PremiumBanks lose 110 million euros with nationalization of Efacec

Estado intends to maintain the sale process, taking advantage of the interests expressed in the current competition, but in the context of a reprivatisation.

The nationalization of Efacec, announced yesterday by the Government, puts at risk the approximately 110 million euros of credits that a group of banks granted to Winterfell, a company owned by Isabel dos Santos, for the purchase of a 71,73% stake in the company Portuguese.

In the list of banks that financed the purchase of Efacec, with the shares as attachment, are Banco Montepio, BIC Angola and BPI, with the largest share. And also CGD, Millennium bcp and Novo Banco, but with less exposure. This credit should already be provisioned by most banks. The amounts in question are lost immediately, but a source linked to the process admits that nationalization may create compensation for banks that have the pledge of shares according to the amount that is attributed to companies.

Content reserved for subscribers. To read the full version, go to here to the JE Reader


Efacec Nationalization: Administration alongside the Government

Just as it had happened with the shareholders who were with Isabel dos Santos in the list that owned the group, Efacec's management says that it supports the decision of the socialist executive.

Efacec's private shareholders satisfied with the company's nationalization

The José de Mello Group and TMG - Têxtil Manuel Gonçalves, which hold about 28% of Efacec's capital, are available to “contribute to a sustainable future” of the company.

Luanda Leaks: Government nationalizes 70% of Efacec's capital

The measure was approved today in a council of ministers with the objective of safeguarding 2.500 jobs due to the “shareholder impasse”. At the same time, the Government started the process of privatizing this capital. "It is not a lasting intervention, it aims to resolve the shareholder impasse," said the Minister of Economy today. Decree-law has already been promulgated by the President of the Republic.

Six years later BES is still in liquidation and reported a loss of 252 million in 2019

The charges associated with the existing liability (which is 6,5 billion in 2019) caused a loss at BES, which is still in liquidation, of 251,72 million euros. The asset is only 181 million and the recognized credits total 5.057 million. BES submitted to the court on July 31 the responses to the challenges presented to the recognition of the credits. With this, six years pass and BES is far from liquidation.

Commerzbank's profits sink 76%. Wirecard's debt outweighed Covid-19

One of the specifics of the results of the German bank, is that it recorded more losses with the write-off of the credit of Wirecard than with the provisions for Covid-19. The write-off (100% impairments) of the fintech technology debt that collapsed totaled 175 million euros, above the provisions set up for the effects of the pandemic, which in the second quarter were 131 million.

French bank Natixis has a new CEO

Nicolas Namias is the new CEO of Natixis globally and succeeds François Riahi, who was suddenly replaced after the bank suffered losses in the second quarter.