Notice No. 06/96 of April 17

---

NOTICE NO. 06/96 of April 17

Within the framework of measures capable of ensuring the healthy development of credit institutions, particular importance is attached to limiting their shareholdings in the capital of other companies, thereby reducing the risks of insolvency and liquidity, the existence of conflicts of interest, and the consequences of the concentration of economic power. On the other hand, it is equally important to regulate the participation of non-financial companies in the capital of credit institutions, in order to prevent harmful interference in the management of the credit institution by group interests unrelated to it. Thus, considering the provisions of Article 24 of Law 5/91 of April 20, and in the exercise of the competence conferred upon me by the Organic Law of the Banco Nacional de Angola; I HEREBY DETERMINE:

Article 1.
1- Credit institutions may not hold, directly or indirectly, in the capital of a company a shareholding whose amount exceeds 15% of the own funds of the participating credit institution.
2- The total amount of qualified shareholdings in companies may not exceed 60% of the own funds of the participating credit institution.

Article 2.

1- Credit institutions may not hold, directly or indirectly in a company, for a consecutive or non-consecutive period exceeding 3 years, a shareholding that grants them more than 25% of the voting rights corresponding to the capital of the participating company. 2- The limit established in the preceding paragraph does not apply to shareholdings of a credit institution in other parafinancial institutions and insurers.

Article 3
No shareholder or group of affiliated shareholders may hold more than 15% of the share capital of a credit institution, unless the shareholder is a financial institution or group.

Article 4
For the purposes of this Notice, the following shall be considered:
a) - SHAREHOLDING - The holding of a fraction of the share capital of any institution. b) - QUALIFIED SHAREHOLDING - The holding of a direct or indirect shareholding representing a percentage of not less than 10% of the capital or voting rights of the participating institution, or which, in any other way, enables the possibility of exercising significant influence over the management of the participating institution. c) - INDIRECT SHAREHOLDING - The holding of shares or other parts of the capital by persons or under conditions that determine the equivalence of voting rights for the purpose of a qualified shareholding. d) - NON-FINANCIAL COMPANIES - All those that are not subject to the supervision of the Banco Nacional de Angola or to the supervision of equivalent entities, in the case of foreign companies, as well as those that are not insurance companies or pension fund management companies.

e) - OWN FUNDS - The amounts indicated in Notice No. 7/93 of May 18, calculated under the conditions established therein.

Credit institutions shall regularize their situations to comply with the provisions of this Notice by May 31, 1996.

Article 6
This Notice enters into force immediately

PUBLISH
Luanda, April 17, 1996
THE GOVERNOR
ANTÓNIO GOMES FURTADO