Millennium Bcp picks former minister to head new Angolan bank

3 February 2006

Lisbon, Portugal, 03 Feb – Millennium Bcp, Portugal’s largest privately-held bank, has chosen former government minister Fernando Nogueira to head a new bank it is setting up in Angola, reported Portuguese financial daily, Diário Económico.

Fernando Nogueira, a member of Portugal’s social democrat party (PSD), had so far headed the France and Luxembourg subsidiaries of BCP (Banque BCP), which will be closed down, the paper said.

BCP currently has a minimal presence in Angola, with just two branches in the country, where its competitor BPI, through Banco Fomento Angola, recently gained first position in loan concessions.

In 2005, Millennium BCP posted its highest ever profits, of 753.5 million euros, a year on year increase of 24.2 percent.

Amongst other countries, BCP operates in Poland, Greece and Mozambique, where it is selling off its stake.

As well as BPI, Portuguese banks present in Angola include Espírito Santo and Totta, as well as the recently launched Banco Internacional de Crédito, which is 25 percent owned by Portuguese businessman Américo Amorim. (macauhub)