By Andrea Hargraves 
Sonangol CEO Sebastião Gaspar Martins defended in an interview with Reuters on Wednesday that BCP’s final merger with another bank should only happen “with another institution that promotes an increase in the value of the bank and an improvement in stock prices.”
The head of the Angolan state oil company has confirmed that Sonangol will retain its stakes in both BCP and Galp. Sonangol owns 19.49% of the share capital of BCP, being the second largest shareholder in the bank led by Miguel Maya.
In the oil company, Sonangol has an indirect stake of 45% in the holding company Amorim Energia, which controls 33% of Galp’s share capital.
“Sonangol has, in its investments in Galp and Millennium bcp, strategic and financial interests, which is why it retains its stake in both companies, and continues to monitor their performance, in order to ensure their appreciation and their profit-making,” said Sebastião Gaspar. Martins.
“Sonangol will maintain its investment in the two companies as long as they prove to be viable strategically and financially,” he added.
Regarding the Portuguese banking merger scenario, the CEO of Sonangol noted that “to the extent any merger move strengthens our position, in terms of increasing competitive advantages and diversifying risks, we will continue to pay attention to market behavior and our decisions will be based on the assessments that will be made before any movement.”
But he made it clear that “the possible merger of Banco Millennium bcp must be with another institution that promotes an increase in the bank’s value and an improvement in its stock prices.”