Banco de Poupança e Crédito (BPC) (English: Savings and Credit Bank) is a government-owned, full service bank in Angola. With some 68 branches, including one in Cabinda, it has the largest branch network in the country.[1]
BPC is a large financial services institution serving the retail banking market in Angola, with focus on the small and medium enterprises in the country. As of 2016, BPC was the largest public bank in Angola. It was also the second largest commercial bank in the country by market share, accounting for 23.4 percent of all banking customers in the nation at that time.[2]
Historyedit
In 1956 the Banco Comercial de Angola was founded in Lisbon, but with half the shares being in the hands of the BelgianBanque de Bruxelles. It immediately opened an office in Luanda. The bank transferred its head office to Luanda in 1967. Later the bank was owned by the Banco Português do Atlântico. In 1971, Barclays Bank received shares in Banco Português do Atlântico in return for contributing its branches in Mozambique to Banco Comercial de Angola.[3]
After independence in 1975, the Angolan government nationalized the bank and changed its name to Banco Popular de Angola. At about the same time, the government in São Tomé and Príncipe nationalized its branch in that country, incorporating it into what is now the Central Bank of São Tomé and Príncipe. Banco Comercial de Angola also had an office in Macau that in 1974 became Banco Comercial de Macau, as a subsidiary of Banco Português do Atlântico. The Government of Mozambique nationalized the operations there belonging to the bank, incorporating them into the Banco de Moçambique. In 1991, the government changed the name of Banco Popular de Angola to the present name Banco de Poupança e Crédito.[3]
Reorganization and recapitalizationedit
BPC accumulated a huge number of non-performing loans (NPL), in the period ending in December 2017. The NPL ratio ballooned from 4.5 percent in 2016 to 23.2 percent in 2017.[4]
In May 2017, the government of Angola created a public entity for asset recovery called Recredit, for the sole purpose of buying bad loans from BPC, Angola’s largest bank by assets at that time. Initially capitalized with US$2 billion, the government borrowed another US$3.5 billion from the International Monetary Fund to further recapitalize Recredit and thereby provide liquidity to BPC in order to lend more to Angolan businesses. Other rationalization measures include trimming down the number of employees from 4,820 to 3,220, by letting 1,600 go, either through regular retirement, early retirement or termination. The number of bank branches will also be trimmed.[4]
In August 2020, the first group of 156 employees were terminated and 53 service points closed. It is expected that another 120 employees will be released soon after and another 11 service points closed. The terminated employees receive 6 months of family health insurance, loan forgiveness for loans below AOA:25 million (US$40,500) or reduction of interest rates for larger loans, free tuition for two professional courses and cash severance payments of AOA:10 million (US$16,000).[5]
Shareholdingedit
The table below illustrates the shareholding in BPC in 2016, before restructuring and the shareholding expected in 2022 after reorganization.[4]
^ abAngola Press News Agency (5 June 2020). "BPC Announces Plans to Lay Off 1,600 Workers". Luanda: Angola Press News Agency. Retrieved 8 June 2020.
^AfDB (13 December 2016). "Angola: Line of Credit to "Banco Poupanca e Credito (BPC) SA"". Abidjan: African Development Bank (AfDB). Retrieved 8 June 2020.
^ abDevex (2000). "The History of Banco de Poupança e Crédito". Devex.com. Retrieved 8 June 2020.
^ abcdefghijMacauhub (23 January 2019). "Angola's Banco de Poupança e Crédito will have sufficient capital by June 2020". Macauhub.com.
^Angola Press News Agency (2 September 2020). "BPC ends labour contract with 156 employees". Luanda: Angola Press News Agency. Retrieved 6 September 2020.
