Luanda – The Assets of Management (Gestão de Activos SA) RECREDIT recovered from March to September this year 16.44 billion kwanzas of bad debt from the Savings and Credit Bank (BPC).
The figure accounts for 83 percent of the annual goal for 2021, estimated at Kz 19.8 billion.
The result, achieved since the beginning of this fiscal year until the end of the third quarter of 2021, enabled RECREDIT an accumulated recovery value of 21.37 billion kwanzas, since 2020, according to a press release reached Angop on Friday.
According to the document, the recovery potential for this quarter (October, November and December) of 2021 is estimated at around Kz 13 billion, taking into account the various processes that are in technical progress.
Of the total amount to be recovered, includes about 7 billion kwanzas of amortisation proposals; Kz 699 million referring to approved proposals; and 5 billion represent proposals approved with agreements signed between the institution and the debtors.
According to RECREDIT, overall, approximately 28 percent of cases are in litigation (lawsuit in court) and the remaining 72% are under review or negotiation.
Additionally, RECREDIT underlines that 71 percent of the loan portfolio is concentrated in the 20 largest borrowers, which, in general, belong to the construction and commerce sectors.
Created on August 4, 2016, RECREDIT is a company governed by private law, anonymous and with public capital, in which its largest shareholder is the Angolan State, with a 95% stake in the share capital.
The entity's fundamental mission is to acquire, recover, restructure and revitalise assets, namely credit, in order to add value to the national financial system.
