Cape Verde bank Banco Comercial do Atlântico to increase listed shares to 37.5 pct

16 March 2006

Praia, Cape Verde, 16 March – The amount of shares in Cape Verde bank Banco Comercial do Atlântico listed on the Cape Verde stock exchange (BCV) will be increased to 37.5 percent of the bank’s capital, after shares currently owned by insurance company Garantia are floated, BCV officials said Wednesday.

According to a statement from BCV, the board of directors of Garantia voted Tuesday to request a listing for their 12.5 percent stake in BCA, corresponding to 125,000 shares.

After fulfilling legal obligations, 37.5 percent of BCA’s capital will be listed on the exchange, or 375,000 shares.

BCA, which is Cape Verde’s largest bank is currently controlled by Portugal’s Caixa Geral de Depósitos, which has a stake of around 52.5 percent.

A further 21.4 percent are in the hands of the general public and emigrants, 10 percent belongs to the state and the remainder is divided amongst the bank’s workers.

BCA was set up in 1993, with the separation of the commercial side of the bank of Cape Verde from its supervisory role.

According to figures from the central bank, total loans, deposits and share portfolio of BCA, at December last year, represented respectively 58 percent, 65 percent and 57 percent of the entire financial system. (macauhub)