Caixa Geral de Depósitos e Santander Totta invest in Angola together

15 February 2006

Lisbon, Portugal, 15 Feb – Portuguese bank Caixa Geral de Depósitos (CGD) and Banco Santander Totta plan to set up a holding company to invest between US$80 and US$100 million in the Angolan banking market on expanding their activities, the banks said Tuesday in Lisbon.

The holding, which will be equally shared between the two companies, will hold a majority stake in Banco Totta de Angola, which may be opened up to Angolan investors, the banks said in a regulatory filing with the Portuguese market regulator (CMVM).

The aim of the partnership is to provide Banco Totta de Angola with the financial means to carry out a mutually-approved business plan.

According to figures published by CGD, Totta de Angola increased its asset value by 30 percent in 2005 to US$197 million and its credit portfolio grew by 89 percent, to US$51 million.

The Angolan market is currently dominated by state bank Banco de Poupança e Crédito and by Banco Fomento Angola, owned by Portuguese group BPI.

The agreement, “aims to meet the increased demand for banking services in the Angolan market and the country’s excellent prospects in general, highlighting the confidence that CGD and Santander Totta,” have in Angola. (macauhub)