Millennium Angola Bank to sell up to 33 percent of its capital

8 March 2006

Lisbon, Portugal, 08 Mar – Banco Millennium Angola, owned by Portugal’s Millennium BCP and whose creation was recently authorized by the Angolan authorities, plans to sell up to 33 percent of its capital either through a stock market listing or directly to investors, the chairman of Millennium BCP said Tuesday in the Portuguese press.

According to Paulo Teixeira Pinto, quoted Tuesday in Portuguese daily Público, the number of branches the bank would open was to be higher than initially expected (18), and these would be located in Angola’s main cities.

Millennium BCP’s focus on the Angolan market also includes taking a stake in the country’s new stock and derivatives market, in which Millennium Angola will have up to a 5 percent stake.

Teixeira Pinto also said Angola would be considered a core market within his business, alongside Mozambique, where the bank had considered selling off its operations.

Millennium BCP controls Banco Internacional de Moçambique, Mozambique’s largest private bank.

The group’s international strategy also includes increasing its presence in Poland, where it is already present and a potential move into the Romanian market. (macauhub)