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Angola says Novo Banco to get 9.9 pct stake in BES Angola
October 20, 2014 / 1:27 PM / in 3 years

Angola says Novo Banco to get 9.9 pct stake in BES Angola

LISBON, Oct 20 (Reuters) - Portugal’s Novo Banco - the successor to rescued lender Banco Espirito Santo - will keep a 9.9 percent stake in BES Angola after converting part of an interbank loan in capital, Angola’s central bank said on Monday.

The National Bank of Angola, which in August put BESA into administration, said in a statement BES Angola would take a range of capital reinforcement measures to honour its commitments.

The central bank said it would convert some 41.6 billion kwanzas (422 million US dollar) of BES loans to BESA into a dollar loan repayable in 18 months and the same amount into a loan repayable over 10 years.

It said shareholders and investors approved by the Angolan authorities would also have to carry out a capital increase worth around $650 million. BES had a 56 percent stake in BESA before its collapse in early August. (1 US dollar = 98.6950 Angolan new kwanza) (Reporting By Segrio Goncalves and Andrei Khalip, editing by Axel Bugge)

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