An Angolan company has agreed to buy a 33.35% stake in Banco de Fomento Angola (BFA) in a deal worth at least $452 million.
Portuguese lender Banco BPI confirmed that it will sell its remaining stake in BFA to Congolian Financial.
The agreement covers more than five million shares in one of Angola’s largest commercial banks. However, the transaction still needs regulatory approval before it can be completed.
BFA deal could be worth more than $452 million
The fixed value of the deal is €388.5 million, or about $452 million.
Under the agreement, Congolian Financial will first pay €345 million when the transaction is completed.
It will then pay another €43.5 million in May 2027.
However, the final price could be higher. The agreement also includes an additional payment linked to BFA’s 2026 dividend.
As a result, the total amount paid for the stake could eventually exceed $452 million.
Deal still needs approval
The sale has been agreed, but it is not yet complete.
First, the National Bank of Angola must raise no objection to the acquisition.
Angola’s Capital Market Commission must also decide whether the purchase would require Congolian Financial to make an offer for BFA’s remaining shares.
There is another important condition.
Unitel, BFA’s largest shareholder, has the right to buy BPI’s stake before it is sold to Congolian Financial.
Therefore, the transaction can only move forward if the regulatory conditions are met and Unitel does not exercise that right.
BPI moves closer to leaving Angola
BPI has been reducing its ownership of BFA for several years.
The Portuguese lender once controlled 48.1% of the bank.
However, when BFA listed shares on Angola’s BODIVA exchange in 2025, BPI sold a 14.75% stake.
That left BPI with the 33.35% holding now covered by the new agreement.
BFA is one of Angola’s largest commercial banks. It provides banking services to individuals, companies and public institutions.
If completed, the deal would also mark another major shift in Angola’s banking sector from European ownership towards domestic investors.