BPI has expressed its intention to sell its stake in Banco Comercial e de Investimentos (BCI) following accumulated losses in 2025, attributed to the worsening of Mozambique’s public debt. According to the institution’s CEO, João Pedro Oliveira e Costa, the stakes in Angola and Mozambique “are not strategic.”
“When I publicly state that these are non-strategic stakes, it means I am open to selling them,” he emphasized, noting that last year BCI contributed a negative 20 million euros to BPI due to the deterioration of Mozambique’s debt, compared to a positive 38 million euros in 2024.
Oliveira e Costa assured that any decision regarding BCI will be communicated in advance to Caixa Geral de Depósitos (CGD), the Mozambican bank’s main shareholder. “We will not make any decision without first informing CGD,” declared the executive, who took the opportunity to criticize the way Mozambican authorities have been treating the bank.
According to a report in Jornal Económico, BPI no longer has representatives on the Mozambican bank’s board, and its shareholder Caixabank is “strongly in favor of selling its stake in BCI,” reiterating that the tragic death in Mozambique of the director appointed by BPI also accelerated the strategy to sell its stake.
BCI enters a new phase and appoints new directors
This week, BCI announced that it has entered a new phase and that the Executive Committee, drawn from the Board of Directors, will be chaired by José Furtado. The bank also noted that Pedro Ventaneira (who previously worked at Haitong Bank and Banco Montepio) will serve as chief financial officer.
According to a statement shared with Diário Económico, the Board of Directors will continue to be chaired by Carlos Agostinho do Rosário as non-executive chairman, maintaining its role as the body responsible for the strategic direction and supervision of the bank’s activities, while the former chairman of the Executive Committee, Francisco Costa, will join the Board as non-executive vice chairman.
The remaining members of the Executive Committee are Raúl António Correia Saraiva de Almeida, George Lenon Ibraimo Mandawa, Farhana Tayob Suleman Razak, Fátima Augusto da Conceição, Nuno Miguel Braga Pargana, and Pedro Miguel Nunes Ventaneira. The members of the presiding board of the General Meeting and the Supervisory Board were also elected.
According to the statement, José Furtado returns to BCI after having served on the bank’s management team from 2013 to 2020. With more than three decades of experience in leadership positions in the financial sector, business groups, public institutions, business schools, and international organizations, Furtado has built his academic and professional career in Mozambique, Portugal, the United States, and England.
The shareholder structure of BCI – Banco Comercial e de Investimentos (Mozambique) is majority-controlled by the Portuguese group Caixa Geral de Depósitos (CGD), which holds more than 60% of the capital through Caixa Participações and directly; the Portuguese bank BPI also holds a 35.67% stake.
BCI has a share capital of approximately $138 million, which is majority-owned by Caixa Participações, part of the Portuguese group Caixa Geral de Depósitos, with significant stakes also held by Banco Português de Investimento and CGD itself. In 2024, the bank reported a 26.18% decline in profits to approximately $81.2 million, impacted by a significant increase in impairment charges and provisions.
