once had a minority stake, currently has as its majority shareholders Sansul, a subsidiary of the holding company GEFI, linked to the MPLA (the ruling party), with 51%, and Coutinho Nobre Miguel, a member of the party’s central committee, with 12.24%. The shareholder structure also includes the Lwini Foundation, businessman António Mosquito and former First Lady Ana Paula dos Santos.
Among the main measures of the recapitalization and restructuring plan, the following stand out: resizing of agencies and optimization of the workforce, with a reduction of around 30% of employees, sale of real estate assets not related to the core activity, active recovery of bad debt, dynamization of the insurance business and the increase in share capital, exclusively through new contributions from shareholders.
“Overall, the RRP aims to improve profitability and operational efficiency, guarantee the bank’s long-term sustainability and ensure compliance with the prudential ratios required by the regulator,” the statement said.
Sale of real estate assets
The plan also includes, according to the note, the recommendation to sell real estate assets not related to the Bank’s core business, as well as the active recovery of bad debt.
Boosting the insurance business and increasing share capital, exclusively through new contributions from shareholders, are also among the initiatives of Banco Sol’s RRP, which should be implemented within a period of no more than three years, as specified in the document.
“The PRR has an execution horizon of three (3) years and aims to improve profitability and operational efficiency, guarantee the bank’s long-term sustainability and ensure compliance with the prudential ratios required by the regulator”, reads the note.
It also emphasizes that the bank’s capitalization will be carried out exclusively with private capital, through new contributions from shareholders.
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