Stanley Ho’s Geocapital to set up investment bank in Angola

3 April 2006

Lisbon, Portugal, 03 April – Geocapital, a company controlled by Macau gaming magnate Stanley Ho, is planning to set up an investment bank in Angola, with the aim of taking part in business opportunities in the country, the latest edition of Portuguese weekly newspaper Expresso reported.

The paper said that the license for setting up the bank had already been granted by the authorities and that the project would be officially announced during a visit by Portuguese Prime Minister, José Sócrates to Angola, between April 4 and 7.

The financial institution, the paper added, will take part in investments in the private sector, of Angola or foreign companies, by granting loans of taking stakes in given projects, giving it a similar role as the credit line set up by the Chinese government.

This credit line for reconstruction, to the value of US$2 billion, and which was recently boosted by a further US$1 billion, currently particularly covers Chinese public sector companies operating in Angola.

The new bank is Geocapital Holdings first move into Angola and is being set up to mve ahead with investments in the basic economic sector in Portuguese-speaking African nations.

Recently Geocapital Holdings together with TAP – Air Portugal acquired VEM, the aircraft engineering and maintenance arm of Brazilian state airline Varig.

Geocapital also signed a cooperation agreement with the Office for the Development Plan of the Zambezi Region in Mozambique related to infrastructures and attracting Asian investment to the region. (macauhub)