[1] BPC is a large financial services institution serving the retail banking market in Angola, with focus on the small and medium enterprises in the country.
[3] After independence in 1975, the Angolan government nationalized the bank and changed its name to Banco Popular de Angola.
The Government of Mozambique nationalized the operations there belonging to the bank, incorporating them into the Banco de Moçambique.
[3] BPC accumulated a huge number of non-performing loans (NPL), in the period ending in December 2017.
[4] In May 2017, the government of Angola created a public entity for asset recovery called Recredit, for the sole purpose of buying bad loans from BPC, Angola’s largest bank by assets at that time.