BPC bank starts judicial recovery of credit

Luanda – The Savings and Credit Bank (BPC) is organizing processes to recover the bad credit in judicial ways, after the refund of 47 billion kwanzas in 2019.

This amount returned by customers corresponds to only 4.2 per cent of the outstanding portfolio of 1,118 trillion kwanzas, according to daily newspaper Jornal de Angola (J.A), in its edition this Tuesday (7th).

The publication is limited to the Asset Quality Assessment (AQA) of the National Bank of Angola (BNA) from April to December 2019.

According to the daily newspaper, in the constitution of the lawsuits, BPC has faced constraints in the formalization of the credits and guarantees, influencing the less favorable results of the evaluation.

The credit recovered last year, 841.1 million kwanzas were made possible because of the Reborn Campaign, aimed at individuals, with which the BPC has renegotiated loan conditions.

In 2018, Jornal de Angola advances, that 298.7 billion kwanzas, equivalent to 26 percent of the loan portfolio, were sold (transferred) to Recredit (state-owned asset management company).

By the finance operation, this institution (BPC) received in return, 231.1 billion in 24 year Treasury Bonds, and a coupon interest rate of five percent annually.

Source: Angola Press News Agency