The Fate of Portugal’s BPI Bank Lies with Africa’s Richest Woman
One of Portugal’s largest and most venerable banks, the BPI Bank could be brought to its knees, not through bankruptcy or similar problems, but because its operations in Angola would be hamstrung if they lose their link to the Banco de Fomento de Angola (BFA). In the first six months of 2015, BFA operations made up 70% of BPI profits. That shows the extent of the BPI’s dependency on this single financial institution in its Angolan operation. And BPI’s partner in the BFA is none other than Unitel. Step forward Isabel dos Santos, billionaire daughter of Angola’s President Jose Eduardo dos Santos. In other circumstances, it might be quite deliciously ironic to see a post-colonial African entrepreneur – and a female to boot – take down a bank connected to the old boys’ club of Portugal’s well-heeled aristocracy (Santos Silva and Ulrich). In reality, it is much more complicated. Isabel dos Santos’s […]
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