Diogo Cunha, who was CEO of Banco Atlantico Europe for ten years, leaves his position to Nuno Vaz, who is the new CEO for the period from 2023 to 2026. The new management appointed in March is already a reflection of the ongoing sale of the bank from Angola's capital to Chinese capital from Well Link Group.
The Bank of Portugal is on the verge of approving the sale of Banco Atlântico Europe to the Hong Kong-based group, as part of a new process sent after the previous mandate expired. In anticipation of the sale to Well Link Group, the bank is beginning a new cycle of executive leadership.
Diogo Cunha, who was CEO of Banco Atlantico Europe for ten years, leaves his position to Nuno Vaz, who is the new CEO for the period from 2023 to 2026. The new management appointed in March is already a reflection of the ongoing sale of the bank from Angola's capital to Chinese capital from Well Link Group.
Jornal Economico found that the new management has already received the green light from the Bank of Portugal.
The Board of Directors for the new period is headed by Diogo Cunha as Chairman of the Board, that is, he leaves the CEO of the company president.
The bank's board of directors also includes José Carlos Buretti Head of Institutional Bankingas well as Sofia Rodriguez Chief Business Officer And Pedro Lourenco as Executive Director of Risk Operations.
The Supervisory Board is chaired by Dario Souza and also consists of José María Wanasi and Bruno Castro Henriques. ROC is Deloitte.
In January 2020, Well Link Group Holdings Limited, a company incorporated in Hong Kong, formalized the agreement with the Angolan shareholders of Portuguese bank Atlântico Europe to purchase the entire share capital of the financial institution.
The mandate of the banking supervisor for the Chinese Well Link Group, from Hong Kong, to buy Banco Atlântico Europe arrived in the second half of 2022, but the deal did not materialize because, as Jornal Economico learned, the Chinese proposal relied on funds obtained from the sale of assets that had suffered. From the depreciation of the currency due to the crisis. Well Link Group waited for the markets to rise in value, but in the meantime the mandate granted by the banking supervisor expired in 2022, meaning a new process had to be sent.
As stipulated in the law, it is the European Central Bank (ECB) that makes the decision to purchase eligible holdings in euro area banks, but it does so not only based on the assessment of the takeover proposal, but also based on the draft decision. By the Bank of Portugal (BdP).
With the green light from the supervisor, the door is open for Banco Atlântico Europe, owned by Atlântico Financial Group (a holding company linked to Angolan investor Carlos Silva), to be bought by the same Hong Kong financial group that bought Novobanco Asia in 2017. for 146 million euro.
The Atlantico Financial Group currently owns 96.5% of the Portuguese bank's capital and the financial company Nasoloma owns about 3.5%, according to public data.
The value of the transactions was not disclosed, taking into account the bank's net position in September, which could amount to about 80 million euros.
