Luanda — Savings and Credit Bank (BPC) plans to lay off 1,600 of the 4,820 workers by 2022, according to the company's CEO, who said that the move is part of Recapitalisation and Restructuring Plan.

On the other hand, António André Lopes said that, in addition to this measure, the BPC, which is experiencing a chronic liquidity crisis, defined a recapitalisation estimated at 748.3 billion kwanzas, in the period from 2020 to 2022.

For this year, in the framework of the Recapitalisation and Restructuring Plan, the Ministry of Finance has already made available 163.7 billion kwanzas in bonds.

The State is the BPC's shareholder, through the Ministry of Finance (75 percent), the National Social Security Institute (15) and the Social Security Fund of the Angolan Armed Forces (10).

With the recapitalisation, the shareholder structure changes, with the Ministry of Finance holding only 53.3%, IGAPE, a new shareholder, 37.3%, the FAA National Institute of Social Security and Caixa Social reduce its holdings to 5,6% and 5.3%, respectively.