The billionaire Carrinho family of Angola is expanding its presence in the financial sector after securing an agreement to buy a substantial stake in Banco de Fomento de Angola (BFA). Congolian Financial, an investment vehicle based in Lobito and controlled by brothers Nelson Carrinho and Rui Carrinho, has agreed to acquire a 33.35 percent interest in BFA from Banco BPI, the Portuguese division of Spain’s CaixaBank, for €388.5 million ($452 million).

The sale formally brings Banco BPI’s direct operations in Angola to a close, ending a nearly decade-long push by the lender to wind down its holdings in the country. The agreed price structure includes two fixed installments alongside a variable cash distribution. Congolian Financial is scheduled to deliver €345 million ($401.7 million) upon closing the deal, followed by a deferred payment of €43.5 million ($50.7 million) in May 2027.

Together, these two cash tranches make up the €388.5 million valuation, which translates to $452 million—or €388.5 million ($453.5 million) based on Banco BPI’s currency notes regarding the fixed tranches. A third payment, calculated as half of BFA’s 2026 dividend tied to the acquired shares, will also be disbursed in May 2027. The $452 million figure accounts strictly for the two guaranteed components.

BPI moves on BFA divestment deal

Banco BPI, which held the BFA asset on its books at €379 million ($441.4 million) as of June 30, 2026, confirmed that the divestment will generate an estimated gain of €9 million ($10.47 million)—stated by BPI as approximately €9 million ($10.5 million)—for its accounting shareholders’ equity from the fixed considerations alone. The transaction involves 5,002,500 shares, as outlined in Banco BPI’s formal market announcement on Sept. 3.

Before closing, the purchase must satisfy several regulatory hurdles and shareholder approvals. It requires formal non-objection clearance from the National Bank of Angola, as well as an official confirmation from the Capital Market Commission affirming that Congolian Financial is not obligated to launch a mandatory takeover bid for the entire bank. In addition, Unitel, which sits as BFA’s largest shareholder, must choose not to exercise its pre-emption rights under the existing shareholders’ pact.

Carrinho expands footprint with BFA stake

For Banco BPI, the agreement resolves a long-standing directive from European regulators. The bank has been actively working to offload its position in BFA since 2017, when the European Central Bank urged it to scale back its financial exposure to Angola. Those efforts hit a direct roadblock in 2023, when Banco BPI paused its planned sale of a full 48.1 percent stake in BFA after the sharp devaluation of the Angolan kwanza made an immediate exit unfavorable.

BPI resumed its divestment in 2025, offloading a 14.75 percent stake in the Angolan institution during its initial public offering. Congolian Financial participated during that 2025 public listing by picking up a 7.61 percent stake in BFA. It later shifted those shares directly into the AXIOS fund, stepping off the direct shareholder ledger while maintaining an indirect financial stake through fund units.

The AXIOS fund eventually held an estimated 9.85 percent stake in the bank. Local business outlet Negócios de Angola reported in June, citing people familiar with the matter, that the share transfer was set up to prevent regulatory concentration concerns, given the Carrinho family’s existing footprint across commercial banking, insurance, and brokerage services.

The purchase represents another major step in the ongoing expansion of Grupo Carrinho. Established in 1993, the family enterprise originally set out to build the nation’s first vertically integrated supply system across agriculture and food manufacturing, overseeing every phase from origination, transport, and storage to processing and retail distribution.

Carrinho brothers build generational institutional power

Over the past twenty years, Nelson and Rui Carrinho have broadened the family business from its commercial roots in Benguela province into a large-scale industrial conglomerate working to reshape domestic food supply lines. Nelson Carrinho, who has served as the conglomerate’s chief executive officer since 2004 alongside his role as chairman, has guided the group’s internal culture, workforce training programs, and regular push into new commercial sectors, with an operational emphasis on sustainable practices and social returns.

Working beside him, Rui Carrinho has served as vice-CEO since 2005 while also acting as chief operating officer. In that operational role, Rui helped design and execute the business strategy that transformed the family’s early catering activities into a widespread corporate enterprise. By stepping in to acquire Banco BPI’s remaining equity in BFA, the Carrinho brothers are securing a direct anchor within Angola’s commercial banking system, converting their food production base into deep institutional power within the domestic economy.