Banco BPI, the Portuguese bank majority-owned by Spain’s CaixaBank, has agreed to sell its 33.35% stake in Banco de Fomento de Angola (BFA) to Congolian Financial S.A. (CFSA) for a fixed €388.5 million ($452 million).

The transaction marks Banco BPI’s exit from Angola after years of efforts to reduce its exposure to the country’s banking market.

BPI agrees to $452 million sale

The agreed consideration includes €345 million ($401 million) paid as a fixed tranche and a deferred fixed payment of about €43.5 million ($50.5 million). Both deferred amounts are due in May 2027. The deal also includes a variable deferred payment equal to half of BFA’s 2026 dividend attributable to BPI’s stake.

Banco BPI expects the two fixed components of the transaction to have a positive impact of about €9 million ($10.4 million) on its accounting shareholders’ equity. BPI has sought to sell its holding in BFA since 2017 after the European Central Bank recommended that the Portuguese lender reduce its exposure to Angola.

The bank suspended plans to sell its entire 48.1% BFA stake in 2023, citing the impact of the kwanza’s devaluation against the U.S. dollar.

BFA remains a major Angolan bank

Banco de Fomento de Angola is one of the country’s largest commercial banks, with nearly 200 branches, corporate centers and investment hubs across Angola.

The sale reduces BPI’s direct exposure to the Angolan financial market while transferring the stake to Congolian Financial, an Angolan public limited company owned by Grupo Carrinho.

CFSA is headquartered in Lobito, Benguela, and is controlled by Nelson Fidel Candundo Carrinho and Rui Alves Candundo Carrinho, the effective beneficiaries of the Carrinho Group.

CaixaBank’s international footprint

Banco BPI, headquartered in Porto, Portugal, was founded in 1981 as SPI, or Sociedade Portuguesa de Investimentos, before becoming Banco Português de Investimento in 1985. It became the first bank listed on the Portuguese stock market in 1986.

BPI operates as a subsidiary of CaixaBank and provides retail, commercial and investment banking services to individuals, small and medium-sized businesses and corporate clients.

CaixaBank, headquartered in Valencia, Spain, is one of the country’s leading financial groups. Its modern corporate structure was established in 2011, building on savings-bank institutions with roots dating to 1904.

The group serves more than 20 million customers across Spain and Portugal and has an international network of branches and representative offices supporting corporate clients operating abroad.

CaixaBank’s international network includes six branches and 17 representative offices across five continents, alongside banking subsidiaries Banco BPI in Portugal and CaixaBank Wealth Management Luxembourg.

The BFA transaction underscores CaixaBank’s broader effort to reshape its international exposure while Grupo Carrinho strengthens its position in Angola’s financial sector.