Luanda - Angola’s minister of Finance Vera Daves Friday recommended to the new Board of directors of the Saving Credit Bank (BPC) strictness and balance in standards.
Speaking at the swearing ceremony of the new BPC Board, now led by Cláudio Pinheiro Macedo, the minister also recommended the new team to comply with good corporate governance practices.
Vera Daves also recommended the need to maintain a good organisational climate, good teamwork spirit and good institutional relations with different stakeholders, "because bridges cannot be burned”, she said.
In order to clarify the expression "bridges cannot be burnt", the minister explained that there is a relationship with various State bodies and institutions, calling for the need to intelligently make things right in order to avoid the situation of the past when the BPC was found on the verge of collapse.
She urged the managers that they should not give up referring the state bodies, calling for emotional intelligence and wisdom to do so without hurting the stakeholders. "Try to continue with patience and intelligence," the minister recommended.
The minister also told the managers that she was available to offer support and solutions in their relationship with State managers in terms of transactions, adding that there is no point in going back to the past when everything was deemed possible for the BPC".
The new BPC Board comprises seven directors and two chairmen, one of the board of directors and the other of the executive committee.
As of 2019, BPC has been implementing a Recapitalisation and Restructuring Programme (RRP) to improve its market positioning, strongly hit by bad loans and attacks on its IT system.
With public capital, the financial institution has the following shareholders: Ministry of Finance with 53.3% of the shares, Institute of Social Security of the Angolan Armed Forces (ISSFAA) 3.7%, National Institute of Social Security (INSS) 5.6%, and the Institute of Asset Management and State Participation (IGAPE) 37.3%.
