Spanish, Angolan rivals reach deal over Portuguese bank

Staff Writer
Columbus CEO

LISBON, Portugal (AP) — The Lisbon stock exchange has suspended trading in shares in Banco Portugues do Investimento as the market awaits details of an agreement between the bank's Spanish and Angolan shareholders over their stakes.

Spain's Caixabank, S.A., which owns 44 percent of the Portuguese bank, has for more than a year been negotiating to buy the 18.6 percent stake held by Angolan businesswoman Isabel dos Santos after European banking authorities ordered Portugal's second-largest listed bank to lower its exposure to Angola.

Banco BPI said in a statement late Sunday its two major shareholders had clinched a deal, with details being made public in coming days.

Caixabank is widely expected to launch a bid for other shares it doesn't own in the latest move toward consolidation in the Iberian banking sector.