Unitel S.A. agreed to acquire 2% stake in Banco de Fomento Angola, S.A. from Banco BPI, S.A. (ENXTLS:BPI) for €28 million on September 20, 2016. Upon completion, Unitel will hold 50.1% stake and Banco BPI will hold 48.1% stake. The transaction is subject to approval from Banco Nacional de Angola and shareholder approval at the general meeting of Banco BPI. On December 12, 2016, Banco Nacional de Angola approved the deal. On December 13, 2016, the shareholders of Banco BPI, S.A. approved the deal. Unitel S.A. completed the acquisition of 2% stake in Banco de Fomento Angola, S.A. from Banco BPI, S.A. (ENXTLS:BPI) on January 5, 2017. As a result of the deal, Fernando Ulrich and José Pena do Amaral resigned from their posts as President and member of BFA Board of Directors and Francisco Costa and Otília Faleiro resigned their positions as members of BFA Executive Committee, remaining as non-executive members of the Board of Directors of Banco de Fomento Angola, S.A.