Fomento Angola bank takes stake in Angola’s Stock Exchange

21 February 2006

Lisbon, Portugal, 21 Feb – Portuguese financial group BPI, via its subsidiary Banco Fomento Angola, is set to take a stake in Angola’s Stock and Bond Market (BVDA), due to be set up this year, Portuguese financial daily Jornal de Negócios reported Tuesday.

According to the paper, Fomento de Angola’s stake in BVDA is part of teh bank’s strategy to increase its presence in the West African country, in which it has been the largest loan provider since the end of last year.

In 2005, Angola’s contribution to BPI’s results increased to 27 percent, and this year Fomento de Angola is due to open 70 branches all over Angola.

With a month to go before the deadline for requests for a stake in BVDA, the stock exchange already has 27 shareholders, Angolan daily Jornal de Angola reported recently.

In the first year, trading volume on the BVDA is expected to total US$12 billion. (macauhub)