Banco Português de Negócios says the challenge is to make Angola a rich country

25 November 2005

Luanda, Angola, 25 Nov – The president of Portuguese banking group Banco Português de Negócios (BPN), José de Oliveira e Costa, said Thursday in Luanda, that Angola has riches, but that the challenge was to turn it into a rich country.

“Angola is a company with wealth and the challenge is to make it into a rich country. We have to make hope live within the heart of each citizen,” said Oliveira e Costa, addressing a seminar that was part of the program to mark the launch of the Angolan insurance company Nossa Seguros, managed by Portugal’s Real Seguros, which is owned by the BPN Group.

For Oliveira e Silva, the challenge requires, “bringing together existing riches, from oil to minerals, to the production conditions in the agricultural sector,” but always, “to the benefit of people, because the real wealth of societies is human wealth”.

The BPN Group may invest in developing the agricultural sector in Angola, said Oliveira e Costa adding that it was, “vital for the Angolan economy”.

BPN currently ahs assets of 100 million euros and amongst other areas, is also involved in the agro-alimentary sector and is the largest player in the chestnut industry.

Nossa Seguros launched its business Thursday making it the first insurance company to enter the Angolan market since the sector was opened up to private investment.

The company’s main shareholder is Real Seguros, of the BPN Group, which has a 33.34% stake, while the African Development Bank and the world Bank, through the International Finance Corporation, each hold 18% of its capital, with the remainder distributed amongst small Angolan shareholders.

Nossa Seguros, set up in November 2004, is licensed for business in life and non-life insurance and pension funds.(macauhub)