Luanda – Recredit recovered 37.03 billion kwanzas of bad debt from Banco de Poupança e Crédito (BPC) bank from 2019 to June 2022, representing 12.85% of the amount paid for the acquisition of the loan portfolio.
This was announced by Recredit CEO, Valter Barros, who said that the majority shareholder (State) of this institution invested/paid Kz 288 billion for the global purchase of BPC's nonperforming loan portfolio, worth 1.24 billion kwanzas.
Speaking at the first training seminar directed for economic journalists from different media outlets, the CEO said that most of the credit recovered is related to real estate assets received, valued at 16.38 billion kwanzas.
According to him, this figure represents 44 .24% of the total value of 37.03 billion kwanzas.
Despite the amount already recovered, around 251 billion kwanzas are still missing, a goal that can be achieved in the next seven years (until 2029), a period set for the “useful life of Recredit”, according to the manager.
Valter Barros stated that the strategy for recovering the bad loan includes 346 credit processes (Kz 128 billion) under negotiation, as well as 77 processes (24 billion kwanzas) in litigation.
Also part of this programme are 24 processes (121 billion) in legal action and 29 agreements concluded (Kz 15 billion).
With the aim of sharing knowledge about BPC's bad debt, the first training seminar aimed at journalists was promoted by Recredit, in partnership with the Association of Economic Journalists of Angola (AJECO).
Created on June 24, 2016, Recredit, Asset Management S.A, has as its main mission the acquisition and recovery of bad debt from BPC (the only State bank), in an exclusive way, as well as the management of assets arising from the recovery .
The public limited company is also majority owned by the State, through the Ministry of Finance.
