Luanda — The state-owned Savings and Credit Bank (BPC) last Tuesday transferred to Recredit Assets Management 80% of its bad debt, estimated at 951 billion kwanzas (equivalent to $1.7b).
The bad loan transfer contract was signed by the chairmen of the BPC boards of directors, André Lopes, and Recredit, Valter Dias de Barros.
Speaking to the press, the manager of Recredit stated that his firm will continue to deal with the credit recovery process of this portfolio, favouring recovery through extra judicial means.
On his turn, the Chairman of the Board of Directors of BPC explained that with the giving away of part of its loan portfolio to Recredit, the conditions were created so that in the future this exercise of collecting and regularizing BPC credit will be made by a private institution.
Recredit has already managed to recover a debt of 1.5 billion kwanzas in credit granted by BPC.
