Angolan businesswoman Isabel dos Santos is no longer a shareholder in a bank in Portugal. The sale of her shareholding in EuroBic to Abanca was completed yesterday, Thursday (11), more than four years after the Bank of Portugal decided to sell it.

According to a publication in the Portuguese newspaper ExpressThe bank will operate under the transitional brand EuroBic Abanca until 2025, but the Portuguese will notice changes as of this weekend. Abanca will keep part of its current management team. Spaniards reinforce power in national banking, owning the third, fifth and seventh largest Portuguese banks.

This acquisition, valued at more than 300 million euros, according to the same publication, puts an end to the shareholder uncertainty surrounding the Portuguese bank that has lasted for more than four years, specifically when the Luanda Leaks case broke out in January 2020.

EuroBic's shareholder structure has remained undefined since 2020, after the Luanda Leaks affair, which forced Isabel dos Santos to leave the Portuguese bank, broke out.

The Angolan businesswoman held a 42.5% stake in Eurobic, which was seized by the authorities following the mega trial she is facing in Luanda. 37.5% was held by Fernando Teles, while the remaining capital belonged to other Angolan shareholders such as Luís Cortez dos Santos, Manuel Pinheiro Fernandes and Sebastião Lavrador (each with 5%).

(Photo DR)