Banco Privado Português prepares launch on Angolan market

23 February 2006

Lisbon, Portugal, 23 Feb – Portuguese bank, Banco Privado Português (BPP) is preparing to start operating in the Angolan market, after consolidating its activities in Brazil, the bank’s president João Rendeiro told Portuguese financial newspaper, Jornal de Negócios.

Rendeiro, in an interview with the paper published Wednesday, said that the bank currently had a team in Angola to assess the market and analyze business opportunities.

According to Rendeiro, it has yet to be decided if a move to Angola would be carried out with local partners, or by the bank opening its own office.

In the same interview Rendeiro said that a BPP tourism investment fund would be launched in April with a project in Ceará state in northern Brazil, in partnership with Portuguese groups Solverde and Saviotti.

Since October BPP has been a shareholder and member of the board of OHL Brasil, a highway concession-holder, via the Kendall company.

Rendeiro said that Kendall’s capital was due to be doubled this month to 100 million euros, with the aim of, “taking stakes in other concession-holders.”

Last year, BPP posted profits of 14.1 million euros, a 41 percent rise on the previous year. (macauhub)