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Banco de Poupanca e Credito BPC English Savings and Credit Bank is a government owned full service bank in Angola With some 68 branches including one in Cabinda it has the largest branch network in the country 1 Savings and Credit BankIndustryBanking Financial servicesFounded1956 67 years ago 1956 HeadquartersLuanda AngolaArea servedAngolaKey peopleAntonio Andre LopesChief Executive Officer 1 Number of employees4 820 2020 Websitewww wbr bpc wbr ao wbr bpc wbr en wbr Contents 1 Overview 2 History 3 Reorganization and recapitalization 4 Shareholding 5 References 6 External linksOverview editBPC is a large financial services institution serving the retail banking market in Angola with focus on the small and medium enterprises in the country As of 2016 BPC was the largest public bank in Angola It was also the second largest commercial bank in the country by market share accounting for 23 4 percent of all banking customers in the nation at that time 2 History editIn 1956 the Banco Comercial de Angola was founded in Lisbon but with half the shares being in the hands of the Belgian Banque de Bruxelles It immediately opened an office in Luanda The bank transferred its head office to Luanda in 1967 Later the bank was owned by the Banco Portugues do Atlantico In 1971 Barclays Bank received shares in Banco Portugues do Atlantico in return for contributing its branches in Mozambique to Banco Comercial de Angola 3 After independence in 1975 the Angolan government nationalized the bank and changed its name to Banco Popular de Angola At about the same time the government in Sao Tome and Principe nationalized its branch in that country incorporating it into what is now the Central Bank of Sao Tome and Principe Banco Comercial de Angola also had an office in Macau that in 1974 became Banco Comercial de Macau as a subsidiary of Banco Portugues do Atlantico The Government of Mozambique nationalized the operations there belonging to the bank incorporating them into the Banco de Mocambique In 1991 the government changed the name of Banco Popular de Angola to the present name Banco de Poupanca e Credito 3 Reorganization and recapitalization editBPC accumulated a huge number of non performing loans NPL in the period ending in December 2017 The NPL ratio ballooned from 4 5 percent in 2016 to 23 2 percent in 2017 4 In May 2017 the government of Angola created a public entity for asset recovery called Recredit for the sole purpose of buying bad loans from BPC Angola s largest bank by assets at that time Initially capitalized with US 2 billion the government borrowed another US 3 5 billion from the International Monetary Fund to further recapitalize Recredit and thereby provide liquidity to BPC in order to lend more to Angolan businesses Other rationalization measures include trimming down the number of employees from 4 820 to 3 220 by letting 1 600 go either through regular retirement early retirement or termination The number of bank branches will also be trimmed 4 In August 2020 the first group of 156 employees were terminated and 53 service points closed It is expected that another 120 employees will be released soon after and another 11 service points closed The terminated employees receive 6 months of family health insurance loan forgiveness for loans below AOA 25 million US 40 500 or reduction of interest rates for larger loans free tuition for two professional courses and cash severance payments of AOA 10 million US 16 000 5 Shareholding editThe table below illustrates the shareholding in BPC in 2016 before restructuring and the shareholding expected in 2022 after reorganization 4 Shareholding In Banco de Poupanca e Credito Rank Name of Owner Ownership Before 2016 Ownership After 2022 Expected 1 Angola Ministry of Finance 75 0 4 53 3 4 2 Angola National Social Security Institute 15 0 4 5 6 4 3 State Assets and Participations Institute IGAPE 0 0 37 3 4 4 Social Security Fund of the Angolan Armed Forces 10 0 4 5 3 4 Total 100 00 100 00References edit a b Angola Press News Agency 5 June 2020 BPC Announces Plans to Lay Off 1 600 Workers Luanda Angola Press News Agency Retrieved 8 June 2020 AfDB 13 December 2016 Angola Line of Credit to Banco Poupanca e Credito BPC SA Abidjan African Development Bank AfDB Retrieved 8 June 2020 a b Devex 2000 The History of Banco de Poupanca e Credito Devex com Retrieved 8 June 2020 a b c d e f g h i j Macauhub 23 January 2019 Angola s Banco de Poupanca e Credito will have sufficient capital by June 2020 Macauhub com Angola Press News Agency 2 September 2020 BPC ends labour contract with 156 employees Luanda Angola Press News Agency Retrieved 6 September 2020 External links edit nbsp Banks portalOfficial Website BPC transfers 80 of bad loans to Recredit As of 3 June 2020 National Bank of Angola orders recapitalisation of two banks As of 2 January 2020 08 49 05 S 13 14 07 E 8 81806 S 13 23528 E 8 81806 13 23528 Retrieved from https en wikipedia org w index php title Banco de Poupanca e Credito amp oldid 994051591, wikipedia, wiki, book, books, library,
