Portuguese bank BES to begin operating in Cape Verde in July

14 June 2006

Praia, Cape Verde, 14 June – Portuguese bank, BES is scheduled to inaugurate an offshore international financial institution in Cape Verde in July, a first step in starting operation in the country, the local press reported.

Cape Verdean daily newspaper, A Semana reported that the aim of the Portuguese bank was the commercial sector, but that it was currently awaiting government authorization to open it first branch in the capital of the archipelago, Praia.

The bank’s investment plan also includes the real estate sector, as it is promoting a conference center, a five star hotel and an office building, where its headquarters will be located, all of which in the archipelago’s capital.

BES currently has a strong presence in Angola, where it is involved in the financial sector, but also in the diamond and logistics sector through local company Escom.

BES’s CEO in Cape Verde, António Duarte confirmed that the new financial institution would be launched at the beginning of July by the Group’s chairman, Ricardo Salgado.

The new offshore company will join the following similar banks in Cape Verde: Insular, Atlantico, Fiduciário Internacional, Montepio Geral Cape Verde, BPN Cabo verde, International Trading and Banco Internacional de Investimentos. (macauhub)