Africa’s Richest Woman Acquires Additional 17.5% Stake In Angolan Bank

Africa’s richest woman, Isabel dos Santos, has increased her stake in Angolan Bank Banco BIC to 42.5%, according to Portuguese newspaper, Publico.

According to the paper, Isabel dos Santos and Banco BIC Angola’s CEO, Fernando Teles acquired a 25% shareholding owned by Portuguese billionaire businessman Americo Amorim. The duo also acquired another 10% stake in Banco BIC Portugal, an offshoot of Banco BIC Angola owned by another shareholder, businessman António Ruas. Isabel dos Santos and Teles split the 35% equally, each taking 17.5%. Santos previously owned 25% of the bank, bringing her current shareholding to 42.5%. Ruas now owns 37.5%. The deal was closed on Thursday last week, though it is not clear how much they paid to acquire the shares.

Banco BIC Angola and Banco BIC Portugal have an identical shareholding structure. The bank was established in Angola in 2005 before expanding to Portugal in 2008. It is currently Angola’s largest bank, with more than 200 branches across the country, 3,000 employees and about 1 million customers.

With this deal, Isabel dos Santos, who is worth approximately $3.5 billion by FORBES’ estimates, is now Banco BIC’s dominant shareholder and has cemented her position as one of the biggest stakeholders in Angola and Portugal’s financial system.

Isabel dos Santos, 41, is the daughter of Angola’s president, and was profiled  by Forbes in 2013 in a piece titled “Daddy’s Girl: How an African ‘Princess’ Banked $3 billion in a Country Living on $2 a day.”  Leveraging on her father’s position, Isabel dos Santos has acquired large stakes in blue-chips like Angolan mobile phone operator Unitel, media giant Zon Optimus and Portuguese oil and gas firm Galp Energia.

Source: http://www.forbes.com/sites/mfonobongnsehe/2014/10/01/africas-richest-woman-acquires-17-5-additional-stake-in-angolan-bank/