Banco de Poupança e Crédito
| Company type | State-owned enterprise |
|---|---|
| Industry | Banking and financial services |
| Founded | 1956 |
| Headquarters | Luanda , Angola |
Area served | Angola |
| Products | Retail banking, SME banking |
| Owner | Ministry of Finance of Angola (majority shareholder) |
Number of employees | 3,220 (2017) |
| Website | www |
Banco de Poupança e Crédito (BPC), translated as Savings and Credit Bank in English, is a state-owned full-service financial institution headquartered in Angola. It operates approximately 68 branches nationwide, including a location in Cabinda, making it the bank with the most extensive branch network across the country.
Overview
BPC stands as a leading banking entity in Angola, primarily serving retail clients and small to medium-sized enterprises (SMEs). As of 2016, it held the position of the largest public-sector bank and ranked second among commercial banks by market share, catering to 23.4% of Angola’s banking clientele.
History
The bank was established in 1956 under the name Banco Comercial de Angola in Lisbon, with Belgian Banque de Bruxelles owning half of its shares. It promptly launched an office in Luanda and shifted its headquarters there by 1967. Subsequently, ownership passed to Banco Português do Atlântico. In 1971, Barclays Bank exchanged its Mozambique operations for equity stakes in Banco Português do Atlântico.
After Angola gained independence in 1975, the government nationalized the institution, renaming it Banco Popular de Angola. Concurrently, branches located in São Tomé and Príncipe and Mozambique were nationalized by their respective governments. The Macau branch transitioned into Banco Comercial de Macau, remaining under Banco Português do Atlântico’s control. The current designation, Banco de Poupança e Crédito, was adopted in 1991.
Reorganization and recapitalization
By December 2017, BPC experienced a sharp increase in its non-performing loan (NPL) ratio, escalating from 4.5% in 2016 to 23.2%. To remediate this issue, the Angolan government created Recredit in May 2017—a public asset management company tasked with acquiring BPC’s impaired loans. Initially capitalized with US$2 billion, Recredit secured an additional US$3.5 billion through an IMF loan aimed at recapitalizing BPC and improving its liquidity to better support local businesses. As part of restructuring efforts, staff numbers were reduced from 4,820 to 3,220 through voluntary retirements and dismissals, accompanied by the closure of several branches.
In August 2020, BPC proceeded with the dismissal of 156 employees and shuttered 53 service points. Further workforce reductions were planned, including letting go of another 120 staff members and closing 11 additional branches. Severance benefits offered included six months of family health coverage, loan forgiveness or interest rate concessions for affected personnel, complimentary enrollment in professional training programs, and cash compensation amounting to AOA 10 million (approximately US$16,000).
The following table illustrates BPC’s ownership structure before the 2016 reorganization alongside the anticipated share distribution projected for 2022.
| Rank | Shareholder | % Ownership Pre-2016 | % Ownership Projected Post-2022 |
|---|---|---|---|
| 1 | Ministry of Finance of Angola | 75.0 | 53.3 |
| 2 | National Social Security Institute of Angola | 15.0 | 5.6 |
| 3 | State Assets and Participations Institute (IGAPE) | 0.0 | 37.3 |
| 4 | Social Security Fund for the Angolan Armed Forces | 10.0 | 5.3 |
| Total | 100.00 | 100.00 |