Banco de Poupança e Crédito (BPC) (
English
English usually refers to:
* English language
* English people
English may also refer to:
Peoples, culture, and language
* ''English'', an adjective for something of, from, or related to England
** English national ide ...
: ''Savings and Credit Bank'') is a government-owned, full service bank in
Angola
, national_anthem = " Angola Avante"()
, image_map =
, map_caption =
, capital = Luanda
, religion =
, religion_year = 2020
, religion_ref =
, coordina ...
. With some 68 branches, including one in
Cabinda, it has the largest branch network in the country.
Overview
BPC is a large financial services institution serving the retail banking market in Angola, with focus on the
small and medium enterprise
Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Ba ...
s 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.
History
In 1956 the ''Banco Comercial de Angola'' was founded in
Lisbon, but with half the shares being in the hands of the
Belgian
Belgian may refer to:
* Something of, or related to, Belgium
* Belgians, people from Belgium or of Belgian descent
* Languages of Belgium, languages spoken in Belgium, such as Dutch, French, and German
*Ancient Belgian language, an extinct languag ...
Banque de Bruxelles Bank Brussels Lambert (BBL, french: Banque Bruxelles Lambert) was a Belgian bank that was created through merger in 1975 and became part of ING Group in 1998. It provided retail and commercial banking services to individuals and businesses in Belgi ...
. It immediately opened an office in
Luanda
Luanda () is the Capital (political), capital and largest city in Angola. It is Angola's primary port, and its major Angola#Economy, industrial, Angola#Culture, cultural and Angola#Demographics, urban centre. Located on Angola's northern Atl ...
. 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
Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services.
Barclays traces ...
received shares in Banco Português do Atlântico in return for contributing its branches in
Mozambique
Mozambique (), officially the Republic of Mozambique ( pt, Moçambique or , ; ny, Mozambiki; sw, Msumbiji; ts, Muzambhiki), is a country located in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi ...
to ''Banco Comercial de Angola''.
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
Macau or Macao (; ; ; ), officially the Macao Special Administrative Region of the People's Republic of China (MSAR), is a city and special administrative region of China in the western Pearl River Delta by the South China Sea. With a p ...
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
The Bank of Mozambique ( pt, Banco de Moçambique) is the central bank of Mozambique. The bank does not function as a commercial bank, and has the responsibility of governing the monetary policy, monetary policies of the country. The president (go ...
. In 1991, the government changed the name of ''Banco Popular de Angola'' to the present name
Banco de Poupança e Crédito.
Reorganization and recapitalization
BPC accumulated a huge number of
non-performing loan A non-performing loan (NPL) is a bank loan that is subject to late repayment or is unlikely to be repaid by the borrower in full. Non-performing loans represent a major challenge for the banking sector, as it reduces the profitability of banks, and ...
s (NPL), in the period ending in December 2017. The NPL ratio ballooned from 4.5 percent in 2016 to 23.2 percent in 2017.
In May 2017, the
government of Angola
The Cabinet of Angola is the chief executive body of the Republic of Angola.
References
External linksgoverno.gov.ao(in Portuguese)
Cabinet
Angolan ministers
Ministers
Angola
, national_anthem = "Angola Avante"()
, image_ ...
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
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...
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.
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).
Shareholding
The table below illustrates the shareholding in BPC in 2016, before restructuring and the shareholding expected in 2022 after reorganization.
References
External links
Official WebsiteAs of 3 June 2020.
National Bank of Angola orders recapitalisation of two banksAs of 2 January 2020.
{{DEFAULTSORT:Banco de Poupanca e Credito
Banks of Angola
Companies based in Luanda
Angolan brands
Banks established in 1956
1956 establishments in Angola