Aftermath of lawyers challenge on Angola’s president (Jose Eduardo Santos) over appointment, The President’s daughter, Isabel dos Santos, known as the richest woman in Africa, has taken control of Angola’s largest bank, Banco de Fomento Angola (BFA).

Ceoafrica gathered that the controlling stake was bought from a Portuguese bank by Angola’s largest phone operator, Unitel, which is run by Ms dos Santos alongside the state oil company.

Portugal's BPI (Banco Português de Investimento) bank ceded control of the bank following months of pressure from the European Central bank, which said BPI's exposure to Angolan government debt was too risky under new European banking laws.

Ms dos Santos also owns a large stake in BPI. She is seen as being more likely to support a takeover bid by another BPI shareholder, Spain's CaixaBank, following the sale of the controlling stake in BFA to Unitel.