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Prominent Suitors Eye BCA Sale: Caixa Geral de Depósitos Approaches Deal

Caixa Geral de Depósitos Group has attracted substantial interest in Cape Verde's Banco Comercial do Atlântico (BCA) from three potential investors. iiB Bank (International Investment Bank) emerges as a leading contender in the acquisition of BCA.

Selected investors have submitted preliminary acquisition intentions, advancing the BCA acquisition process. Caixa Geral de Depósitos (CGD) holds a significant 52.65% stake in BCA through its subsidiary, Banco Interatlântico in Cape Verde, in addition to a separate 6.76% shareholding.

Recent developments within the Portuguese government have paved the way for the identification of investors set to acquire CGD's BCA holdings. Among the chosen parties, iiB Bank (International Investment Bank) stands out.

Sultan Sohail, Chairman of the iiB Group, has expressed the Bahraini group's keen interest in acquiring BCA, with an optimistic target of completing the transaction by the first half of 2024.

The government's green light reinforces CGD's authorization to proceed with the sale of its 59.81% stake in Banco Comercial do Atlântico. The upcoming steps include the publication of the Council of Ministers' Resolution in the Diário da República, inviting selected investors to conduct due diligence and submit binding proposals in the fourth quarter of this year.

BCA's sale is a crucial component of CGD Group's restructuring plan, initially approved by the European Commission. Despite pandemic-related delays, CGD remains committed to this strategy, retaining its presence in the Cape Verdean market solely through Banco Interatlântico.

In 2022, Banco Comercial do Atlântico, Cape Verde's largest bank, reported record profits of 16.3 million euros. As CGD progresses toward the sale, BCA's future remains a topic of keen interest in financial and Cape Verdean markets.


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