Portuguese bank Crédito Agrícola to use Cape Vedre as financial platform for Africa

26 July 2006

Praia, Cape Verde, 26 July – Portuguese bank, Crédito Agrícola (CCAM) wants to use the off shore company it has set up in Cape Verde as a platform for business in other African countries such as Angola and Mozambique, the bank’s chairman said.

João Costa Pinto told Portuguese financial daily, Diário Económico in Lisbon that, “Cape Verde has set up interesting legislation in terms fo tax, as well as being a country with which Portugal has important ties.”

Currently, the bank’s presence on the archipelago is limited to offshore operations, which were launched in February this year, with capital of US$3.4 million.

Another aim of setting up the company, Pinto said, was to serve the population of Cape Verdean emigrants to Portugal and provide financial applications to Portuguese emigrants on the archipelago, who are an important part of the bank’s customer base.

With the creation of a platform for Angola or Mozambique, investment potential will be expanded, with the aim of “providing customers with a complete array of financial services,” Pinto said.

CCAM plans to prioritize investments in infrastructures, mainly in the agricultural sector, in which it has the most know how.

The bank is one of several off shore Portuguese banks operating on the archipelago, together with Montepio Geral Cabo Verde, BPN Cabo Verde and also Banco Espírito Santo, to be launched in July.

in Portugal, Caixa Agrícola currently has some 700 retail branches. (macauhub)